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DENVER-GMS Realty LLC of Carlsbad, CA, has paid $43 million for the 400,000 sf Broadway Marketplace shopping center at the southwest corner of Alameda Avenue and South Broadway. The center, sold by DRA Advisor and Developers Diversified Realty Corp., is anchored by a Sam’s Club, Albertson’s and Office Max.

It marks one of the largest retail sales this year in the metro area.

“Broadway Marketplace provides an excellent example of stability,” Steve Suechting, the Trammell Crow Co. broker who handled the deal, tells GlobeSt.com.

According to Suechting, there are three reasons why stable retail is in such high demand: the poor performance of the stock market, low interest rates provide higher leveraged returns, retail is historically less volatile and hasn’t experienced the troughs and peaks of other real estate product types.

GMS Realty owns two other shopping centers in the Denver market–Southwest Commons and Kipling Plaza, both located in the southwest area of the metro area. GMS has spent more than $80 million on the three properties.

In addition, to Broadway Marketplace, Trammell Crow handled the sale of Boulder Plaza for $24.75 million earlier this year and is scheduled to close on another $30-million asset before year-end. The common thread that makes all of these properties desirable are their supply-constrained locations. These assets generated tremendous investor competition, Suechting says.

“We’ve been able to do a good job adjusting to market conditions for our clients,” says Ann Sperling, who heads Trammell Crow’s Denver office. “Our investment sales team is strong in all product types, and has done a great job of working with sellers and buyers in the current hot market for retail product.”

The strong demand for retail assets is likely to continue until interest rates rise significantly and until the office market sector shows signs of recovery, Suechting says.

Office assets generally account for more than 60% of institutional capital allocated to real estate. This percentage has dropped significantly because of the gap between buyers and sellers expectations in most markets across the country, he says.

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