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LITTLETON, CO-Bowles Avenue Marketplace, a 171,634-sf shopping center here has changed hands for approximately $26.6 million. Portland-based RealNet Equities LLC, a tenant-in-common sponsor, acquired the property on behalf of 14 investors who will use the property to complete IRS 1031 exchange transactions.

Bowles Avenue Marketplace covers 13.3 acres at the intersection of Wadsworth Avenue and W. Bowles Avenue, approximately 15 miles southwest of downtown Denver. The four brick buildings on the site were constructed in 1985 and renovated in 2003 and 2004. Vacancy at the property is approximately 10%. Tenants inlcude Bally Total Fitness, Hancock Fabrics, Checker Auto Parts, and Tuesday Morning. "As it sits, the asset will generate attractive and stable cash flows for our clients," says Scott Fouser, president and CEO of RealNet Equities.

The area immediately surrounding Bowles Avenue Marketplace is nearly completely built-out in terms of commercial space and residential densities are strong. Adjacent to the property, General Growth Properties is preparing for a "lifestyle" expansion of Southwest Plaza Mall. "This project should have a positive impact on both demand and rental rates at Bowles," Fouser says.