ALTO Real Estate Funds has acquired Quebec Square, a 207,611-square-foot, 91 percent leased, dominant shopping center with a significant regional draw located in Denver.
The property was purchased for $42.25 million.
Quebec Square is centrally located only 5 miles from downtown, in Stapleton, one of Denver’s most affluent and fastest growing neighborhoods. The property is home to top national retailers including Ross Dress for Less, PetSmart, Office Depot, and Panera Bread and is shadow anchored by Home Depot, Walmart, and Sam’s Club. Strategically positioned along the highly trafficked Quebec Street, and only a mile from I-70, the area is positioned for continued population and economic growth.
“Quebec Square is a huge win for our fund to get a foothold in the Denver market, one of the fastest growing and most desirable areas in the United States,” said Yaniv Melamud, CEO and co-founder of ALTO Real Estate Funds. “With an irreplaceable location, limited competition, and dominant anchors, the asset is generating strong cash flow from day-one, with the potential to add value over time through lease-up of vacant suites and improvement of the tenant mix. The asset is shadow anchored by Home Depot and Walmart, both generating high sales volumes and traffic, and will assist to maintain the center’s position in the market and increase tenants’ demand for space.”
