November 19-December 2, 2014 —
COLORADO REAL ESTATE JOURNAL
— Page 27AA
Leasing, development
underway at Belmar
New tenants and new devel-
opment are coming to Belmar.
The French Press is opening
a new location at 7323 W. Alaska
Drive in Lakewood. The restau-
rant will be open for breakfast,
brunch and lunch this winter.
As well, Wilde Belle is opening
a women’s boutique at 377 S. Tell-
er St. this month. This is the first
storefront for the online retailer.
A pair of tenants also recently
opened at Belmar – SportsFan
and The Fall Line. The SportsFan,
at 7180 W. Alaska Drive, features
a variety of sports paraphernalia
for men, women and children.
The Fall Line opened in a larger
location concurrent with celebrat-
ing 10 years as a locally owned
men’s and women’s clothing
retailer. It opened at 378 S. Teller
St., next door to its previous loca-
tion.
Additionally, PF Chang’s
recently completed a new inte-
rior remodel. The space features
a new design and expanded seat-
ing.
New residential development
also is coming to Belmar, includ-
ing 37 David Weekley town-
homes in three Belmar locations,
Holland Development’s 220
apartments in two Belmar loca-
tions and the 130-unit CityScape
at Belmar community.
Further, the Rink at Belmar
opens this month.
Calvin Klein to come
to Colorado Mills mall
A new Calvin Klein outlet
location is scheduled to open
during December at Colorado
Mills in Lakewood.
The retailer will join Michael
Kors Outlet and J.Crew Fac-
tory, which recently opened
at the outlet and value-retail
shopping destination.
The new outlet location
for Calvin Klein will open in
Neighborhood 1, near Wet
Seal, and feature men’s and
women’s clothing, accesso-
ries, fragrances and shoes, for
example.
The addition comes on the
heels of Colorado Mills’ recent
renovation of its food court.
Additional stores at Colorado
Mills include Coach Factory
Store, Coach Men’s Factory,
Express Factory Store, Forever
21, H&M, Lucky Brand Outlet,
Neiman Marcus Last Call and
Saks Fifth Avenue Off 5th.
Colorado Mills is located at
14500 W. Colfax Ave.
H&M opens new store at
Southlands Shopping Center
H&M opened its latest Colo-
rado store at Southlands Shop-
ping Center.
The approximately 21,000-
square-foot store at 6205 S.
Main St. in Aurora will offer
collections for men, women
and young men and women
as well as accessories, lingerie,
maternity, sports apparel, plus-
size clothing and children’s
clothing.
“The opening of H&M at
Southlands is exciting as we
continue to recruit top retail-
ers to complement our existing
store mix and to better serve
our customers and communi-
ty at large,” said Jeff Nemec,
Southlands’ general manager.
The Southlands Shopping
Center is located at E-470
and Smoky Hill Road and
includes tenants such as Barnes
and Noble, Best Buy, Sports
Authority, AMC Southlands 15
Theatres, Ted’s Montana Grill
and Old Chicago.
New tenants open
at Park Meadows mall
A pair of tenants has opened
for business at Park Meadows.
Somnia, which provides
customers a variety of sleep
solutions, recently opened its
2,209-square-foot store in the
lower level of the Vistas Court
at the center located at 8401
Park Meadows Center Drive in
Lone Tree.
Verizon Diamond Wireless
also opened at Park Meadows.
The 2,086-sf store is located
on the upper level of the mall
between Dillard’s and Forever
21.
s
PF Chang’s recently completed a new interior remodel at Belmar.
to the metro (area), growing
total employment well above
recession levels and resulting
in new household formations,”
according to the report.
While other cities across the
country are still struggling to
match prerecession levels, in
the Denver area, total employ-
ment is projected to be 7 per-
cent higher than during the
prerecession peak, according to
the report.
Retail vacancies, meanwhile,
have dropped by 80 basis
points to 6 percent, while net
absorption this year should hit
1.5 million square feet.
Despite the strong funda-
mentals, retail construction
actually is expected to fall 17.6
percent this year from 2013,
with 700,000 sf of retail space
being added to the market,
compared with 850,000 sf last
year.
Rents, meanwhile, are pro-
jected to rise 3.2 percent this
year, or about double the infla-
tion rate of about 1.7 percent.
In 2013, rents were up 2.4
percent on a year-over-year
basis.
“By year-end, rents for mar-
keted space will have risen 6
percent since bottoming out
during the recession,” accord-
ing to Marcus & Millichap.
The report noted that West-
minster and Brighton are incor-
porating grocery stores into
large-scale, residential devel-
opments.
Trader Joe’s and Whole
Foods, the report noted, are
typically leasing less than
50,000 sf, while King Soopers
is looking for larger spaces.
Austin-based Whole Foods
Market, however, recent-
ly announced it will open a
56,000-sf, flagship store called
Whole Food Market Station at
17th and Wewatta streets in
Lower Downtown, near Union
Station.
It will be part of 17W, a 640-
unit luxury apartment commu-
nity being developed by the
Holland Partner Group.
“We believe the addition of
Whole Foods Market to our
development raises the bar on
quality living downtown and
is a game-changer for the city
of Denver,” said Peter Petricca,
senior development director,
Holland Partner Group.
“We are excited by Whole
Foods’ commitment to build a
flagship store, whichmirrors our
commitment to build a premier,
high-rise living environment for
individuals seeking a dynamic
urban lifestyle,” he added.
Investors have a strong appe-
tite for neighborhood and strip
shopping centers, the Marcus
& Millichap report said.
“Smaller strip centers near
LoDo and the metro’s many
transit stations will draw atten-
tion from buyers, as many tra-
ditional net-leased buyers look
to less management-intensive
multitenant assets to achieve
desires yields,” according to
the report.
s
Charts by Marcus & Millichap showing three retail trends.
Retail completions and retail vacancies charted by Marcus & Millichap.
*Forecastr
Source: CoStar Group, Inc.
