Denver-based Zuma LLC from LaSalle Advisors and its pension fund clients. The sale was negotiated by Trammell Crow Co.
The property is adjacent to the 1.5 million-sf Westminster Mall, one of the largest regional shopping centers in the metro-Denver area. Anchors include EMS, REI and Paper Warehouse.Westminster Mall, and surrounding centers, such as the Plaza at Westminster, are bracing from competition from the 1.5 million-sf Flatiron Crossing, which opens Aug. 11 in nearby Broomfield. The $220 million Flatiron is being developed by Phoenix-based Westcor Partners.The Plaza at Westminster's sale reinforces investors' faith that demographics around the regional mall remain strong despite pressure from the FlatIron's looming competition, says Steve Suechting, a Trammell Crow broker.
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