California firm buys Aspen Grove shopping center for $82M

Aspen Grove on South Santa Fe Drive is anchored by Williams Sonoma, Ulta, Pier 1 and Alamo Drafthouse Cinema. (Google Maps)

Aspen Grove on South Santa Fe Drive is anchored by Williams Sonoma, Ulta, Pier 1 and Alamo Drafthouse Cinema. (Google Maps)

A theater-anchored shopping center traded hands last week in one of the biggest retail sales of 2016.

California-based Gerrity Group bought the Aspen Grove shopping center in Littleton last week for $82 million, according to Arapahoe County public records. The open-air shopping center totals about 270,000 square feet and is anchored by Williams Sonoma, Ulta, Pier 1 and Alamo Drafthouse Cinema.

Aspen Grove sits at 7301 S. Santa Fe Drive, just north of Mineral Avenue. It boasts more than 50 total retailers, and its Alamo Drafthouse Cinema became that brand’s first in Colorado when it opened in 2013. That tenant takes up about 33,000 square feet.

Aspen Grove also is the only Colorado property Gerrity Group lists on its website. An acquisitions manager for the company did not return messages seeking comment on the company’s plans for the property.

Shopping center developer DDR was the seller in the deal. In a report released for the third quarter 2016, the company claimed nearly $6 million in annual base rent for Aspen Grove.

DDR advertised Aspen Grove as for sale on its website as of Tuesday with an Eastdil Secured broker listed as the contact, but the representative who signed the sales deed on DDR’s behalf did not return a message Tuesday.

The $82 million sale is the biggest retail deal in Arapahoe County this year, and sneaks into the top five largest sales in the county for 2016. On that list, Aspen Grove trails only the January sale of the Panorama Corporate Center and three apartment complexes.

Aspen Grove on South Santa Fe Drive is anchored by Williams Sonoma, Ulta, Pier 1 and Alamo Drafthouse Cinema. (Google Maps)

You must be a member to access BusinessDen's exclusive reporting.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING AARON@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments