Marcus & Millichap Inc.
11/19/2024 | Press release | Distributed by Public on 11/19/2024 15:18
Marcus & Millichap Announces Sale Of Oakbrook Shopping Center In Littleton, CO
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Marcus & Millichap Announces Sale Of Oakbrook Shopping Center In Littleton, CO
November 19, 2024
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LITTLETON, CO, November 19, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, announced today the sale of Oakbrook Shopping Center, a 78,571-square foot shopping center located at 309-311 E County Line Rd in Littleton, CO.
Ryan Bowlby and Drew Isaac, retail investment sales agents in the firm's Denver office, had the exclusive listing to market the property on behalf of the seller, Sidford Capital, a Denver based real estate investment company.
The property consists of a 30,466 square foot neighborhood strip center 100% leased to fifteen tenants and a 48,215 square foot O'Reilly Auto Parts Super Hub anchor space. The assets sold in separate transactions, to different buyers, for a combined price of $13,503,000.
The exit was the culmination of a repositioning and lease-up strategy executed by Sidford Capital which acquired the property for $8,200,000 in 2022. At the time of purchase, the property was 30% leased.
"Our firm was able to reposition an asset that had struggled for decades. Through an aggressive leasing campaign and capital investment, we transformed this property from 30% leased to 100% in under 12 months. Since we had reached our investment objectives ahead of schedule, we decided to take advantage of the strong retail investment sales market to create a very positive outcome for our company and investors. Our firm continues to be on the hunt for additional value-add opportunities in the Colorado market," Dan Grooters, Principal of Sidford Capital, commented.
"This disposition is a great example of when the sum of the parts of a shopping center are worth more than the whole. Disposition via a break-up sale continues to be a highly effective strategy for creating value, especially when an investment-grade tenant accounts for a significant portion of the income stream," said Isaac.
"Neighborhood retail shopping centers are among the most sought-after product types in the post-pandemic commercial real estate investment cycle. We had significant interest in the multi-tenant portion, as new capital sources (national & local) continue to chase these centers," added Bowlby.
Ryan Bowlby and Drew Isaac, retail investment sales agents in the firm's Denver office, had the exclusive listing to market the property on behalf of the seller, Sidford Capital, a Denver based real estate investment company.
The property consists of a 30,466 square foot neighborhood strip center 100% leased to fifteen tenants and a 48,215 square foot O'Reilly Auto Parts Super Hub anchor space. The assets sold in separate transactions, to different buyers, for a combined price of $13,503,000.
The exit was the culmination of a repositioning and lease-up strategy executed by Sidford Capital which acquired the property for $8,200,000 in 2022. At the time of purchase, the property was 30% leased.
"Our firm was able to reposition an asset that had struggled for decades. Through an aggressive leasing campaign and capital investment, we transformed this property from 30% leased to 100% in under 12 months. Since we had reached our investment objectives ahead of schedule, we decided to take advantage of the strong retail investment sales market to create a very positive outcome for our company and investors. Our firm continues to be on the hunt for additional value-add opportunities in the Colorado market," Dan Grooters, Principal of Sidford Capital, commented.
"This disposition is a great example of when the sum of the parts of a shopping center are worth more than the whole. Disposition via a break-up sale continues to be a highly effective strategy for creating value, especially when an investment-grade tenant accounts for a significant portion of the income stream," said Isaac.
"Neighborhood retail shopping centers are among the most sought-after product types in the post-pandemic commercial real estate investment cycle. We had significant interest in the multi-tenant portion, as new capital sources (national & local) continue to chase these centers," added Bowlby.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.