Palmer Plaza
Value-Add Neighborhood Center | Grocery Adjacent | Denver MSA
Marketing description
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to offer investors the opportunity to acquire the 100% fee interest in Palmer Plaza (“The Property”), 21,316 square feet of high profile retail shops located in Northglenn, Colorado. The center is 98% leased, includes 9 tenants and is anchored by Sherwin-Williams, benefiting from a strong mix of service tenants including Abbey Carpet & Tile, RE Fitness and Nutrition, Tokyo Teriyaki, and Sunshine Nails. Situated directly adjacent to Natural Grocers, the Property benefits from the consistent foot traffic and customer draw generated by this popular grocery anchor. This highly trafficked retail corridor provides a consumer base of 325,305 people with a healthy average household income of over $118,000.
Palmer Plaza is ideally positioned along Washington Street, which sees over 25,000 vehicles per day, providing excellent
accessibility and visibility. The Property, built in 1987, features a diverse tenant mix of unique local businesses and national tenants with strong historical occupancy.
The Property represents the lowest retail rents in an active retail corridor that is underrepresented with in-line shop space, allowing ownership to invest in the asset and increase lease rates. Palmer Plaza’s ideal location, high visibility, and below market average lease rates of $14.97 per square foot offer an investor an outstanding investment opportunity.
Investment highlights
Low Basis
• Attractive low basis provides significant value relative to replacement cost.
• Favorable basis creates an immediate equity opportunity and positions the asset for strong long-term returns with built-in downside protection.
Demographics
• 3-mile radius captures 144,312 residents with an average household income of $118,739 and median home values of $525,469.
• Nearly half of households (49%) earn $100,000+ annually, while 34% hold bachelor's degrees or higher, demonstrating exceptional purchasing power and retail spending capacity.
Adjacent to Natural Grocers
• Natural Grocers serves as a primary traffic driver, providing daily necessity-based visits that benefit the entire shopping center.
• Grocery-proximate retail centers demonstrate recession-resistant performance characteristics, with consistent necessity-based shopping patterns supporting stable in-line tenant sales across economic cycles.
Below Market Rates
• Current average in-place rent of $14.97 PSF represents below-market rates, creating immediate mark-to-market opportunities.
• Embedded rent growth provides clear value-add strategy to increase NOI and drive asset appreciation upon lease renewals and new tenant placements.
Diversified Rent Roll with National Tenancy
• Tenant mix combines credit-worthy national tenants like Sherwin-Williams with essential service providers including a fitness center, dining, nail salon, carpet store, and animal clinic.
• Diversification across multiple retail categories and tenant credit profiles mitigates rollover risk while capturing diverse consumer spending patterns.
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