Tower Pavilion, a retail center in Aurora, has traded hands for $5.25 million.
Built in 2006, the 11,000-square-foot retail center at 3571 S. Tower Rd. is 100% leased to eight tenants, including national retailers such as Jersey Mike’s, European Wax Center, Sport Clips, and Tide Cleaners.
JLL Capital Markets’ Investment Sales and Advisory team, led by Managing Director Jason Schmidt and Director Austin Snedden, represented the seller, Thompson Ranch Development Co., a Colorado-based company.
The property was purchased by CL Tower Pavilion CO LLC, an Ohio-based entity that appears to have ties with real estate company SITE Centers Corp., according to Arapahoe County public records.
“Tower Pavilion represented an exceptional opportunity to acquire a fully stabilized retail asset in Aurora’s prime retail corridor,” Schmidt said.
“The property’s strong tenant mix, excellent demographics and recent capital improvements including a new roof in 2023 made it an attractive investment for the buyer.”
The average tenant tenure is 13 years, according to JLL. National tenants comprise 62% of the leasable area.
“The property benefits from Aurora’s position as an affordable alternative to Denver while maintaining easy access to downtown,” Snedden said.
“With over 160,000 people within a three-mile radius and average household incomes exceeding $129,000, Tower Pavilion is well-positioned in a strong demographic area.”
The center is in front of Hampden Crossing and Highpoint Marketplace, which are anchored by King Sooper’s and Safeway grocery stores. National retailers around the property include Natural Grocers, Kohl’s, Walgreens and Starbucks.
Get more business news by signing up for our On The Block newsletter.
