Curbline Properties is moving in on Colorado’s hot shopping center market.
Denver-based Sedgwick Real Estate Partners sold the 43,800-square-foot, fully leased Springs Ranch Shopping Center at 3743 Bloomington Street in Colorado Springs in a $14.5 million off-market deal, the Denver Business Journal reported. The price works out to $331 per square foot.
New York-based convenience retail REIT Curbline Properties owns six other shopping centers across the metro in Arvada, Denver, Erie and Parker.
Curbline is “paying premiums for deals,” Sedgwick principal Brandon Rogoff told the outlet. Sedgwick is in the business of value-add deals, and it hit its returns with this deal and decided to sell it, he said.
Sedgwick bought the property in 2022 for $10.2 million and sold it at a 42 percent markup after boosting the center’s performance through new leases, capital upgrades and operational tweaks. The property’s net operating income reportedly grew by 51 percent.
Investors are spending on convenience strip centers, and pricing is resilient to aggressive, Rogoff said.
“It’s the complete opposite of certain office buildings. While those are getting crushed in the market, strip centers seem to be doing very well,” he said.
The sale is the latest in a string of suburban retail trades in the Denver region. Last month, North Bear Crossing in Lakewood sold for $10.4 million; another Lakewood retail property on West Colfax Drive sold for $6.4 million. In Littleton, The Shops at Riverbend sold last month for $6.4 million.
Sedgwick is also a developer. It is building Copperleaf Marketplace, a 30-acre project in Arapahoe County anchored by a 123,000-square-foot King Soopers supermarket. It is expected to open in late 2026 or early 2027.
Rogoff and fellow Sedgwick principal Rick Miller, have been developing along the Quincy Avenue corridor for 25 years, contributing to the area’s transformation.
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