by Jennifer Hayes
A two-building neighbor- hood retail center’s sale recently topped $481 per square foot. A local 1031 exchange buyer, Ingalls RE 2 LLC, paid $5.22 million for Highlands Retail Center at 1200-1230 W. 38th Ave. in Denver. The 10,844-sf center was sold by LCP Development, a Denver-based development and property management company. Highlands Retail Center is home to tenants including Denver Deep Dish, Lash Boulevard, Fierce 45, Abundant Smiles Dentistry and Cycle Bar. “Last year LCP Development was one of the first developers to jump into this highly trafficked section of 38th Avenue in the booming Highlands neighborhood. It didn’t take long for many other developers to follow suit. Within just one block of Lipan Street, Chubby’s razed and rebuilt their popular Mexican restaurant and five new homes were under construction,” said Rob Edwards of Pinnacle Real Estate Advisors LLC. Edwards and Tom Ethington of Pinnacle represented the seller. Pinnacle’s Jules Hochman and Justin Brockman represented the buyer.
“Colorado Real Estate Journal”, October 4-17, 2017