Core Acquisitions and Midloch Investment Partners have acquired Lamar Station Plaza, a large retail property along West Colfax Avenue, in a recently completed shopping center transaction. The buyers purchased the 271,632-square-foot property, known in the marketplace as Lamar Station Plaza, for $30.25 million. The center, located at 6431-6791 W. Colfax Ave., was 76% occupied at the time of sale, indicating a mix of leased and available space. Broadstreet sold the asset to the Core and Midloch partnership.
According to reporting cited from the Denver Business Journal, Lamar Station Plaza is home to Casa Bonita, a well-known restaurant that is a significant draw for the property. The restaurant reportedly attracts more than 650,000 visits a year, making it a major traffic generator for the center. Casa Bonita offers a large-format dining experience with 1,100 seats and features live entertainment, including cliff divers and an indoor waterfall, which helps distinguish the venue within the retail lineup.
In addition to Casa Bonita, the tenant mix at Lamar Station Plaza includes several national and regional retailers. Current tenants include Planet Fitness, Ross Dress for Less, Dollar Tree, Dutch Bros coffee and Arc Thrift Stores. These brands are complemented by other local restaurant, service and specialty tenants, resulting in a combination of destination dining, value-oriented retailers, fitness and daily-needs offerings across the center.
The new ownership group has outlined a plan to improve the physical condition and presentation of the property. Core Acquisitions plans to undertake upgrades that include roof replacements and enhancements to the shopping center’s facade. These improvements are intended to modernize the exterior and address building systems, which may position the property for future leasing initiatives and support efforts to increase the current occupancy level.
As part of the acquisition, the buyers obtained a new mortgage loan from Old National Bank, providing debt financing for the transaction. While specific loan terms were not disclosed, the involvement of a bank lender underscores the use of institutional debt capital in the capital stack for this retail investment. The property will be managed by an affiliate of Core, aligning day-to-day oversight with one of the acquiring firms.
On the leasing side, Cushman & Wakefield has been selected to handle leasing responsibilities for the landlord, according to the parties. With Cushman & Wakefield leading leasing and an affiliate of Core managing operations, the new ownership has assembled a team to oversee both the strategic repositioning and ongoing tenanting of Lamar Station Plaza following the change in ownership.
