Westwood Acquires Denver-Space Retail Heart – Business Property Govt

The Shops at Walnut Creek

The Retailers at Walnut Creek. Picture courtesy of Enterprise Wire

Westwood Monetary has acquired The Retailers at Walnut Creek, a 225,224-square-foot, grocery-anchored retail middle in Westminster, Colo.

CBRE Govt Vice President Brad Lyons brokered the transaction on behalf of the vendor, InvenTrust Properties. In accordance with CommercialEdge knowledge, the corporate picked up the asset again in 2015 for $57.1 million.

Shadow-anchored by a Tremendous Goal retailer, The Retailers at Walnut Creek was 94 % leased on the time of the acquisition. The property’s tenant roster contains TJ Maxx, HomeGoods, PetSmart and Greenback Tree, amongst many others. In a ready assertion, Westwood Monetary CEO Mark Bratt mentioned that the purchasing middle’s mixture of tenants place it among the many dominant retail facilities within the northwest Denver metro.

READ ALSO: Sizing Up Retail Actual Property’s Prospects at ICSC

The Retailers at Walnut Creek occupies greater than 25 acres at 10449 City Heart Drive, adjoining to the intersection of Denver Boulder Turnpike and Freeway 22. The property is roughly 14 miles northwest of downtown Denver and a few 16 miles south of downtown Boulder, in an space the place automotive site visitors reaches greater than 94,000 automobiles per day.

In accordance with retail site visitors knowledge agency Placer.ai, the purchasing middle is uncovered to roughly 60,000 visits per week, serving an space the place inhabitants progress is anticipated to extend by 2 % per yr over the subsequent 4 years.

Current PwC insights present that, within the yr to return, retail transactions are anticipated to give attention to higher-quality belongings, focusing on good places which have experiential retail choices. Flight to high quality will probably be enjoying a major position in future retail investor curiosity.

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