The center is one of the largest that services a high-populated Hispanic area and a growing Asian population. Tenants in the center include a MacFrugals, Aaron's Rents, Burger King, Payless ShoeSource and 30 others. "This center provides a real service to people in the area who have low-to-moderate incomes and might need to rent appliances or rent things to own," Matlock says.
There are barriers to entry, he says, because most in the area has been developed. "Nobody is going to come in and knock down buildings to make way for new developments," Matlock explains. "It would be just too expensive and too hard to assemble the land. And this is really quite a large center."
The center initially had been anchored by a grocery store. Later, it included a movie theater, but that closed in the mid-1990s. "This is a center that serves a purpose," he says. "It pretty much stayed leased up, even during the bad times in Denver."
For years, Matlock has represented Johnson, who primarily invests in apartments. "He paid $68.74 per sf for Brentwood, and from his perspective, he believes he made a good buy," Matlock says. Seller Centers West Inc. of Portland, a longtime owner, had "felt it was time to cash out of the center and put their money elsewhere," says Matlock. "I would have to say it was one of those win-win situations."
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