Denver Shopping Center Sells for $13 Million

A shopping center in a highly trafficked area of southeast Denver has a new owner.

Newport Beach, California-based Citivest Commercial and Calgary, Canada-based MDC Realty Advisors purchased Leetsdale Marketplace at 7150 Leetsdale Drive for $13 million, the Denver Business Journal reported. Legacy Capital Partners sold the retail plaza, though when it became the owner and how much it paid for the property are unclear.

The nearly 112,000-square-foot shopping center, built in 1992, is 59 percent leased to 18 tenants including anchor grocery store Save A Lot. Leetsdale Marketplace sits on roughly 10.3 acres near the Cherry Creek neighborhood. The retail complex has a daily traffic count of nearly 74,000 vehicles, according to MDC Realty Advisors. MDC and Citivest plan to pursue “focused capital upgrades” at the site, the company said. The acquisition is Citivest’s fourth retail acquisition since 2022.

Multiple retail properties in the Denver metro area have traded hands in recent months. In January, another California-based firm, San Diego-headquartered Tourmaline Capital, purchased The Shops at Greenwood Village for $41 million. Broad Street Realty previously purchased the nearly 200,000-square-foot property at 9600 East Arapahoe Road in Aurora in 2017 for $24.3 million.

In December, the Denver Downtown Development Authority closed its purchase of the Denver Pavilions, a 353,342-square-foot outdoor mall in downtown Denver. The official sale price was not disclosed, though the Denver City Council approved $45 million for the acquisition, the Denver Business Journal reported. Previous owner Gart Properties bought the mall in 2015 for $106 million. The Denver Downtown Development Authority also bought two parking lots behind the mall from Brookfield Properties for $22.5 million.

A month before that, 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 acquired the 11,029-square-foot shopping center in 2017 for $4.4 million.

— Chris Malone Méndez