Sign In
Free Newsletter
Thornton Town Center is one of the Denver-area's premier neighborhood shopping centers. (Continental Realty Corp.)
Baltimore-based CRC expands to Colorado with $25.5M acquisition
Listen to this articleContinental Realty Corp., a Baltimore-area real estate investment and management company, announced its recent expansion into the Colorado retail market after acquiring the Denver-area Thornton Town Center for $25.5 million.
The roughly 266,000-square-foot neighborhood shopping center, located at 9223-1001 and 1005 Grant Street in Thornton, is roughly 11 miles north of Denver. The establishment is anchored by entertainment and recreation tenants like Malibu Jack’s, The Picklr and Sky Zone Trampoline Park, and features additional retailers and restaurants.
The town center opened in 1990 on a 24-acre site. Among some of its quick-serve dining are GNC, Jersey Mike’s Subs, Renegade Burrito, Sally Beauty and Starbucks Coffee.
“Thornton Town Center is an institutional-quality asset and represents our ideal entry point into the greater Denver market, which is a Top 20 [metropolitan statistical area] and has nearly three million residents,” CRC executive Josh Dinstein said.
“The well-located center continues our long-term investment mission of acquiring irreplaceable assets in densely populated residential and robust retail corridors.”
CRC said it aims to to pursue a property improvement strategy designed to enhance long-term value while augmenting the asset’s market position.
“CRC’s interest in the property was fueled by the opportunity to add value by leasing the available space, to leverage the recent addition of an indoor theme park, and to take advantage of the traffic generated by the shadow anchor tenants,” a CRC release says.
The real estate firm cited data from Placer.ai indicating that Thornton Town Center “ranks among the top nine percent of community shopping center destinations in Colorado” with more than 5 million visits over the past year.
The traffic can be partially attributed to the nearby Walmart Supercenter and The Home Depot.
CRC is now active in 15 states with more than $4.2 billion in assets under management, the company said.
