ARVADA, CO—Pine Tree Commercial Realty, LLC has completed its acquisition of Arvada Marketplace-Connection shopping center for $54.9 million. In announcing the deal Thursday the firm noted that it is its 75th acquisition since being founded in 1995.
Located just fifteen minutes west of downtown Denver in the densely populated suburb of Arvada, the 367,510 square foot shopping center is anchored by a 142,491 square foot Sam's Club and features top-tier national and regional tenants including Sports Authority, Dollar Tree, and Youfit health club.
“We believe Arvada Marketplace-Connection's outstanding visibility, strong regional and national tenant mix, and ideal demographics make it one of the dominant retail properties in Denver's western suburbs,” said Todd Zinsmaster, executive vice president of acquisitions & development for Northbrook, IL-based Pine Tree. “It not only represents a significant achievement – being our 75th property – but serves to strengthen our portfolio as we continue our growth strategy to acquire high-quality necessity-based shopping centers across the country with high barriers to entry.”
Constructed in 1987, the property sits at the intersection of Wadsworth Boulevard, Interstate 70 and Interstate 76 – one of the most heavily trafficked intersections in the Denver market. Located in what is considered the gateway to the Arvada/Wheat Ridge retail market, Arvada Marketplace-Connection features prominent frontage and premier visibility along three of Denver's main traffic arteries. The City of Arvada – anchored by historic Olde Town Arvada located less than a mile north of the shopping center – is poised for significant future growth as new multifamily, residential and commuter rail projects take shape.
“Olde Town Arvada – a registered National Historic Place – and its proximity to Arvada Marketplace-Connection presents a unique opportunity to the success of the shopping center as thousands of tourists visit Arvada's vibrant shopping district and microbreweries each year,” said Zinsmaster. “We believe this acquisition is a commitment to the community of Arvada, including Olde Town, and look forward to improving upon our shared successes going forward.”
The property was acquired from RPAI and brokered by Brad Lyons of CBRE's Denver Office. Financing was provided by Bank of America.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
