Institutional Property Advisors Brokers Grocery-Anchored Shopping Center Sale in Northern Colorado
GREELEY, Colo., July 18, 2022– Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Centerplace of Greeley, a 152,000-square-foot shopping center in Greeley, Colorado.
“Centerplace of Greeley dominates its region and features a tenant mix of predominantly national tenants that occupy 94% of the total gross leasable area,” said Ryan Bowlby, IPA senior director. “We had a robust market response from investors nationwide that resulted in a highly competitive best and final bidding round. The selected buyer, Slate Grocery REIT, quickly conducted due diligence and closed, despite the recent national economic turbulence.” Drew Isaac, IPA senior director stated: “Demand is outpacing supply of grocery-anchored, high-performing assets like Centerplace of Greeley.” Bowlby and Isaac represented the seller, InvenTrust Properties (IVT), and procured the buyer.
The center is anchored by Safeway and features Ross, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s, and Heartland Dental. Greeley, the county seat of Weld County, has a vibrant local economy centered around agriculture, energy production and the University of Northern Colorado.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.