Friday, February 11, 2011

Marcus & Millichap Brokers $13 Million Lowe’s Ground Lease in Denver

DENVER, CO, Feb. 11, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 125,601-square foot site in Denver, which is ground-leased to Lowe’s. The sales price is $13 million.

Jamie Medress, a senior vice president investments, Mark Ruble (top right photo), an associate vice president investments, both in the firm’s Phoenix office, and Michael Hoffman (lower left photo), a first vice president and regional manger of the Denver office, represented the seller, an Idaho-based developer. Marcus & Millichap also represented the buyer, a Phoenix-based real estate investment firm.

“Brighton Corp. demolished an old shopping center at the site in order to ground-lease this property to Lowe’s,” says Ruble. “The scarcity of quality product and the multiplicity of offers led to a positive outcome for both parties.”

The site is located at 2220 West Alameda Ave. in Denver.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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