Marcus & Millichap negotiated the sale of the 39,195-square-foot Highlands Ranch Marketplace, a neighborhood shopping center, in Highlands Ranch, Colo.
The value of the transaction was approximately $10.2 million.
Highland Ranch Marketplace LLC, a Colorado-based limited liability company, sold the property to Arizona-based A & C Properties Inc.
Located at the intersection of South University Boulevard and Highlands Ranch Parkway, the retail asset is just 14 miles from Denver. At the time of sale, the space was 100 percent occupied with 17 national, regional and local tenants, including Hallmark, Sylvan Learning Center, Quizno’s Subs, Dairy Queen, The UPS Store, Cost Cutters, Burger King (pad), Heritage Cleaners, Nicolo’s Pizza, Massage Envy, Highlands Ranch Dental Center, Highlands Ranch Wine & Spirits, Pro Nails and Valor Christian School. First Bank and Conoco are located on pads at the center and were not included in the sale.
The center was formerly anchored by an Albertsons grocery store, which closed its doors in July 2006. The former Albertson’s property was not included in the sale.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.