DENVER – March 10, 2017 – Abington Emerson Investments, LLC partners with Center Point Properties, a prominent Denver real estate operator, to acquire Villa South Shopping Center, located at 1000, 1050, 1090 S. Wadsworth Boulevard in Lakewood, Colorado.
The 64,821 square foot, three-building shopping center is just south of the nationally recognized Belmar mixed-use development and presents a rare value-add opportunity in one of the Denver’s strongest retail submarkets. The property is one of the few non-renovated retail assets along Wadsworth Boulevard (main retail corridor in the area) and has one of the last remaining vacant anchors.
The investment group sees opportunity in an outdated center with shingle awning roofs, wood siding, a deteriorating parking lot, and 35% occupancy at below market rates. At the same time, the surrounding area has strong fundamentals and boasts 95% retail occupancy, 40-60% higher average rents, attractive demographics and high traffic counts. Abington Emerson and Center Point are planning to reposition the Plaza with a complete makeover and an extensive leasing campaign. The construction is expected to be completed in 6 to 8 months and will include façade, roofing, landscaping and parking renovations.