Armstrong Capital Development, LLC Acquires Retail Center in Aurora
Denver, Co. - Armstrong Capital Development, LLC (“ACD”) has acquired Eastridge Plaza, a multi-unit retail center located at 3005 & 3095 S. Peoria Street in Aurora, Colorado. Located at the heart of Aurora’s Nine Mile Urban Renewal Area, the infill property is set for renovation in 2022.
Eastridge Plaza was acquired from Denver-based GSL Group in October. Chris Sharp of Spierer, Woodward, Corbalis & Goldberg, P.C. represented ACD in the transaction.
Constructed in 1978, the two-building property offers 33,340 square feet of retail space with exceptional convenience and visibility to The Point at Nine Mile Station, a 22-anchor mixed-use redevelopment project anchored by a newly constructed King Soopers grocery center and fueling station. Located at the only signalized access to The Point, the property enjoys shadow space proximity directly across the street from the new King Soopers, substantial exposure to more than 26,000 vehicles per day on the South Peoria Street residential arterial, immediate visibility and access to the South Parker Road commuter corridor with more than 57,000 vehicles per day, and a compelling balance of supportive residential density and high barriers to commercial entry in the surrounding trade area.
ACD acquired Eastridge Plaza with the intent to capitalize on its premium location and value-add potential, and is set to upgrade the center with a slate of aesthetic and functional improvements commencing in 2022. “The latest acquisition is consistent with ACD’s strategy to identify opportunistic redevelopment scenarios whereby we can transform the trajectory of the asset through a strategy of proactive on-the-ground real estate initiatives,” said Josh Katzer, Partner with ACD. “The superior location, access, and visibility of this asset combined with the dynamic redevelopment occurring in the immediate area creates a very strong foundation for ACD to carry out its investment thesis.”
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets. ACD funded the acquisition of Eastridge Plaza through its ACD 2017 Fund, LP investment vehicle.
Mike DePalma and David Dobek of SullivanHayes Brokerage serve as the exclusive listing agents for Eastridge Plaza. For more information contact Mike DePalma at 720.382.7597.
More on ACD at www.ACD-CO.com.