Cap Rate 8.42%
Price Per SF $149
Leasable Area 86,813 SF
Term Remaining 5.4 Years
Year Built 1984
Broker of Record
License No. EC.100070704 (CO)
Matthews Retail Group, Inc.
841 Apollo Street. Suite 150, El Segundo, CA 90245
Conifer Marketplace features a desirable tenant line-up of National Corporate Tenants, as well as strong Local/Regional operators, that provides a unique synergy for the center and sought after daily needs draws. The recent long term commitments from Staples, O’Reilly’s, and Anytime Fitness not only highlights the strength of the real estate, but also the desire from National Tenants to be at this location due their strong performance and positioning in the market.
The Subject Property is ideally positioned along the heavily trafficked US Highway 285 (33,000+ VPD), the main thoroughfare running through the submarket leading into Downtown Denver. In addition to being located directly off a major mountain thruway, Conifer Marketplace sits at the connection of Highway 73 and US 285. Highway 73 is the primary roadway between Evergreen & Conifer providing easy, direct access and creating a significant draw from the residents on Evergreen.
Conifer Marketplace is located in the affluent Denver mountain suburb of Conifer, CO, located 29 miles Southwest of downtown Denver. Conifer residents boast an impressive income demographic, with average household incomes in excess of $142,000 in a five-mile radius. Between the already impressive average household incomes, along with being located in a growing submarket of a high-growth major US metro like Denver, Conifer Marketplace shoppers should be well armed with disposable income for many, many years to come.
The Property has experienced strong recent leasing momentum with 9 tenants having executed lease renewals in the last 18-24 months totaling 53,241 SF. In addition to that there have been 4 new tenants to execute leases comprising 16,054 SF. In all, nearly 80% of the GLA has either executed lease extensions or new leases over the last 18-24 months. The center will also benefit from the addition of Dutch Brothers Coffee, who will be entering the market and leasing space on a newly developed outparcel in the parking lot in front of the small shop building. The addition of another daily traffic driver to the tenant mix should provide great benefit to the rest of the center. The strong recent leasing momentum, coupled with the significant amount of term throughout the tenancy, especially the anchors, should position the center to continue to thrive for many years to come.
While Conifer is still very much a growing market for suburban Denver residents, the retail trade area is well established with very high barriers of entry. Between the mountain topography, limited number of developable parcels, high development costs, and limited access to infrastructure, these natural barriers to entry will help protect Conifer Marketplace’s position in the market long into the future. Combined with the already limited existing competition in the trade area, the Property is strongly positioned to continue to thrive as a dominant daily needs community center in the market.
The property was renovated in 2007/2012 to add a new façade, which resulted in the beautiful modern-mountain look of the center today. Most recently, ownership did a full roof replacement over the Staples, O’Reilly’s, Anytime Fitness, and Colorado Furniture portion of the center totaling 53,108 SF in GLA. This equates to over 61% of the center’s total GLA, however because of the small-shop building layout this actually equates to nearly 77% of the total roof area at the center. With a brand new roof on over 3/4’s of the center, recently renovated facades, and a parking lot that’s in good shape this will help immensely limit the need for any near-term capital improvements for a Buyer.
The Property is being offered “free and clear” of any existing debt, providing a buyer with a fantastic opportunity to obtain historically attractive financing.