DENVER, CO – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Riki Hashimoto and Dan Grooters, senior vice presidents in the company’s Private Capital Markets Group, represented Pacific Star Capital in the sale of Edgewater Marketplace, a 145,780-square-foot retail center in Edgewater.
Weingarten Realty Investors purchased the retail asset for $22 million.
“We received a great deal of interest from both institutional and private equity investors, which is a testament to current investor demand for stabilized grocery-anchored retail centers in and around the Colorado area,” said Hashimoto. “Additionally, Edgewater Marketplace benefits from a burgeoning surrounding community.”
The property is shadow anchored by Target, which owns the portion of the property it occupies and was not included in the sale.
Originally built in 1987 and renovated in 2006, Edgewater Marketplace is situated on approximately 12.5 acres of land and was roughly 98 percent leased at the time of sale. It is located within close proximity to State Highway 95 and U.S. Route 40.
Contact: Julia McCartney, Phone: 714.975.2230
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