Colorado Real Estate Journal - March 21, 2018
It’s a major milestone for the former Regatta Plaza site in Aurora. The city of Aurora, the Aurora Urban Renewal Authority and master developer Mile High Development/Koelbel and Co. announced that Kroger, the corporate parent of King Soopers, approved corporate funding for construction to proceed on a new 79,000-square-foot King Soopers store at the project at Parker Road and Interstate 225. The Point at Nine Mile Station will be a mixed-use development, including not only a new King Soopers on the 22-acre site but also destination and entertainment oriented retail and approximately 500 rental, affordable and for-sale multifamily units. The phased redevelopment project will ramp up this spring with site improvements and infrastructure to accommodate the new King Soopers store while the existing store remains open. Mile High and Koelbel also will develop a 24,000-sf retail building on East Dartmouth Avenue, which will include a new Key Bank and other retailers, commented Erik Husted, vice president at Mile High Development. The existing Key Bank will continue to operate at the site until the new facility opens. Following completion of the King Soopers store in summer/ fall 2019, MHK will demolish the old store to pave the way for the next phase of development of The Point at Nine Mile Station on the south half of the site. A future pedestrian bridge connecting the site to the Nine Mile Station also is planned. The Aurora Urban Renewal Authority selected MHK as the preferred master developer of the site in mid-2015 to work with the authority and the four landowners to assemble the site and complete remediation and demolition, which occurred early last year. In mid-2017, MHK and the city’s planning and zoning commission completed the master plan and from then, MHK has been working with King Soopers and Key Bank to design and plan their new facilities. Regatta Plaza was originally constructed in the early 1980s. “The community is extremely excited about this redevelopment project, and played a pivotal role in shaping the vision for the project,” said Julie Patterson, senior public information officer with the city of Aurora. Other News A Castle Rock retail property sold for $4.18 million, or $552 per square feet. The 7,560-sf building at 820 New Memphis Court is leased to Tokyo Joe’s and Health Images. Rob Edwards and Tom Ethington of The Edwards Ethington Team at Pinnacle Real Estate Advisors LLC represented the seller and buyer in the transaction. “We received a lot of interest in this property given it’s strategically located at the entrance to the Promenade at Castle Rock, which consists of over 1 million square feet of retail space,” stated Ethington. “The seller was pleased in our ability to source a local 1031 exchange buyer who was willing to close quickly.” A Denver-based private partnership purchased the Caliber Collision property at 7436 S. Eagle St., in Centennial, near Centennial Airport and the Denver Broncos practice facility, for $1.83 million in an all-cash transaction. The single-tenant facility sold for $26,500 above the listed price and within 35 days of the initial marketing. Zach Wright of The Edwards Ethington Team at Pinnacle Real Estate Advisors represented the seller in the transaction, a Colorado-based private real estate investor. Justin Krieger, also of Pinnacle Real Estate Advisors, represented the purchaser. The building comprises 10,828 sf. The corporately guaranteed lease has approximately eight years remaining and features annual rental escalations, providing a significant hedge to inflation, noted Pinnacle Real Estate. Caliber Collision is the largest collision repair company in the nation with more than 500 locations. “This transaction evidences the current insatiable demand for single-tenant properties located within the Denver MSA that have a strong tenancy and rental escalations. Within one day of initially marketing the property, we received significant activity and numerous offers,” said Wright. “The buyers were excited to add a single-tenant property, leased to a company that is both e-commerce resistant and an industry leader, to their portfolio,” added Krieger. FirsTier Bank purchased a 7,337-sf retail building in Castle Rock for $2 million. Matt Call of NavPoint Real Estate Group represented the buyer in the acquisition of the building at 120 S. Wilcox St. Matt Writt of JLL represented the seller, Guaranty Bank and Trust Co. Littleton Plaza, a 10,240-sf retail center at 1350-1360 W. Littleton Blvd. in Littleton, recently traded for $1.35 million. Littleton Plaza LLC acquired the seven-unit property situated on a 1.52-acre site, which features pad potential along Littleton Boulevard. Haile Michael Gebre Michael sold the center. Mark Fouts of Fuller Real Estate represented the seller. Louis Lee of Dunton Commercial represented the buyer.