ARMSTRONG CAPITAL DEVELOPMENT SELLS HILLTOP COMMONS IN CASTLE ROCK
Denver, Colorado - Armstrong Capital Development (ACD) is pleased to announce the sale of Hilltop Commons at the Meadows (Hilltop Commons) in Castle Rock, Colorado to a private capital buyer. Located at the intersection of Meadows Parkway and Limelight Avenue, the 10,700 square foot multi-tenant retail building was 100% leased to seven tenants at the time of sale. Hilltop Commons is ACD’s second development in Castle Rock’s The Meadows master planned community.
ACD completed the transaction on behalf of its ACD 2013 Fund, LP, concluding a six-year investment that commenced with the ground-up construction of the center in 2016. Located less than a mile from I-25 at the gateway to The Meadows, Hilltop Commons offers high profile visibility and convenience to more than 35,000 VPD and benefits from supportive surrounding residential demographics including an average household income of $137,832 within a 3-mile radius. ACD constructed the property on an elevated 1.3-acre lot directly across the street from the Castle Rock Adventist Health campus to capitalize on the demand for space from complementary medtail, personal services and fast casual restaurant uses.
“This sale represents another great outcome for us in the Castle Rock market,” said Bryan Armstrong, Partner at ACD. “We knew from the outset that Hilltop’s location was hard to beat given the growth and vibrancy of the Meadows Parkway trade area. The center’s proximity to surrounding commercial drivers and diverse stable of tenants garnered substantial interest from the investor market.”
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.