Photo courtesty of CBRE
September 20, 2017
Denver, Co. – Armstrong Capital Development, LLC (“ACD”), the Denver, Colorado headquartered real estate development and investment company, today announced the purchase of the Centennial Square shopping center in Littleton, Colorado for $7.5 million. Located at 2727 West Belleview Avenue, the center resides in the shadow of a top performing King Soopers Marketplace grocery store and Home Depot. The center includes 62,215 square feet of retail space across several multi-tenant and single-tenant buildings. At acquisition the center was 82% leased with approximately 10,000 square feet of available space. ACD will be working with Mike DePalma and Sean Kulzer at SullivanHayes Brokerage, the leasing representative for the property. Through several phases of redevelopment, ACD intends to expand the center into unutilized area, initiate a site-wide fascia makeover, upgrade the aesthetics and functionality of the site plan and add new signage.
“We are excited to acquire this infill asset with its advantageous position in such a vibrant market,” said Jarrett Armstrong, ACD Partner. “The success of the surrounding anchors and new residential development underway make Centennial Square an excellent fit for ACD. We anticipate that our improvements to the center will complement the surrounding trade area and ultimately create the inviting shopping center sought by the community.”
CBRE Senior Vice President Matthew Henrichs and Executive Vice President Brad Lyons of the CBRE National Retail Partners Denver marketed and sold the property on behalf of the Seller, Centennial Milner, LLC, et. al. ACD funded the acquisition through its ACD 2013 Fund, LP and ACD 2017 Fund, LP investment vehicles.
Founded in 2005, Armstrong Capital Development is a private development company that acquires, develops and manages opportunistic real estate investments in the Colorado region, with a focus on value-add acquisitions. For additional information, visit www.ACD-CO.com.