Portion of Standley Lake Marketplace sold through online auction
WESTMINSTER — An investor in Colorado Springs has purchased a portion of the Standley Lake Marketplace shopping center in Westminster for $3.34 million through an online auction.
The sale is for 55,446 square feet of retail space that includes 21 suites at 8393-8533 Church Ranch Blvd. Eight of the suites were vacant at the time of the sale.
GKP Investments Inc., registered to Charanjit Dhaliwal of Colorado Springs, purchased the property from LSREF4 Dual LLC, an entity of Dallas-based Lone Star Funds, a private-equity firm, according to Jefferson County public records.
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The sale did not include three large retail spaces within the marketplace. The Scandinavian Designs store at 10180 N. Wadsworth Parkway was excluded, as were two other sites, including one that is the future home of a Vasa Fitness center.
Matthew Henrichs and Brad Lyons with CBRE Capital Markets, National Retail Partners in Denver represented the seller. CBRE was hired to facilitate the auction in conjunction with Ten-X, an online real estate marketplace.
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“Auction sales do not always involve listing brokers, but in this case engaging CBRE meant we were able to create additional interest in the property, hold site tours and help potential buyers understand the property fundamentals,” said Lyons, executive vice president with CBRE in Denver.
Built in 1999, Standley Lake Marketplace is on 5 acres near the intersection of Church Ranch Boulevard and Wadsworth Boulevard.
Current tenants include Papa Murphy’s, Cost Cutters, H&R Block, Edward Jones, Pizza Hut, Jenny Craig, Rocky Mountain Integrative Academy, Trinity Chiropractic, Desert Sun Tanning, We Kick Inc., Nail Avenue, Standley Lake Marketplace Liquors and Westminster Calvary Church.
