DENVER CA-The 138,334-square-foot Mission Commons ShoppingCenter in nearby Westminster has sold for $14.5 million, accordingto brokers from the local office of Marcus & Millichap whonegotiated the sale. The center, at the at northwest corner of West88th and Wadsworth Boulevard, a six-lane highway, is 89% occupiedby a mix of national and local retailers, including anchors SearsOutlet, Big 5 Sporting Goods and Bally Total Fitness.


The property, which was built between 1983 and 2006, was listedby senior vice president Garrette L. Matlock, senior director ofthe Marcus & Millichap National Retail Group, along with Jon D.Hendrickson, senior associate and member of the national retailgroup. The property attracted multiple offers, primarily fromprivate investment groups.


The buyer, a locally based private investment group, acquiredthe center from a Colorado-based private investment group andassumed a $12 million loan in the mid-5% interest range with fouryears remaining before maturity. The sale included a $150,000credit to the buyer toward maintenance.


The center is situated on a 14.68-acre site and is in a marketarea with an average household income of more than $73,000 per yearwithin a one-mile radius, with traffic counts averaging more than60,000 vehicles per day. One of the anchors, Bally Fitness, hasemerged from bankruptcy and reaffirmed its lease. Other tenantsinclude the Hoffbrau Bar and Restaurant, Souper Salad, Wild Birds,Long John Silvers, America’s Best Contacts, Beauty Supply and GreatClips.

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