Built in the 1980s, Summer Valley Shopping Center was renovated and modernized over the years. Image courtesy of Cushman & Wakefield
Arbor Plaza LLC has sold Summer Valley Shopping Center, a 95,669-square-foot retail center in Aurora, Colo., for $20.4 million. Cushman & Wakefield brokered the transaction on behalf of the seller.
Arbor Plaza purchased the asset back in 2018 for $19.7 million, according to CommercialEdge data. Independent Bank provided a $12.5 million acquisition loan, the same source shows.
Vasa Fitness and Dollar Tree are the anchor tenants at the property, which was 99 percent leased at the time of the sale. The roster also includes Hana Sushi, T-Mobile, State Farm, Blackjack Pizza and Thai Garden. A total of five tenants have been at the property for more than 15 years, while 14 tenants have been there for around five years.
Summer Valley Shopping Center encompasses two buildings, on an 8.1-acre site on the northeast corner of E. Quincy Avenue and S. Buckley Road, in the Carriage Place neighborhood. The property underwent several renovations since its construction in the 1980s.
Executive Directors Jon Hendrickson and Aaron Johnson and Senior Associate Mitch Veremeychik comprised the Cushman & Wakefield broker team.
Denver’s retail sector showed resilience throughout the second quarter, according a CBRE report. The construction pipeline exceeded 410,000 square feet, while a total of 233,000 square feet of space delivered during the first six months of the year. Meanwhile, sales volume totaled $153.4 million for the second quarter, while asking rents clocked in at $19.77 per square foot, the same source shows.
