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March 23, 2018
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San Diego Entity Buys 88k sf Retail Center in Denver Metro


San Diego-based Midtown National Group LP purchased an 87.7k sf, a Safeway-anchored shopping center in the Denver metro area. The shopping center was 99% occupied at the time of the sale. The purchase price could not be disclosed.

Built in 1977, the grocery-anchored shopping center is located on 8.33 acres at 13019 W. Alameda Pkwy in Lakewood, and includes 87% national and regional tenants. Tenants include a 60k sf Safeway store, Safeway Fuel (ground lease), The Garlic Knot Restaurant, H&R Block, Perfect Teeth, and Play It Again Sports. Safeway has successfully operated at the center since 1984.

Eric Wohl, Kevin Fryman and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the buyer and the seller, Phillips Edison & Company Inc.

According to Wohl, “The shopping center is located in the western suburb of Denver at a signalized intersection along Alameda Parkway, a major east/west thoroughfare connecting Interstate 25 and State Route 470 with 27,600 cars per day passing by.”

Lakewood is the 5th most populous city in the state of Colorado with a population in excess of 150,000. There are 197,000 people within a five-mile radius of the property with an average household income of approximately $92,000 within a three-mile radius.

“Denver continues to be a highly sought-after investment market for investors,” said Fryman. “Denver was ranked #1 on Forbes’ list of the ‘Best Places for Business and Careers.’ The median household income in the metro Denver area is 15.6 percent higher than the national median income.”

Denver-area rents are rising at more than twice the national average – 6.9 percent for Denver vs 2.3 percent nationwide, noted Wohl. “With a population of 2.7 million, Denver’s growth rate has consistently outpaced the national growth rate every decade since the 1930s.”

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