Summit Square
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Location:
NEC of 84th Avenue and Federal Boulevard, Westminster, CO
Description:
96,000 SF Safeway-anchored neighborhood shopping center
Selected Tenants:
Baskin & Robbins, Wells Fargo, Safeway Gas, Great Clips, Adams County Motor Vehicles, Black Jack Pizza, Wachovia/World Savings
Value in 2002:
$4.0 million
Value in 2006:
$8.3 million (sale price) – 6.9% capitalization rate
Highlights:
Redeveloped Class C- shopping center into Class B+ in 2004.
Redevelopment of center included:
- Interior and exterior remodel of Safeway grocery store and new Safeway fuel station (funded by Safeway)
- Negotiated 10-year, non-cancelable store lease extension and 10-year ground lease for fuel station with Safeway
- New façade on in-line retail and pads
- New architecturally-coordinated monument signs
- New comprehensive landscaping plan
- Negotiated Tax Increment Financing (TIF) agreement with the City of Westminster
- Increased post-redevelopment rents for in-line space by 30 to 70 percent
