Northwest Denver retail center sells for $6.44M
JLL Capital Markets arranged the sale of the 27,405-square-foot Plaza Northwest in in downtown Westminster, Colorado
DENVER, Sept. 15, 2022 – JLL Capital Markets announced today that it has closed the $6.44 million sale of Plaza Northwest, a 27,405-square-foot retail center located in the Westminster submarket of Denver and adjacent to the Westminster Mall redevelopment project.
JLL represented the seller, Centre Point Properties. Park Meadows Real Estate, LLC acquired the property.
Built in 1984, the property is 94.1-percent-leased to a diverse mix of tenants, including Rocky Mountain Urgent Care, 303 Training Center, Hot Pho, T Love Nails, Empire Fitness, One Main Financial, State Farm Insurance, Partners in Health and Connie’s Antiques.
Situated at 6050 and 6080 West 92nd Ave., the property is strategically located along the Denver-Boulder turnpike. The property further benefits from its access to the Sheridan Boulevard intersection, which carries over 95,000 vehicles daily from the affluent housing base of Denver’s northern suburbs, including Northglenn, Thornton and Broomfield. The center is adjacent to one of Colorado’s best performing Costco’s, as well as the 105-acre Downtown Westminster redevelopment, attracting customers from both the immediate trade area and beyond.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Jason Schmidt.
“The purchase of Plaza Northwest was a long-term opportunity to buy a well-preforming, low basis, small format retail building located within in an evolving local market,” said Schmidt.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Centre Point Properties
CentrePoint Properties is a privately held commercial real estate investment firm operating out of Denver, Colorado. CentrePoint identifies under-performing assets across the local market and repositions them within the marketplace to create a significant growth in value. CentrePoint’s current holdings include office, retail, industrial, and multifamily properties.
About Park Meadows Real Estate, LLC
Park Meadows Real Estate, LLC, is a local private partnership acquiring strategic retail properties in the Denver Metropolitan market.