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© 2016 CBRE, Inc. | 1 CBRE RESEARCH

DENVER RETAIL INSIGHTS The Mile High Shopping Experience

R e t a i l S c i e n c e f r o m C B R E

CBRE RESEARCH JUNE 2016

© 2016 CBRE, Inc. | 3 2 | DENVER RETAIL INSIGHTS | The Mile High Shopping Experience CBRE RESEARCH

E X E C U T I V E S U M M A R Y

Denver’s retail market is riding the demographic and economic wave, which is creating an opportunistic environment for all retail stakeholders.

With the strong performance of Denver’s retail market, landlords and investors are intent on better understanding and capturing trade area demand as well as harnessing market-wide trends. At the same time, retailers are eager to embrace new opportunities and identify optimal real estate solutions that align with the region’s expanding consumer base.

This report provides insight into Denver’s retail landscape, the Denver consumer base and the latest trends taking over the market. Key findings include:

TA B L E O F C O N T E N T S

Top Market for Demographic & Economic Growth

Meet the Denver Consumer

Retail Real Estate Perspective

Denver Retail Trade Areas Overview

Trend Spotlight: The Marketplace Concept

0409101420

Trend Spotlight: The Marketplace Concept

The marketplace concept is reviving consumers and retailers alike in urban infill locations. The formerly underutilized industrial buildings are now vibrant and often catalytic developments that stimulate more commercial development.

Top Market for Demographic & Economic Growth

• Denver’s 9.6% population growth since 2010 – 2.5 times the national rate of growth

• Denver’s above-average rate of job growth resulting in the addition of nearly 160,000 new jobs in three years

• Expanding median household income – increasing 15.6% since 2010 to $68,274

Retail Real Estate Perspective

• Second-highest absorption levels compared to peer markets

• 140% increase in retail investment sale price per sq. ft. since 2012 for the sharpest gain among peer markets

• Record investment activity volume as of Q1 2016 on a four-quarter rolling basis to $1.9 billion

Denver Retail Trade Areas Overview

Widely recognized as Denver’s luxury retail scene, Cherry Creek achieves the highest rents in the region. As of Q1 2016, asking lease rates in Cherry Creek averaged $36.20 per sq. ft. NNN but can reach as high as $70 per sq. ft - compared to $50 per sq. ft. in downtown Denver and $35 per sq. ft. in Park Meadows on the high end. The strength in market fundamentals is driven by demand for premium space and supported by increasingly dense mixed-use development. With a full development pipeline focused on bringing luxury to consumers and residents, Cherry Creek will continue to be Denver’s “high street.”



Population Median Household Income

U.S. Markets

2015 Population

(millions)2010-2015 % Change

Avg. Annual % Change

2010-2015 Change

Median HH Income

(Q4 2014)Rank

(Q4 2014) Growth

(2010 to 2014)

Growth Rank

(2010 to 2014)*

Denver 3.1 9.6% 1.9% 272,900 $68,274 14 15.6% 3

Austin 2.0 16.0% 3.2% 275,700 $64,639 16 14.7% 5

Chicago 7.4 1.2% 0.2% 85,900 $61,873 19 7.8% 29

Dallas 4.7 10.7% 2.1% 456,100 $60,945 22 7.6% 30

Phoenix 4.6 8.3% 1.7% 349,900 $53,944 35 6.5% 37

Los Angeles 10.2 3.6% 0.7% 357,800 $56,402 32 5.2% 44

Salt Lake City 1.2 7.0% 1.4% 76,200 $63,559 n/a 11.3% n/a

U.S. 320.2 3.9% 0.8% 12,110,000 $54,562 n/a 8.9% n/a

Figure 1: Denver is a Top Market for Demographic Growth

Source: Moody’s Analytics, 2016. Note: Rank given among the 50 largest markets. *Table sorted in descending order of median household income growth.

TO P M A R K E T F O R D E M O G R A P H I C & E C O N O M I C G R O W T HGrowing Consumer BaseDenver’s population has grown 9.6% since 2010 compared to 3.9% national growth. This explosive growth pushed the Denver market (including Boulder) past the 3.0 million mark and into the top 20 for both metropolitan areas and cities (Denver). Denver ranks 12th for the largest population gain over the 2010-2015 period with a 271,000-person increase. Among the fast-growing southwest markets, Denver ranks third for population growth (2010-2015).

I N T R O D U C T I O N

The retail market’s recovery in Denver has lagged other commercial sectors recently … that is up until now. Unprecedented job gains combined with game-changing population growth have aligned for several years of fundamental strengthening, innovative retail solutions, an emphasis on placemaking and ground-breaking new projects. Partly due to minimal new supply, well-located premium retail space is in high demand both in the urban core and in suburban markets.

As tenants and landlords strive to adapt to the ever-changing needs of the consumer base, this report provides insight into Denver’s retail landscape, the Denver consumer base and the latest trends taking over the market.

