As seen at the Colorado Real Estate Journal.
by Jenna Walters
DENVER – Denver-based project partners and co-developers Confluent Development and Kelmore Development broke ground on a grocery store offering at their mixed-use Exchange at Boulevard One redevelopment in Denver’s Lowry neighborhood.
The team, collaborating with architect Open Studio Architecture and builder Howell Construction, is underway on a 25,000-square-foot grocery store that will be operated by Clark’s Market. The custom-built space at Lowry Boulevard and Pontiac Street will offer a bakery, meat department and an ice table for fish, deli, stone-fired pizza and an Italian gelato wheel.
The new grocery store marks the grocer’s ninth location and first in the Denver metro area. Historically, it is known as a mountain town grocer, with stores in Aspen, Crested Butte, Snowmass Village and Telluride, among other towns across Colorado, Arizona and Utah.
“After more than 40 years of serving our mountain and ski town communities with individualized products and services, we’re looking forward to expanding our footprint into the Denver area. Establishing a presence in the metro area is uncharted territory for us, but we are deeply familiar with Denver’s culture, preferences and needs, and the essence of a mountain town resonates well with its residents,” said Tom Clark Jr., owner and CEO of Clark’s Market. “We have always been a family focused company, and we are appreciative of our strong partnership with Confluent Development and Kelmore Development, both of whom share our vision of introducing an unmatched grocery experience that will be reflective of the customers we serve.”
The new Clark’s Market will Boulevard One project. According to Nick Kitaeff, senior development director at Confluent Development, selecting a local operator for the space was a priority.
“Confluent is pleased to fulfill our promise of welcoming a Colorado-born, family owned specialty organic grocer to this unique, modern neighborhood,” said Kitaeff. “Clark’s Market is the perfect complement to enrich Exchange at Boulevard One, and we look forward to bringing the mountain experience into the homes of the Lowry community.”
The grocery store’s completion and grand opening are planned for early 2023.
WHEAT RIDGE – A fully occupied retail center in Wheat Ridge traded hands.
East Geddes 2004 LLC acquired Kipling Ridge, the two-building retail center at 3725-3795 Kipling St. The buyer purchased the 29,158-square-foot property from Denver-based Confluent Development, which completed it in 2015. The buyer purchased the property as part of a 1031 exchange for $13.1 million. Jason Addlesperger and David Lee of Newmark represented the buyer in the deal, while Riki Hashimoto and Frazier Cavness, also of Newmark, represented the seller.
According to Cavness, the asset was listed for sale in the fall and garnered significant interest from a variety of buyers. He attributed the interest in part to the property’s tenancy by Starbucks and Sprouts Farmers Market.
“Given the property’s new vintage, investment-grade tenancy, nine years of weighted average lease term, and contractual rent escalations allowing for a hedge against inflation, the market response was exceptionally robust,” Cavness said. “There is still an immense amount of capital chasing such grocery-anchored retail assets.”