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Retail Portion of Clayton Lane Up for Grabs

DENVER-Local developer Randy Nichols is planning to select a buyer for the retail portion of the 190,000-sf Clayton Lane development in Cheery Creek North. The CB Richard Ellis brokerage team chosen to sell the property is hoping for a lofty price.

By John Rebchook | Updated on January 02, 2006

DENVER-Early this year, Denver 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.

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