By: Steve Raabe, The Denver Post
The jingle of cash registers is music to the ears of real estate investors who like what they hear in Colorado.
With the state enjoying its fifth consecutive year of rising retail sales since the end of the Great Recession, investors are targeting shopping centers as properties with high-yield potential.
Buyers spent $393 million last year to acquire metro Denver retail centers larger than 100,000 square feet, more than eight times the retail investment volume in 2010, according to real estate tracker Xceligent Inc.
The year is off to an equally strong start with the sale of the Quebec Square shopping center in Stapleton at a premium price of $52.25 million. The deal represents the first Denver retail acquisition for Chicago-based Inland American Real Estate Trust Inc., a $6 billion investment firm.
“We view this as a steppingstone to additional opportunities in the Denver (metro area) going forward,” said Christopher Covey, senior vice president of acquisitions for Inland American. “We believe it is well-positioned for future growth.”