Cushman & Wakefield Phoenix Sale of King Soopers Anchored Center in Colorado
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Fox Creek Village, located at 1611 Pace Street in Longmont, Colo., on behalf of a company formed by Retail Properties of America, Inc. Companies formed by The Kroenke Group and Quadrant Acquisitions purchased the property for $24.8 million ($231 PSF).
Cushman & Wakefield Managing Director Jon Hendrickson and Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller.
Anchored by King Soopers – (NYSE:KR) – and Walgreens, Fox Creek Village is a trophy grocery and drug anchored neighborhood shopping center totaling of 107,533-square-feet of retail space. The center, spanning 11.84 acres, is currently 97% occupied to a complimentary collection of national/credit tenants including Wells Fargo, Subway and Starbucks.
“Demand for core and core plus grocery anchored investments, such as Fox Creek, remains very strong nationally, specifically in the West,” said Hackett.
“King Soopers on lease is complimented by restaurant and service focused shop space, modest in-place rental rates and strong demographics in the surrounding area. To top it off, the price point allowed for maximum participation among institutional and private capital alike,” added Hendrickson.