New Stapleton retail center sold to California firm for $10M

Amy DiPierro July 11, 2017 0

The 18,300-square-foot Northfield Shopping Center sold for $10 million. (Marcus & Millichap)

Much like many new homes in Stapleton, one of the neighborhood’s newest malls has been snapped up by a family.

Shashi Patel purchased the 18,300-square-foot Northfield Shopping Center with his wife and son last month for just shy of $10 million. Not unlike the neighborhood’s homebuyers, he was attracted to the fresh construction.

“It was the right location in the right area, and on top of that, it’s new,” Patel said. “And it’s mostly national stores.”

Patel and his family purchased the retail center through their California hospitality firm, Monterey Signature Hotels, under the name 1046 Munras Properties LP. That firm received a loan from Westerra Credit Union for $6.9 million in concert with the sale, according to city records.

The seller is Denver-based developer Drake Real Estate Services. The firm’s other retail products include The Shops at Conservatory Green, another Stapleton development with tenants including Torchy’s Tacos and Cuba Cuba.

Ryan Bowlby and Garrette Matlock with Marcus & Millichap handled the transaction.

The property at 9135 to 9165 E. Northfield Blvd. was fully leased when sold, Bowlby said. Three tenants – Anytime Fitness, Jimmy Johns and Waxing the City – were open at the time the sale closed while the remaining five finished tenant improvements.

The mall is Monterey Signature Hotels’ first foray into Colorado. Patel, whose family also owns malls in Arizona, said he’s in the market for another acquisition in the state.

Northfield Shopping Center tenants:

  • AT&T
  • Costa Vida (restaurant with drive thru)
  • Mod Pizza
  • Anytime Fitness
  • Ready Fit Go
  • Jimmy Johns
  • Waxing the City
  • Main Street Nails

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