Continental Realty Acquires Quebec Village for $31M in Centennial Retail Expansion
Baltimore-based Continental Realty Corp. expanded its Denver area portfolio by purchasing the 125,000-square-foot Quebec Village Shopping Center for $31 million. As Bisnow reports, the Maryland firm acquired the asset from Kensington Development Partners, marking its second major retail transaction in the metropolitan region following its previous acquisition of Thornton Town Center.
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Context from Industry Pulse
Continental Realty Corp. has become a significant player in the Denver retail landscape, having acquired roughly $1 billion in real estate assets nationally since early 2021. Their strategy in Centennial reflects a broader trend of out-of-state investors targeting established Colorado retail corridors at prices below replacement costs. While the retail sector remains active with the acquisition of assets like Lamar Station Plaza, the Denver market is also seeing infrastructure shifts through the Denver Urban Renewal Authority, which recently appointed Kenneth Ho as executive director. This leadership change coincides with a mix of new residential developments, such as the Iliff Terrace senior housing project, and the expansion of luxury fitness brands like Life Time into the suburbs.
The Quebec Village Shopping Center sale highlights a period of active retail and multifamily turnover in the Denver market. Located at 8223 South Quebec Street, the 1988-built facility hosts several national brands including Starbucks, Chase Bank, and GNC. According to Bisnow reporting, the center also includes a 43,000-square-foot space currently leased by Amazon for an Amazon Fresh grocery concept that has yet to open for business. CBRE provided representation for the seller in the transaction.
Simultaneous retail activity saw Chicago-based Core Acquisitions and Midloch Investment Partners secure Lamar Station Plaza for approximately $30.3 million. This 272,000-square-foot center is notably home to the landmark Casa Bonita restaurant. The buyers utilized a loan from Old National Bank to finalize the acquisition of the Lakewood property, with Cushman and Wakefield serving as the broker for the deal.
The regional investment surge extends into the multifamily sector as well. Avanti Residential recently completed the $31 million purchase of Park Cheesman Apartments, an 11-story residential tower located at 1177 Race Street. Bisnow notes that the Denver-based firm financed the acquisition of the 88-unit complex by assuming an existing long-term loan through Nationwide Life Insurance Company.
Office and commercial leasing sectors are also showing signs of movement through consolidation and new entertainment concepts. Tax firm RSM US LLP committed to 62,000 square feet at the newly opened 1900 Lawrence Street tower to house over 400 employees. Additionally, the entertainment venue Tipsy Putt is preparing to launch its first location outside of California in downtown Denver, taking over a 12,500-square-foot space formerly occupied by the venue Lob.
The Industry Pulse Bottom Line
Institutional investors from Maryland and Illinois are aggressively targeting Denver retail assets, leveraging favorable pricing relative to construction costs to secure large-scale shopping centers in established suburban neighborhoods.