Crow Holdings Picks Up Cherry Hill Marketplace

GREENWOOD VILLAGE, CO-Crow Holdings of Dallas has paid $32.3 million for the 198,197-sf Cherry Hill Marketplace retail center at the southeast corner of Orchard Road and University Boulevard. The seller was the Estate of James Campbell, of Hawaii, which owns close to $2 billion in real estate assets.

Investors have preferred stable and established retail centers ahead of all other Colorado investment opportunities in 2002, say Steve Suecthing and Leslee Superchi of Trammell Crow, who handled the sale. Crow Holdings, the family investment vehicle of real estate legend Trammell Crow, is not tied to Trammell Crow, which is publicly traded.

Cherry Hills Marketplace is 99% leased, with only one vacancy, Suechting tells GlobeSt.com.

So far this year, Suechting has sold more than $100 million in retail properties. His largest sale was Broadway Marketplace, which sold for $43 million. The only larger retail deal in the state was the $96-million sale of two factory outlet stores, which was handled by CB Richard Ellis broker Mary Sullivan.

The common thread that made all of these properties so desirable for investors is their supply-constrained locations, he says. All three of the centers generated tremendous investor competition, he adds.

Cherry Hills Marketplace is anchored by Ross, T.J. Maxx, Wild Oats and Old Navy. It was built in 1955, then renovated and repositioned by Trammell Crow in the mid-1980s. It was renovated once again by the seller in the 1990s.