Lifestyle and job opportunities are the primary drivers behind impressive net migration. Capital investments such as the nearly complete metro-wide light and commuter rail project have also strengthened the region’s competitive position and added in attracting households.

Millennials and baby boomers have fueled record net migration to Denver in the current economic cycle. According to the Brookings Institute, Denver ranked second for net migration of millennials and

fifth for net migration of baby boomers among the nation’s largest metropolitan regions1. The top five states for net migration into Colorado since 2012 are California, New York, Illinois, Texas, and New Mexico.

The Denver consumer base between ages 18 and 34 years represents 23% of the metro area population compared to baby boomers aged 55 to 74 years that account for 20% of the total.

1 William H Frey analysis of American Community Survey 3 Year Data (2007-2009, 2010-2012).

U.S. Markets

Denver

Austin

Chicago

Dallas

Phoenix

Los Angeles

Salt Lake City

U.S.


The Denver market added more than 222,500 jobs since the recession ended for an annual average gain of 44,500 jobs. Underscoring the region’s economic prowess, more than 50,000 jobs have been added each year since 2013, which well exceeds the historic average. In fact, the only other consecutive period that job growth exceeded 50,000 was 1999-2000. Denver’s rate of job growth has also exceeded the U.S. every year since the most recent recession – posting 3.5% gain in 2015. Unemployment in Denver continues to hover around 3.0% - well-below the U.S.’s 5.1% unemployment.

Job growth supports overall retail sales activity in the region, but there is a more direct connection to the retail sector. According to the University of Colorado, one of every 10 jobs in Colorado occur in the retail sector. Further, healthcare, professional and business services, technology, financial activities,

leisure and hospitality and construction are some of the fastest-growing industries for new jobs.

Job growth boosted household income levels and retail activity in recent years – particularly high-paying energy, technology and healthcare jobs. The median household income in Denver increased 15.6% to $68,274 since 2010 or 3.9% annually on average, which is the third-fastest rate of increase among the 50 largest markets (San Francisco and San Jose reported sharper increases). As of Q4 2014, Denver has the 14th-highest median household income. According to projections from Moody’s Analytics, median household income will exceed $72,000 by year end 2016. Luxury retail in Denver has historically been limited but higher-end retailers are taking note of Denver’s income growth and seeking out premium locations such as Cherry Creek.

Figure 4: Median Household Income Growth Across Peer Markets

2%

6%

10%

14%

18%

$0

$20

$40

$60

$80

Denver Austin Chicago Dallas Los Angeles Phoenix

2010

- 201

4 Gr

owth

(%)

Q4 2

014

Media

n Hou

seho

ld Inc

ome

(Tho

usan

ds $

)

2010-2014 Growth %

Salt Lake City United States

Q4 2014 Median Household Income

15.6%$68,273

DENVER GROWTH (2010 - 2014)DENVER MEDIAN HOUSEHOLD INCOME

Source: Moody’s Analytics, Q4 2014.

Notable Employment & Income Gains

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Numb

er of

Hous

ehold

Perm

itsDenver Residential Supply

Multifamily Permits Single-Family Permits

2010 2011 2012 2013 2014 2015 2016forecast

2017forecast

2018forecast

Figure 2: Denver Residential Supply Surging to Meet Population Growth

Figure 3: Denver Households on the Rise

500

700

900

1,100

1,300

1,500

2010 2015 2020f

Thou

sand

s

Source: Colorado Department of Local Affairs, May 2016.

1,107,4542010

1,234,478 2015

1,362,3402020 forecast

The wealth effect from rising home prices may be encouraging Denver consumers to shop. Existing single-family home prices have increased 44% in five years2. Low inventory levels of for-sale product on the market in combination with modest new development activity will continue to push sale prices and home values. On the other hand, lease-up of the 26,000 apartment units delivered in the past five years has directly supported household goods retailers. Denver’s housing market recovery is widespread, but the recovery is pronounced in urban areas – including urban suburban areas.

2 Colorado Comps LLC, Denver Metro Association of Realtors, REColorado, February 2016.

Source: Colorado Department of Local Affairs, May 2016.

Source: Moody’s Analytics, CBRE EA, CBRE Research April 2016.

Homebuilders and apartment developers are striving to meet the needs of the growing population. Even so, demand has exceeded supply, and the cost of both rental apartments and single-family homes has risen significantly in recent years.


Furniture4%

Clothing5%

Electronics/Appliances3%

Misc. Stores6%

Food & Beverage

19%

Healthcare5%

General Merchandise

14%Gas Stations

5%

Sports & Hobbies4%

Nursery

8%

Non-Store2%

SALE

Motor Vehicles/Parts

25%

Source: Colorado Department of Revenue, October 2014 - September 2015.

