133,000-SF Brentwood Shopping Center Finds New Backer, Pays About $9.2 Mil

DENVER-Longtime Denver real estate investor Terry E. Johnson and partners have put up nearly $9.2 million for the 133,000-sf Brentwood Shopping Center, situated southwest of Downtown. The center, originally built in the 1950s, sits on 13 acres at South Federal Boulevard and West Evans Avenue. “It’s a pretty interesting deal,” Garrette L. Matlock, the broker with the Denver office of Marcus & Millichap who represented Johnson, tells GlobeSt.com.”It’s not in a high-demographic area so a lot of investors would overlook it,” Matlock says. “Most would look at it as an old, infill site and would pass because it doesn’t have high demographics.”

The center is one of the largest that services a high-populated Hispanic area and a growing Asian population. Tenants in the center include a MacFrugals, Aaron’s Rents, Burger King, Payless ShoeSource and 30 others. “This center provides a real service to people in the area who have low-to-moderate incomes and might need to rent appliances or rent things to own,” Matlock says.

There are barriers to entry, he says, because most in the area has been developed. “Nobody is going to come in and knock down buildings to make way for new developments,” Matlock explains. “It would be just too expensive and too hard to assemble the land. And this is really quite a large center.”