The Bear Valley Shopping Center northeast of West Hampden Avenue and South Sheridan Boulevard sold for $46 million. (Google Maps)
New York money isn’t bearish on a southwest Denver shopping mall.
Northwood Investors purchased the Bear Valley Shopping Center northeast of West Hampden Avenue and South Sheridan Boulevard for $46 million in a sale recorded Aug. 22, Denver County records show.
The 330,000-square-foot mall, which is anchored by The Home Depot and King Soopers, marks Northwood’s second mall investment in the Denver area. It also owns the Southlands Town Center, a retail and office property in Aurora with an AMC theater and big box retailers like Bed Bath & Beyond.
Northwood, which has an office in downtown Denver and acted as US VI Bear Valley 1 LLC, did not return a message seeking comment.
The seller is Guggenheim Real Estate, which purchased the mall in 2003 for $30.8 million, according to county records.
Brad Lyons, Mike Winn and Tim Richey with CBRE are identified as listing agents on a marketing brochure published by the Bear Valley mall’s property manager, Benchmark Opportunity Partners.
The 32-acre property was constructed in 1966, with more recent additions since then. According to the CBRE brochure, the mall is 93 percent leased. It advertises net operating income of $2.7 million in its first year of ownership.
The mall leases for between $13 and $24 per square foot, according to a leasing brochure by JLL, which is also available on the property manager’s website.
This month’s Bear Valley sale clocks in at $139 per square foot. But 2017 has seen newer malls closer to downtown Denver trade for more than double that total, such as a Globeville shopping center that sold for $333 per square foot and a just-built Stapleton development that traded hands in July for $546 per square foot.
The Bear Valley Shopping Center northeast of West Hampden Avenue and South Sheridan Boulevard sold for $46 million. (Google Maps)
New York money isn’t bearish on a southwest Denver shopping mall.
Northwood Investors purchased the Bear Valley Shopping Center northeast of West Hampden Avenue and South Sheridan Boulevard for $46 million in a sale recorded Aug. 22, Denver County records show.
The 330,000-square-foot mall, which is anchored by The Home Depot and King Soopers, marks Northwood’s second mall investment in the Denver area. It also owns the Southlands Town Center, a retail and office property in Aurora with an AMC theater and big box retailers like Bed Bath & Beyond.
Northwood, which has an office in downtown Denver and acted as US VI Bear Valley 1 LLC, did not return a message seeking comment.
The seller is Guggenheim Real Estate, which purchased the mall in 2003 for $30.8 million, according to county records.
Brad Lyons, Mike Winn and Tim Richey with CBRE are identified as listing agents on a marketing brochure published by the Bear Valley mall’s property manager, Benchmark Opportunity Partners.
The 32-acre property was constructed in 1966, with more recent additions since then. According to the CBRE brochure, the mall is 93 percent leased. It advertises net operating income of $2.7 million in its first year of ownership.
The mall leases for between $13 and $24 per square foot, according to a leasing brochure by JLL, which is also available on the property manager’s website.
This month’s Bear Valley sale clocks in at $139 per square foot. But 2017 has seen newer malls closer to downtown Denver trade for more than double that total, such as a Globeville shopping center that sold for $333 per square foot and a just-built Stapleton development that traded hands in July for $546 per square foot.
I think the last paragraph is a bit misleading in comparing the sale price on this deal to other recent sales and implying the $/sf is low. The size of this center @ 330k sf, dwarfs the other mentioned sales – they are not even on the same planet size-wise @24k and 10k sf.