ARMSTRONG CAPITAL DEVELOPMENT SELLS PARKER KEYSTONE IN PARKER, COLORADO
Denver, Colorado - Armstrong Capital Development (ACD) has announced the sale of Parker Keystone in Parker, Colorado to a publicly traded REIT. Located at the intersection of South Parker Road and Lincoln Avenue, the Class-A multi-tenant retail center was 100% leased at the time of sale. Cory Gross with Marcus & Millichap arranged the transaction.
Located at the intersection of Parker’s chief commercial arterials, Parker Keystone offers high profile visibility and convenience to more than 84,000 VPD and benefits from strong surrounding residential demographics including an average household income of $129,892 within a 3-mile radius. The center is the result of a major redevelopment initiative that commenced in 2016 with the annexation of the 1.8-acre site, then a blighted collection of residential parcels, into the Town of Parker. ACD constructed the new improvements over multiple phases commencing in 2017 with a broad scope of public improvements and site work to support an initial 9,000 square foot multi-tenant retail building. A second multi-tenant retail building followed in 2018, increasing total gross leasable area at the center to 16,600 square feet. Parker Keystone stabilized to 100% occupancy with a diverse roster of necessity retail tenants including Bank of America, Wingstop, Dunkin’ Donuts, AAA Colorado and others.
ACD completed the transaction on behalf of its ACD 2013 Fund, LP. “This sale validates the project’s strong fundamentals as a well-located, high quality neighborhood retail center,” said Jarrett Armstrong, Partner at ACD. “Despite the COVID-induced dislocation witnessed in the broader market, Parker Keystone’s resilience, resulting from its high-growth trade area and top-tier tenant roster, appealed to the buyer and underpinned a sale at a valuation we found compelling for our investors.”
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.