ARMSTRONG CAPITAL DEVELOPMENT SELLS TWO RETAIL OUTPAD BUILDINGS AT BELLEVIEW CONNECTION IN LITTLETON, COLORADO
Denver, Colorado - Armstrong Capital Development (ACD) has announced the sale of a two-building retail outpad in Littleton, Colorado to a private capital buyer. Located at The Belleview Connection, adjacent to the northeast corner of West Belleview Avenue and South Federal Boulevard, the Class-A multi-tenant retail buildings totaled approximately 7,300 square feet of gross leasable area and were 100% leased at the time of sale. Matthew Henrichs with CBRE arranged the transaction.
“This sale evidences the long-term durability of e-commerce resistant retailers and the strong market appetite we continue to see for well-located grocery shadowed retail assets,” said Josh Katzer, Partner at ACD.
Located on Belleview Avenue, one of the main travel corridors in south Denver, The Belleview Connection offers more than 85,000 square feet of gross leasable area with high profile visibility and convenience to more than 33,000 VPD. The two-building pad that was sold encompasses 7,359 square feet of retail space and capitalizes on neighboring national retailers such as Planet Fitness, Advance Auto Parts and Core Power Yoga as well as the center’s shadow proximity to both King Soopers and Home Depot. The site further benefits from strong surrounding residential demographics including an average household income of $114,000+ within a 3-mile radius, and features a full movement, lighted intersection. ACD redeveloped The Belleview Connection over a multi-year schedule to bring its appearance and functionality up to modern standards, including a sitewide overhaul of building facades, new parapets, redesigned parking, new monument signage and the creative conversion of an alleyway into a conventional drive-thru lane. These efforts succeeded in attracting best-in-class tenants such as Advance Auto Parts, Planet Fitness, T-Mobile, Black Rock Coffee Bar, and Wingstop, among others.