Grocery-anchored mall in Greeley sells for $37.5million

Centerplace Greeley, a 152,000 square foot Safeway-anchored mall in Greeley, sold for $37.55 million, property records show.

“Centerplace of Greeley dominates its area and features a mix of primarily domestic tenants occupying 94% of the total gross leasable area,” said Ryan Bowlby, principal of Institutional Property Advisors (IPA), a division of Marcus & Millichap. “We had a robust market response from investors nationwide which resulted in a highly competitive and final bidding round. The selected buyer, Slate Grocery REIT, quickly conducted due diligence and closed, despite the recent national economic turmoil. IPA Senior Director Drew Isaac said, “Demand is outstripping supply for grocery-rooted performing assets like Centerplace of Greeley.” Bowlby and Isaac represented the seller, InvenTrust Properties (IVT), and recruited the buyer.

The center includes Ross, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s and Heartland Dental. Greeley, the county seat of Weld, has a vibrant local economy centered on agriculture, power generation, and the University of Northern Colorado.