AutoNation has purchased a shopping center along Broadway in Littleton, but the largest tenant will be staying put.
The Fort Lauderdale-based chain of car dealers paid $8.8 million last week to purchase the Broadway Square at 5501-5549 S. Broadway, according to public records.
Broadway Square’s main building, which is set back from the street, is anchored by Colorado Antique Mall, which leases 52,000 square feet, according to its owner. There are also three free-standing buildings along the street.
AutoNation did not respond to requests for comment on the buy. But the company plans to convert one of the free-standing buildings, currently home to a cabinet shop, into a sales office, according to plans submitted to the city of Littleton. It will then fill many of the complex’s parking spaces with cars for sale.
Broadway Square is next to an AutoNation dealership that sells Chryslers and Jeeps. And there are multiple other dealerships within blocks.
Colorado Antique Mall, which has been at Broadway Square since its inception in 1992, will continue operating. Owner Chris Rodriguez, who purchased the business in 2012, said he’s on a lease that runs until 2030.
“We’re going to still have enough (spaces) to make do,” he said of the parking situation.
As for Broadway Square’s other tenants, which includes separate shops selling coins and koi, Rodriguez said their future varies. One that is staying is Sipp Soda Bar, which occupies one of the freestanding buildings by the street. The cabinet store in the building that AutoNation is taking is moving, he said.
The property was sold by Denver-based Sidford Capital, which paid $7 million for it in 2016, records show. The firm owns other retail properties in the metro area, including the original Quiznos at 13th and Grant in Cap Hill.
Sidford Capital associate Andrew Lay said Broadway Square was originally built for Safeway, although the grocer never moved in. Sidford purchased the property because it’s rental yield was attractive, he said, but also thought that the size of the lot suggested there could be an opportunity for a typical exit.
“We also really liked it because it’s 6 acres on South Broadway,” Lay said.
Sidford, meanwhile, was recently on the purchase side in a separate deal. The company paid $3.65 million for the Grant Square shopping center at the corner of 104th Avenue and Grant Street in Thornton, records show.