Aurora Retail Center Sells to Tourmaline Capital

An out-of-state real estate investment company is the new owner of a large shopping center south of Denver.

San Diego-based Tourmaline Capital purchased The Shops at Greenwood Village from Virginia-based Broad Street Realty for nearly $41 million, the Denver Business Journal reported. The nearly 200,000-square-foot retail property at 9600 East Arapahoe Road in Aurora last sold to Broad Street Realty in December 2017 for $24.3 million.

The Shops at Greenwood Village benefits from a location on the highly trafficked East Arapahoe Road corridor, which sees nearly 100,000 vehicles per day, according to the Business Journal. The shopping center has 66 tenants with current leases, including the United States Postal Service, UCHealth and Sport Clips.

The retail market in the Denver region has been picking up steam over the past year with the sale of multiple shopping centers.

In December, the Denver Downtown Development Authority closed its purchase of the Denver Pavilions, a 353,342-square-foot outdoor mall in downtown Denver for an undisclosed price, though the Denver City Council approved $45 million for the acquisition, the Denver Business Journal reported. Gart Properties, the retail complex’s previous owner, bought the mall in 2015 for $106 million. The Denver Downtown Development Authority bought two parking lots behind it that were owned by Brookfield Properties for $22.5 million.

The month before, Ohio-based Curbline Properties Corporation acquired the Tower Pavilion retail center at 3571 South Tower Road in Aurora for nearly $5.3 million. Seller Thompson Ranch Development Company nabbed the 11,029-square-foot shopping center in 2017 for $4.4 million, the Denver Business Journal reported.

The trend of retail properties trading hands is expected to continue this year.

“Ten years ago, or so, retail was really struggling as it was changing from the big box and dealing with e-commerce and such,” Jessica Ostermick of CBRE told the Business Journal. “[We] expect solid improvement in terms of transaction volume and pricing and demand.”— Chris Malone Méndez