Chandelle Pays $21M Tiffany Plaza, Office Center

DENVER-Chandelle Properties, a Denver development company formed in 1979, has paid $21 million for the Tiffany Plaza Shopping Center and the adjoining Hampden Executive Office Plaza near Interstate 25 and Hampden Avenue in southeast Denver. The seller is the Cooper family of Denver.

Chandelle, headed by Chuck Woods, intends to redevelop the 216,155-sf shopping center. The office portion covers 90,750 sf.

Woods notes the 20,000-sf Loehmann’s recently vacated the shopping center, giving him a development opportunity.

Woods, who developed the Bear Valley shopping center in southwest Denver almost a decade ago, has had preliminary discussions with the Denver Urban Renewal Authority about a private-public partnership.

Woods would like to bring an upscale grocery store to the shopping center, which also includes a K&G’s Men’s Center, Walgreens, 24 Hour Fitness, Chipotle Mexican Grill, Tiffany Plaza Movies, Payless ShoeSource, SteakEscape and LePeep Grill.

“Tiffany Plaza presented the buyer with a unique opportunity for substantial upside potential through redevelopment,” says Garrette Matlock, the investment broker with Marcus & Millichap who handled the sale. “The excellent infill location in conjunction with the current base of national and regional credit tenants, provided a solid foundation while giving the buyer an opportunity to redevelop and reconfigure the property.