October 17, 2017
Northglenn Marketplace, a 439,063-square-foot community center in Northglenn, CO, was acquired by Hartford, CT-based Hutensky Capital Partners III LLC for $48 million. Faris Lee Investments’ Donald MacLellan, Rick Chichester and Patrick Toomey represented the seller, HQ8-10401-10450 Melody Lane LLC.
Built in 1999 and located at 10578 Melody Dr., the center is situated on just more than 55 acres at the confluence of the 25 freeway and 104th Avenue. Faris Lee marketed the 63%-occupied property as a unique value-add redevelopment opportunity.
MacLellan says, “Faris Lee had been advising the ownership over the past several months on how best to position the asset in order to maximize the value of the center. We hired a strong boutique leasing team from Sullivan Hayes to collaborate on a strategic business plan to help potential buyers see a new revitalized vision of what the property could be, including identifying a demand for an entertainment component.”
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