"I don't think it gets any better than this as far as retail," Peter Culshaw, president of the Denver Tech Center tells GlobeSt.com. Ann Sperling, head of the Denver office of the Trammell Crow Co., tells GlobeSt.com that Cumshaw's "timing was impeccable," in selling the retail center at a time when cap rates are still low.

This marks DRA's third purchase in the metro area. It also owns the Denver Corporate Center and the Thornton Town Center. There are about 25 tenants in the center, including Cool River, which when it opened was one of the hottest new bar and restaurants in the metro area; the Homer Reed men's clothing store; the Purple Martini bar; Cooks Fresh Market, a high-end, European-style deli and market; the Original Pancake House; and Il Fornaio. It also includes a Vectra Bank office.

Tim Richey, Mike Winn and Peter Savoie of Cushman & Wakefield handled the deal for the Tech Center. Other than a couple of small, specialty centers that aren't really comparable, this sale marks the high-water mark on a sales per sf basis for a specialty center of this size, Winn says.

Winn says DRA likes the location and the tenants. He notes there is a huge barrier to entry, because although the Tech Center has more than 8 million sf of office space and a growing amount of rental and for-sale housing, it is under-supplied when it comes to retail. And there aren't many places to add large amounts of retail, which protects it from direct competition, he says. DRA sees the property as a long-term hold, he says.

The property will be managed by Pat McHenry, a retail specialist at Trammell Crow. She says only about 3,700 sf in two spaces are available, and she's speaking to prospects for both spaces.