Greeley’s CenterPlace shopping center sold for $37.55M

GREELEY – A 152,000-square-foot shopping center in Greeley has been sold for $37.55 million.

CenterPlace of Greeley, a commercial center at 47th Street and U.S. Highway 34 that is anchored by a Safeway grocery store and includes a Bank of America branch, a Tokyo Joe’s restaurant, a dental office and retailers such as Ross Dress for Less, Famous Footwear, Cold Stone Creamery, was purchased by the Slate Grocery real estate investment trust, according to Ryan Bowlby, senior director of Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI). IPA represented the seller, InvenTrust Properties, and procured the buyer.

“CenterPlace of Greeley dominates its region and features a tenant mix of predominantly national tenants that occupy 94% of the total gross leasable area,” Bowlby said in a media release. “We had a robust market response from investors nationwide that resulted in a highly competitive best and final bidding round.” Slate Grocery REIT, he said, “quickly conducted due diligence and closed, despite the recent national economic turbulence.”

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