The center also includes 23,121 sf of inline tenants, including Panda Express, Subway, Arvada Salon, Westwoods Dry Cleaners and Ranch Wine & Spirits.
The stores sit on a 29.2-acre site. In addition to the current tenants, a pad has been sold to Key Bank and another to Kohl's to use as a parking lot adjacent to its recently approved 88,000-sf department store to be constructed at the western corner of the center.
Crimson Financial represented the seller, Westwood Development Co. Westwood designed and constructed the King Soopers, which opened in December 2002, as well as the strip center portion of the center, which opened in fall 2003.
Mark Connor, chief operating officer of Crimson Financial, says it took several years of behind the scenes work to get the development approved and built.
The buyer, Studen, says the center is located in a fast-growing part of Arvada. He notes in addition to King Soopers and Kohl's, a Home Depot may be built across the street.
Richard Egitto, senior managing director of Crimson Financial's western region, says that there was a lot of interest from national and local buyers.
"A new King Soopers store on a long-term lease is an unique find, and provided Nick the opportunity to purchase a core retail investment in a growth corridor," Eggito says.
Brandon W. Basham of Basham & Associates-Metro Broker represented the buyer. Fuller and Co. is managing the property.
The shopping center is the retail portion of a 104-acre mixed use, master-planned development.
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