Regional retail center in growing Denver community sells for $15.05M
JLL Capital Markets closed the sale of Gateway Town Center in Aurora, Colorado
DENVER, March 25, 2022 – JLL Capital Markets announced today it has closed the $15.05 million sale of Gateway Town Center, a 100,298-square-foot regional retail center leased to category-leading retailers in the growing Denver-area community of Aurora, Colorado.
JLL marketed the property on behalf of the seller, ACF Property Management, Inc. Rubenstein Real Estate Co., LC, who was represented by Dwight Medberry, acquired the asset.
Gateway Town Center’s roster of popular national credit and brand name tenants includes the most-visited Best Buy in Colorado along with Ross Dress for Less, PETCO and a popular wireless network operator. Completed in 2005, the 97.2-percent-leased center also houses Boot Barn, Garibaldi Mexican Restaurant, Zenon Family and Cosmetic Dentistry and boats strong co-tenancy.
Located at 3471-3511 North Salida Court, Gateway Town Center is at the key retail node in a highly visible position adjacent to the intersection of Interstate 70 and Pena Boulevard, the main intersection in northeast Denver which serves travelers heading to Denver International Airport. The center offers light rail access to downtown, the airport and a variety of well-established residential areas via the Gateway Park RDT station. Additionally, the property is in Aurora, one of Denver’s fastest-growing communities, and serves a trade area that includes 208,351 residents within a five-mile radius that is expected to increase 8.6 percent within five years.
The JLL Retail Capital Markets team representing the seller was led by Managing Director Jason Schmidt.
“Gateway Tower Center appealed to a wide group of buyers because of the strong growth in the area, the brand-named tenants and the deep desire for capital to be in the metropolitan Denver market,” Schmidt said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ACF Property Management, Inc.
Founded in 1968 in the San Fernando Valley suburbs of Los Angeles, ACF currently manages more than 48 shopping centers in 13 states. From California to Florida, from Texas to New Hampshire, you don’t have to look far to find one of ACF’s well-situated retail locations.
About Rubenstein Real Estate Co., LC
Rubenstein Real Estate Co., LC began in June 1992 as a full-service real estate company, offering property management, leasing, and brokerage services. The company has more than 200 years of combined commercial real estate experience and prides itself in their reputation as a “boutique” real estate firm, providing personalized service and expertise for any real estate transaction.