Conifer Town Center sold in October for $13.1 million -Flume

Most of the Safeway-anchored Conifer Town Center complex was purchased on Oct. 9 by Dallas-based Tabani Group Inc. And Tabani is seeking to fill vacant retail space there, says its website.
According to information from the Jefferson County Assessor’s Office, most of the shopping center, made up of several parcels, was purchased for $13.1 million by Tabani. Details in this week's Flume.

Wow. Must be thinking the economy is coming back.

Wow...Great. Now someone new can come in, jack up the rents, put more businesses out of business and wonder why things didn't go well.

Acoording to Transwestern, this place is 75% leased? Really? What is left - Safeway, Sonice, Village liquors, cost cutters, Brooks Place (basement only), and the spa store, oh and the cleaners?

http://www.transwestern.net/Media/News/ ... ENTER.aspx


TRANSWESTERN BROKERS SALE OF 107,451-SQUARE-FOOT CONIFER TOWN CENTER SHOPPING CENTER
10/9/2012

​Transwestern’s Denver office today announced that it brokered the sale of Conifer Town Center, a 107,451-square-foot shopping center located at 27102 – 27182 Main Street in Conifer, Colo. The property was sold by GCCFC 2007-GG11 Conifer Complex, LLC to purchaser T Conifer Retail, LLC an affiliate of Dallas based Tabani Group, Inc. Transwestern’s Brad Cohen, vice president, and Larry Thiel, vice president, represented the seller.

“Competition for this REO asset was fierce,” said Cohen. “Several investor groups new to Colorado pursued it.”

The shopping center is 75 percent leased with Safeway occupying 65,000 square feet. Other tenants include Sonic Drive-In, Village Liquor’s and Safeway Fuel Pad amongst other retail and restaurant tenants.

“Conifer Town Center provides stable income with a significant value component,” said Thiel. “With fresh capital and renewed energy, it will be the entertainment and shopping hub for the town of Conifer for years to come.”

The project is situated on a 13.31-acre site located just southwest of Metro Denver on US 285.

ABOUT TRANSWESTERN
Transwestern is a privately-held operating company specializing in commercial real estate services, investment and development. The firm’s fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts. Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.

Please visit [url=http://www.transwestern.net" onclick="window.open(this.href);return false;]http://www.transwestern.net[/url] or follow us on Twitter at @Transwestern.

75% of the SF perhaps?

Gee that sounds cheap. We could have pooled and bought it.

LJ, the cool thing about owning something is that you get to charge what you want for other to use it. Landlords don't shut businesses down (unless they get a letter from the fed telling them to). If they do charge too much, you then have an opportunity to build a new strip mall down the street to enhance the community and charge less rent. Just remember that right after you pass the point of no return, they will drop the rent and keep you completely empty.

But is there not a completely empty strip mall right up the road, where the last cheap gas is going up to Park County on the right - Kings ghost town or something - that area is kinda depressing and the hills are covered in houses nearby. Isn't there also similar services down the road in the other direction in the meat of Conifer or only a few miles down the road you can buy anything 1000x over? I say this because most people don't know hard it is to start a small business anew. Especially in the days of big box stores.

Perhaps if we allow the County Govt to take over the complex, they could lower the rents and subsidize new businesses that will fail anyway with taxes?

Though I will admit that every commercial/retail place that I have looked at to rent and passed on in the couple years is still empty and the folks that gave me good deals for less rent are making money off me every month. The holdouts do loose, but they do it to themselves, nobody really looses but them. Most small businesses fail, perhaps higher rents will just make sure that only survivors will even try to start. My bet is that there is simply not enough demand to fill the place. I usually drive right by and just go down only a few miles to the Denver Megaopolis where every store repeats every few blocks over and over and over and over.

Plus, the biggest influence on small business or large business locations is sales tax. We shop town by town based on sales tax. If Conifer is over 5% sales tax, people will just keep on driving unless they are local and old. I can save $8,000 in sales tax on just one home by buying materials at the depot in Morrison. There are just too many non freemarket influences to really plan a business in that location unless you are already an established chain. The only think I buy in Conifer is Gas and Burritos.

LadyJazzer wrote: Wow...Great. Now someone new can come in, jack up the rents, put more businesses out of business and wonder why things didn't go well.

Yep.

Blazer Bob wrote:

LadyJazzer wrote: Wow...Great. Now someone new can come in, jack up the rents, put more businesses out of business and wonder why things didn't go well.

Yep.

I bet more business have been put under due to changes in sales tax rates than landlords in CO in recent years, by far. And it is moral if landlords do it vs. town govts. A town council, BOCC or group of planners can shut down business over night and have....and they still need to pay their rent to that landlord.

Sorry, I am wasting my time, I know we hate the free market around here, because someone might loose in the competition, so to make everything fair, we regulate so that everyone looses. CO is a tough state to do business, more challenges than many others I have had businesses in. Harder than MA by far, I will repeat, way harder to do small business in CO than Massachusetts, more paperwork in CO too and CO DOR never answers the phone. I think CO is trying to focus on large businesses vs. small ones as public policy, but I guess all govts are, CO just does not hide it well.

Science Chic wrote:

Blazer Bob wrote:

LadyJazzer wrote: Wow...Great. Now someone new can come in, jack up the rents, put more businesses out of business and wonder why things didn't go well.

Yep.

Why are you automatically assuming that they will come in and jack up the rents and that this is the outcome that will happen?

I forgot the sarcasm meter.

Science Chic wrote:

Blazer Bob wrote:

LadyJazzer wrote: Wow...Great. Now someone new can come in, jack up the rents, put more businesses out of business and wonder why things didn't go well.

Yep.

Why are you automatically assuming that they will come in and jack up the rents and that this is the outcome that will happen?

Because every time one of the retail properties up here has been sold that is exactly what happened... Why should I have any reason to think it won't happen again?