The center is 95% occupied by a diverse mix of 17 tenants consisting of service uses, restaurant, traditional retailers, financial services, and schools. The property was acquired by Renco Properties, a local firm based in Parker, for $5.41 million. The seller was a Private Partnership based out of Denver.
Jon Hendrickson and Mitch Veremeychik with Cushman & Wakefield Denver represented the seller in the transaction.
“Parker Plaza has fundamental retail strengths that allowed for this property to thrive amidst the ongoing pandemic,” said Mitch Veremeychik. “Parker Road frontage and strong surrounding demographics led to tenant retainment and steady collections through one of the toughest times for retail we’ve ever experienced.”
Veremeychik added, “We knew Parker Plaza was a quality neighborhood center, but the level of investor demand was even surprising to us. We had a substantial number of qualified offers in a very short time, resulting in a transaction well beyond list price. The real estate is fundamentally sound in the ways that help retailers succeed and we anticipate this will be a strong performing investment for years to come.”
Parker Plaza is located at the northwest corner of South Parker Rd and Plaza Dr, benefiting from frontage along South Parker Rd and a signalized location that provides exceptional exposure. The property is surrounded by premier demographics and density. Douglas County is consistently amongst the wealthiest counties in America as well as ranking as America’s healthiest community in 2019 by US News.