(For more retail coverage, click GlobeSt.com/RETAIL.)
DENVER-Early this year, local developer Randy Nichols should pick a winner for the retail portion of the Clayton Lane development in Cherry Creek North. Nichols chose the CB Richard Ellis team of Mary Sullivan, Tim Swan and Ron Urgitus to sell the 190,000-sf retail development. Tenants include Whole Foods, Crate & Barrel, Orvis and the North restaurant, Peets Coffee 7 Tea, Bose, Bob's Steak & Chop House, Cold Stone Creamery, John Atencio, Wells Fargo, Arhaus' Furniture and others. The only portion of the retail center not being sold is the existing Sears building.
The CBRE team put out packages without an asking price in late 2004. For tax purposes, Nichols didn't want the deal to close until 2006. Even before the packages hit the market, there was much interest in the class A property, Sullivan tells GlobeSt.com.
"Cherry Creek is truly the place to be, and there is no place better in Cherry Creek than Clayton Lane," Sullivan tells GlobeSt.com. She expects it to sell for a record price per sf for a retail development, at a time when cap rates have never been lower.
Nichols also thinks that's likely. "I would hope so," Nichols tells GlobeSt.com. Nichols says he likely will use proceeds from the sale for a $110-million, 41-story condominium tower he plans to build along 14th Street in Downtown Denver, near the Colorado Convention Center and the new Hyatt hotel. "That's the plan," Nichols tells GlobeSt.com.
In 2004, the CBRE team sold the Janus building for about $360 per sf, or $56.4 million, to UBS Brinson Realty Advisors. That's about $100 per sf more than any other building sale in the metro area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
