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12/22/14
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JS Western Retail Investments has acquired Greenbriar Plaza shopping center, a 114.1k sf retail center in Denver, for $8.2 mil ($72/sf). The property is situated on nine acres at 7041 to 7181 Pecos St.
Greenbriar Plaza is fully occupied by 21 tenants including Family Dollar, Ace Hardware, Pizza Hut, and Grease Monkey. It is located within two blocks of a significant amount of residential development, including Brookfield’s Midtown project which has approximately 1,500 residences slated for development with more than 200 already completed and sold.
JS Western Retail Investments was represented by Chris Wiedenmeyer of Legacy Retail Group. The seller, Denver-based Real Capital Solutions, was repped by Barry Higgins of Marcus and Millichap. Financing for the purchase was arranged by Bryan Gortikov, Director at the Los Angeles-based George Elkins Mortgage Banking Company.
“We liked this property as it suited our investment appetite to acquire well-located retail assets in growing markets in the Western States,” said Scott Tiano, president of JS Western Retail Investments. “The Denver market continues to improve as a whole and Greenbriar Plaza is well-positioned to continue to fulfill the demand for discount retailers in this working-class neighborhood. With the Denver area becoming increasingly less affordable, young couples and families are moving outward. This property is in the direct path of growth and we see this asset increasing in value over the next five years.”
This is the first acquisition for JS Western in Colorado but is part of a plan to acquire additional retail assets over the next 12-18 months. Target properties range from $5 - $15 mil, span the entire Denver MSA and consist of both value-added retail opportunities, as well as stabilized retail in areas experiencing positive demographic change.
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