The property, near Southwest Plaza Mall, is one of the largest regional shopping centers in the metro area. The sale represents the largest retail deal in the Denver area in 2000. It has been sold by Chicago-based Jupiter Realty through an entity called W.R.Southfield.
William Gerrity, GMS Realty CEO, believes the area's economy will remain strong so he's making plans to buy or develop more projects in the area. GMS Realty manages and leases more than 5.5 million sf.
The 314,321-sf Southwest Commons is anchored by an 86,479-sf Kmart. The center also includes Footstar, Mars Music, Office Depot and Cost Plus World Market. It is located on the northwest corner of Wadsworth Boulevard and West Cross Drive.
"GMS Realty's entry into the Denver market is a good fit," says Mike Winn, senior director of Cushman & Wakefield of Colorado Inc. "Underpinning Denver's strong economy is a well educated, knowledge-based workforce which is the ideal audience for the retailing environments that GMS Realty creates."
Winn and fellow Cushman & Wakefield broker Tim Richey have represented the seller. Financing has been arranged through a bank group led by Wells Fargo Bank.
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