A shopping center near Cherry Creek Country Club sold for $8.5M in an off-market sale.
James Harris purchased Wabash Marketplace, a nearly 35K SF shopping center at 8400 E. Iliff Ave., from an LLC tied to Denver-based Avia Yehuda Rubin through a 1031 exchange, according to Marcus & Millichap and Colorado Secretary of State documents. Marcus & Millichap represented the seller and sourced Harris as the buyer.
Harris has owned and managed neighborhood shopping centers throughout the Denver metro for more than 30 years, the commercial real estate firm said.
Built in 1983, Wabash Marketplace sold for about $243 per SF. It sits on 2.13 acres.
Most storefronts at the shopping center are local, service-oriented businesses. Tenants include a liquor store, tattoo supply shop, boxing and fitness studio, nail salon and home decor retailer.
SALES
:quality(75))
Stanley Marketplace in Aurora sold to Magnetic Capital for nearly $41M. The deal was first announced in late May, when Magnetic Capital was under contract on the 140K SF property at 2501 Dallas St. The food hall and mixed-use facility houses more than 50 businesses.
***
An entity tied to Amazon purchased vacant land in Aurora for $23.6M, according to the Denver Business Journal. The online retail giant plans to build an approximately 1.2M SF distribution facility on the property, which is about 12 miles south of Denver International Airport.
***
Dallas-based Trinsic Residential Group bought a nearly 6-acre site in Wheat Ridge at 10101 W. Interstate 70 Frontage Road. The real estate firm plans to build a 335-unit multifamily development on the site, which previously housed a motel. CBRE represented the seller, Terrapin Investments.
LEASES
Alterra Mountain Co., the company behind the Ikon Pass, is relocating from the River North Art District to downtown Denver after signing a 12-year lease at the former Denver Post building. Alterra will receive a low-interest loan for up to $7M from the Downtown Denver Development Authority and up to nearly $4M from the state, according to Denverite.
***
Former professional squash players Mark and Chris Fuller, alongside Chris Douglass, plan to open Three Rackets, a 34K SF indoor padel, pickleball and squash facility, in Broomfield. The co-founders signed a 10-year lease at 830 Hoyt St. and plan to open in late September.
***
Alabama-based Performance Drone Works opened an office in Denver, signing a five-year, 31K SF lease in RiNo at The Current, 3615 Delgany St. The company told Bisnow it selected Denver due to the city’s “strong concentration of engineering and technology talent.”
***
Denver chef Troy Guard plans to open a new restaurant at 1900 Lawrence St., a 30-story office tower in downtown Denver. The restaurant, which is slated to open next fall, is named after Guard’s mom, Barbara, and will span about 16K SF, including an outdoor patio.
CONSTRUCTION AND DEVELOPMENT
The Denver Museum of Nature & Science opened its renovated east wing, which includes a plaza, theater and lobby. The renovation was made possible thanks to a $20M grant from the Sturm Family Foundation. This is the largest private donation the museum has received to date.
