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GMS Realty Pays $43M for Retail Center

DENVER-Developers Diversified Realty Corp. gets $107.50 per sf for Broadway Marketplace at Alameda Avenue and South Broadway. GMS Realty LLC of Carlsbad, CA adds the asset to a portfolio that already includes Southwest Commons and Kipling Plaza.

By John Rebchook | Updated on November 04, 2002

DENVER-GMS Realty LLC of Carlsbad, CA, has paid $43 million for the 400,000 sf Broadway Marketplace shopping center at the southwest corner of Alameda Avenue and South Broadway. The center, sold by DRA Advisor and Developers Diversified Realty Corp., is anchored by a Sam’s Club, Albertson’s and Office Max.

It marks one of the largest retail sales this year in the metro area.

“Broadway Marketplace provides an excellent example of stability,” Steve Suechting, the Trammell Crow Co. broker who handled the deal, tells GlobeSt.com.

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