Marston Park Plaza, a 90,200-square-foot retail center in Littleton, has sold for $17.9 million to Ziff Real Estate Partners.
JLL, a commercial real estate and investment management company, represented the seller, Miller United Real Estate. The firm also represented the buyer, based in Charleston, S.C., in securing a five-year, fixed-rate loan through a life company correspondent lender.
Marston Park Plaza, at 5066 South Wadsworth Way, sees nearly 74,000 vehicles a day, according to JLL. The shopping center is 88% leased to 18 tenants with an average lease of 4.9 years.
The area, at the intersection of South Wadsworth Boulevard and West Belleview Avenue, includes retailers Whole Foods, Sprouts, Total Wine & More and Lowe’s. The average household income within a three-mile radius is $116,000 and the population of approximately 266,000 is within five miles, JLL said.
“Marston Park Plaza represented an exceptional investment opportunity in one of Denver’s most stable retail corridors,” said Rob Bova,director of JLL’s capital market’s debt advisory team .
Bova and Eric Tupler, executive managing director, led the debt advisory team. Jason Schmidt, the managing director, and Austin Snedden, the director, led JLL’s capital market’s investment sales and advisory team
“We received competitive offers from both institutional and private capital sources across the country,” said Schmidt, “highlighting the strong investor appetite for retail properties with stable cash flow and growth potential in Colorado’s dynamic market.”
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