CHEYENNE, WY-GlobeSt.com has exclusively learned that Synergy Development LLC of Park City, UT, has sold Dell Range Marketplace in Cheyenne, WY to a national private equity group. The 86,883-square-foot shopping center went for $13.1 million or $151 per square foot.
Barry Higgins, a vice president investments in Marcus & Millichap Real Estate Investment Services’ Denver office represented both the buyer and the seller. Richard Bird, regional manager of Marcus & Millichap’s Salt Lake City and Las Vegas offices, was the broker of record in the transaction.
According to Higgins, “Dell Range Marketplace has been more than 98% occupied since its inception,” says Higgins. “The center’s continued stability is supported by the lease of grocery-anchor King Soopers, which runs through November 2020.”
The property is located at the intersection of Interstate 25 and Interstate 80 at 3610-3806 Dell Range Blvd. in Cheyenne. “This was a CMBS loan assumption and there were many unique ramifications to the transaction,” Higgins adds. He could not get into those ramifications or provide further details by deadline.
Dell Range Marketplace was built by Regency Centers in 2000 on 10.7 acres. Tenants include Starbucks, Progressive Insurance, Great Clips, Hallmark, Capco Insurance and H&R Block. All the leases are triple net. The King Soopers lease has seven five-year options and the in-line tenants’ leases are staggered over the next six years with no more than 8.1% expiring in any one year.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
