Colorado Real Estate Journal -
A California-buyer recently paid $7.1 million for the Mission Trace neighborhood retail center on South Wadsworth Boulevard, just north of Hampden Avenue in Lakewood. “It was their first purchase in Colorado , ” said Riki Hashimoto , who handled the transaction with fellow Newmark Grubb Knight Frank broker Dan Grooters. “It was a partnership between two individuals who are Californiabased,” Hashimoto said. The seller was Ogilvie Properties, headed by Stu Ogilvie. The 53,324-square-foot center, which was 99 percent leased at the time of sale, drew a lot of interest from prospective buyers. “We had a lot of interest from California buyers, as well as a number of local investors,” Hashimoto said. Its strong tenant mix and its great location drew buyers, he said. More than 100,000 cars pass it each day. There are 6,395 households within a one-mile radius with a median household income of $48,703. Within a threemile radius, there are 44,226 households with a median income of $57,050. And within a five-mile radius, there are 116,668 households with a median income of $55,791. The three-building center, constructed in 1982 and 1983, has 17 tenants, including Red Robin Gourmet Burgers, Natural Grocers by Vitamin Cottage, Philly Girl, Rock-NDog, Trading Post Liquors and Precious Angels Preschool. During the past four years, the property has had an average occupancy rate of 92 percent. “This solid performance of the property during one of the worst recessions in decades speaks to the resiliency and success of this property,” according to the marketing package prepared by Grooters and Hashimoto. Tenants love the location, Hashimoto said. “One of the interesting things about Mission Trace is that 55 percent of the tenants have been there for 10 years or more,” Hashimoto said. The Red Robin was one of the first, if not the first, store in Colorado, he added. The largest tenant is the Natural Grocers by Vitamin Cottage, with 14,715 sf. Mission Trace is on a 4.3-acre site. Serving as somewhat of an anchor tenant, the Natural Grocers by Vitamin Cottage was the only cause of some concern by some bidders. “What made it challenging is that Vitamin Cottage only has a few years left on its lease, so that led to some concern from some investors that it mightdecide not to renew,” Hashimoto said.
Given the center’s track record, however, there is a good chance it will stay put. If not, the new ownership group almost certainly will have plenty of tenants eager to replace it, he noted.