Denver suburb retail property sells for almost twice its 2024 distressed sale value
A Maryland-headquartered real estate investor is entering the Colorado market with the purchase of a major retail property in suburban Denver. The firm has been actively expanding its portfolio, acquiring nearly $1 billion in retail assets nationwide over the past four years.
Continental Realty Corp. has completed the acquisition of Thornton Town Center for $25.5 million. The 266,008-square-foot shopping center is located in Thornton, a northern suburb of Denver, and the transaction equates to roughly $96 per square foot. The sellers were California-based Tryperion Holdings and Citivest Commercial Investments.
“Thornton Town Center is a high-quality, institutional-grade property and provides a strong entry point into the Denver metro area, which ranks among the top 20 MSAs in the country,” said Josh Dinstein, co-chief investment officer at Continental Realty Corp., in a statement announcing the deal.
According to CoStar data, the purchase price is nearly double what the property sold for in March 2024, when ACF Property Management sold the center to Citivest for $14.375 million in a distressed transaction. At that time, the shopping center was only about 20% occupied.
Originally developed in 1990, Thornton Town Center spans 24 acres along Interstate 25, approximately 10 miles north of downtown Denver. The property is currently 73% leased and features tenants such as Sky Zone Trampoline Park, pickleball concept The Picklr, and Malibu Jack’s, an indoor amusement park operator based in Tennessee. Malibu Jack’s recently opened a 100,587-square-foot location at the center. Nearby anchors include Home Depot and a Walmart Supercenter, which provide additional traffic.
“The property benefits from several strong, internet-resistant anchor tenants, and the remaining available space of over 70,000 square feet offers flexibility to further strengthen the tenant mix,” Dinstein added.
Foot traffic data shared by Continental Realty Corp., based on Placer.ai analytics, shows that the shopping center recorded more than 5 million visits and close to 700,000 unique visitors over the past year.
Continental Realty Corp. is a real estate investment and management firm with more than $4.2 billion in assets under management across 15 states.
For the record:
Brad Lyons of CBRE represented the sellers in the transaction.
Source: Original reporting by CoStar News Staff.
