At a glance
- The largest of the four, Aspen Grove at 7301 South Santa Fe Drive in Littleton, traded for $55 million.
- The deal gives allocators two reference points: a $234-per-square-foot blended price and 54% leverage from U.S. Bank, which lent $239 million against the portfolio, as Private Wealth Daily previously reported.
- Aspen Grove alone, at $55 million, accounts for 43% of the $127 million Colorado total.
Nuveen Real Estate paid $127 million for four Denver-area shopping centers, The Real Deal reported, citing the Denver Business Journal. The centers are the Colorado portion of a 13-property, $445.5 million retail portfolio trade.
The largest of the four, Aspen Grove at 7301 South Santa Fe Drive in Littleton, traded for $55 million. The centers are in Aurora, Littleton and Englewood; California-based Gerrity Group was the seller. Across all 13 properties, 1.9 million square feet in California, Colorado and Washington, the portfolio price works out to $234 per square foot. One of the four Colorado centers sold at a major discount, The Real Deal reported.
The deal gives allocators two reference points: a $234-per-square-foot blended price and 54% leverage from U.S. Bank, which lent $239 million against the portfolio, as Private Wealth Daily previously reported. Retail funds and separate accounts holding Colorado centers now have an institutional price per foot set by a buyer taking a $445.5 million position, rather than a broker's asking price.
Aspen Grove alone, at $55 million, accounts for 43% of the $127 million Colorado total.
Reported by the Deals desk from The Real Deal — National, Denver Business Journal (via The Real Deal) and Private Wealth Daily archive. Published . Corrections