Chandelle, headed by Chuck Woods, intends to redevelop the 216,155-sf shopping center. The office portion covers 90,750 sf.

Woods notes the 20,000-sf Loehmann's recently vacated the shopping center, giving him a development opportunity.

Woods, who developed the Bear Valley shopping center in southwest Denver almost a decade ago, has had preliminary discussions with the Denver Urban Renewal Authority about a private-public partnership.

Woods would like to bring an upscale grocery store to the shopping center, which also includes a K&G's Men's Center, Walgreens, 24 Hour Fitness, Chipotle Mexican Grill, Tiffany Plaza Movies, Payless ShoeSource, SteakEscape and LePeep Grill.

"Tiffany Plaza presented the buyer with a unique opportunity for substantial upside potential through redevelopment," says Garrette Matlock, the investment broker with Marcus & Millichap who handled the sale. "The excellent infill location in conjunction with the current base of national and regional credit tenants, provided a solid foundation while giving the buyer an opportunity to redevelop and reconfigure the property.