CENTENNIAL, CO-Sandstone Properties of Santa Monica, CA recently paid $28 million for the grocery-anchored Willow Creek Center in this city along Denver's Southeast suburban corridor. That equates to about $172 per sf and is one of the latest examples of a retail deal in the metro area.
A Safeway, 24 Hour Fitness, Washington Mutual, Starbucks, Taco Bell, Blimpie's and Fazoli's anchor the upscale "village" center. With this purchase, Sandstone's portfolio now approaches $400 million in assets.
Sandstone is owned and operated by Greg Sackler and Eri Kroch. Separately, they invest in commercial real estate, in some cases with high net worth individuals as partners. Sackler and Kroch began acquiring commercial real estate in 1994 and own a portfolio of more than 50 properties, primarily in Southern California.
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