CENTENNIAL, CO–A real estate investment group from Macau, China, recently paid $5.2 million to a California owner for its 23,136-sf strip center in Piney Creek Crossing in this city along the southeast suburban corridor. An Albertson's grocery store anchors the center. According to Gene Pride and Patrick Devereaux of the Denver office of Cushman & Wakefield's Capital Markets Group, the property received multiple offers.
"Through our marketing program, Cushman & Wakefield was able to generate 11 offers from investors in Colorado, California, Maryland, New York, Arizona, and Macau, China," Pride says. "Piney Creek Crossing received substantial interest from the marketplace due to its excellent location in a high-income neighborhood." Pride says the center has enjoyed nearly 100% occupancy since its construction in 1994.
"Although there was significant interest from 1031 exchange buyers, the ultimate purchaser was seeking a stabilized asset in which to invest capital from overseas," Pride says. Tenants of the center include Fantastic Sam's, the UPS Store, Beneficial Financial, Juice Stop, and USA Cleaners.
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