Bankruptcy Trustee Auction - 363 Sale
Multi-Tenant Retail Strip Center
2 Blocks from Light Rail Transit Station
Bid Deadline: May 30
The property is a 15-unit retail strip center consisting of three buildings, being sold as a package, with a collective 42,886 square feet of leasable retail space on 3.49 acres. Currently 12 of the units are leased with tenants that include a Family Dollar store, liquor store, coin laundry, furniture store, western-wear retailer, hair salon, cell phone retailer, and various restaurants. A separately owned building, with a comparable amount of single tenant-retail space, separates two of the buildings and all are located within a larger shopping center complex, which includes the iconic Casa Bonita restaurant that draws 500,000 visitors a year.
This is a prime value-add opportunity as the property generated $365,056 Net Operating Income (NOI) in 2017 and is only operating at 69% occupancy, with 3 vacant units, and 6 of the tenant leases expire within the next two years. The property is strategically located just 2 blocks from the Regional Transit District (RTD) Lamar Station on the W line, which opened in 2013 and has helped fuel growth in the area. The Denver Post reported in a September 2017 article that the adjacent shopping center, Lamar Station Plaza, has seen growth of 20% in the past three years. Read the article here.
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|Bid Deadline||May 30|
|Net Rentable Area||42,886 sf total: 6451 bldg 10,911 sf; 6553 bldg 15,124 sf; 6579 bldg 16,851 sf|
|Lot Size||3.49 ac|
Buyer's Premium 1.5%. Sale subject to Trustee and bankruptcy court approval. Although information has been obtained from sources deemed reliable, NRC Realty & Capital Advisors, LLC, NRC Realty & Capital Advisors of Colorado, the Trustee, and/or its representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Properties without expressed or implied warranty of any kind. Lot and building sizes are approximate. Properties may be withdrawn at any time without notice.