Arvada shopping center sells for $54.9 million

Arvada shopping center sells for $54.9 millionThe 367,510-square-foot center is blocks from a future commuter rail stop in an area that's seeing $227 million in new development.

By Austin Briggs
YourHub Reporter
POSTED: 08/26/2015 01:12:21 PM MDT4 COMMENTS| UPDATED: ABOUT 16 HOURS AGO

An Illinois-based real estate firm has purchased the Arvada Marketplace-Connection shopping center at the northeast corner of Interstate 70 and Wadsworth Boulevard for $54.9 million.

Pine Tree Realty acquired the 371,182-square-foot shopping center, which is anchored by Sam's Club. It has other large regional tenants such as Sports Authority, Dollar Tree and Youfit Health Club among its 47 stores.

"We believe Arvada Marketplace-Connection's outstanding viability, strong regional and national tenant mix and ideal demographics make it one of the dominant retail properties in Denver's western suburbs," said Todd Zinsmaster, executive vice president of acquisitions and development for Pine Tree.

Local commercial real estate broker Scott A. Marcum said the $125 paid per square foot is a solid price, reflecting proximity to heavily traveled Wadsworth Boulevard along with the 2016 arrival of the Gold Line commuter rail line and nearly $227 in private development near a bustling Olde Town.

"I think it makes a huge difference from a Realtor and investor point of view," Marcum said. "They're paying for traffic and eyeballs. When you look at a retail center's ability to deliver economic growth to any city, a site like that is well worth the investment."
Arvada Economic Development director Ryan Stachelski said the sale is another sign the city is drawing national attention:

"The Arvada Marketplace - Connection is a highly visible center, located at the confluence of Wadsworth Boulevard, I-70, and I-76. We are excited that the center sold to a developer/operator who recognizes Arvada as being a great community, ripe with opportunity."