Principal Pays $41M for Cherry Hills Marketplace

GREENWOOD VILLAGE, CO-Not many centers in the Denver area would sell for more than $208 per sf. The Cherry Hills Marketplace did.

Dallas-based Crow Holdings recently sold the 198,187-sf center to Principal Insurance Group of Des Moines, IA. Two years ago, Crow Holdings paid $32.3 million for the center, which serves some of the most expensive housing areas in the metro area, including the nearby Cherry Hills Village.

Because Cherry Hills Village doesn’t allow commercial development in its borders, Principal knows that it will be impossible to build a competing center nearby, Steve Suechting, the Trammell Crow broker who handled the transaction tells GlobeSt.com. “It has very unique and strong demographics,” Suechting says. “It’s just a fabulous location. For three miles to the north there will never be any competition.”