Denver Metro Retail Sales Profile

Figure 5: Denver Metro Retail Sales Profile (October 2014 - September 2015)

Retail sales activity in Denver has posted year-over-year gains since 2010. Total retail trade surpassed $32.7 billion over the 12-month period October 2014-September 2015. Motor vehicles, food and beverage and general merchandise are the dominating segments – accounting for over half of total volume3. The food and beverage category is seeing strong growth specifically within the fast casual/QSR restaurant segment.

3Colorado Department of Revenue, September 2015.

HIGHLY EDUCATED AFFLUENT

YOUNG

Denver ranks 4th in the nation for higher education attainment

with 42.1% of the population having obtained a bachelor’s degree or higher

Denver’s median household income of $68,274 exceeds the national median household income

of $54,562 (Q4 2014)2

The average age in Denver is 36.1 years

compared to 37.7 nationally (U.S., 2014)

M E E T T H E D E N V E R C O N S U M E R

Source: Nielsen, U.S. Census Bureau, American Community Survey, 2016.

20%

28%

24%

23%

5%less than 18 years

18 to 34 years35 to 54 years

55 to 74 yearsmore than 75 yearsConsumer Breakdown by Age Group


0%

2%

4%

6%

8%

10%

12%

0

0.5

1.0

1.5

2.0

2.5

3.0

Chicago Dallas Los Angeles Phoenix Denver Salt Lake City Austin

Availability Rate (%) Sq. Ft. (Thousands)

Denver Well Balanced Fundamentals

Under Construction Absorption Availability

LEASE

LEASE

LEASE

LEASE

LEASE

LEASE

LEASE

LEASE

691k577k

7.2%

DENVER UNDER CONSTRUCTIONDENVER QI ABSORPTIONDENVER AVAILABILITY RATE

Figure 6: Denver’s Well-Balanced Fundamentals

Denver’s slower-to-recover retail market compared to other commercial property sectors is now improving at a fast clip. Average asking lease rates are increasing broadly across the Denver market while vacancy steadily declines. The convergence of a growing consumer base and moderate new supply is central to the sector’s fundamental improvement during recent quarters. E-commerce is a headwind to demand for brick-and-mortar space but not yet strong enough to stymie fundamental improvement.

The Denver retail market is well-balanced considering new supply and demand amongst peer markets. As of Q1 2016, Denver ranks fifth among peer markets in construction activity by sq. ft.—ahead of only Salt Lake City and Austin—although construction activity is increasing. Denver ranks second in Q1 2016 net absorption by sq. ft.—trailing only Chicago. As a result, Denver has the third-lowest availability rate compared to its peers and a moderate overall average direct asking lease rate.

Source: CBRE EA, Q1 2016.

R E TA I L R E A L E S TAT E P E R S P E C T I V E

Figure 7: Retail Lease Rates

Los Angeles Austin United States Denver Dallas Chicago Phoenix Salt Lake City -4%

-2%

1%

4%

6%

9%

11%

$0

$5

$10

$15

$20

$25

$30

Y-O-Y

Leas

e Rate

Chan

ge

Direc

t Ask

ing Le

ase R

ate (N

NN)

Q1 2016 2015-2016 Y-O-Y Lease Rate Change

$15.50 5.6%

DENVER Q1 2016 LEASE RATEDENVER Y-O-Y CHANGE

Source: CBRE EA, Q1 2016.

Project City Size (Sq. Ft.) Project Type Est. Completion Year King Soopers Denver 58,000 Neighborhood Center 2016

Gander Mountain Parker 57,600 Freestanding 2016

Colorado Center Denver 50,000 Community Center 2016

2800 Walnut St Denver 48,123 Mixed Use 2016

King Soopers Erie 88,968 Neighborhood Center 2017

Z Block/Dairy Block Denver 39,167 Mixed Use 2017

Pivot Denver Retail Denver 68,000 Mixed Use 2018

Figure 8: Select Denver Construction Projects

Source: CBRE Research, Q1 2016.


Figure 11: Investment Sales Rolling Four Quarter Volume

Source: Real Capital Analytics, Q1 2016.

Non-Listed REIT& Private

Public

Equity Fund & Institutional

Cross-Border User/Other

54%

20%

19%

5%2%

Figure 12: Investment Sales Rolling Four Quarter Volume

Top Buyers (prior 24 months)Rank Buyer Location Acg $ (mil) # Props

1 Heitman Chicago, IL 380.8 2

2 Starwood Capital Group Greenwich, CT 209.9 1

4 Invesco RE/ OliverMcMillan Atlanta, GA 169.6 1

3 InvenTrust Oak Brook, IL 161.6 3

5 DDR/Blackstone San Diego, CA 137.8 2

Top Sellers (prior 24 months)Rank Buyer Location Disp $ (mil) # Props

1 Macerich Santa Monica, CA 380.8 2

2 Continuum Partners/Southern Ute Indian Tribe

Denver, CO 209.9 1

3 AmCap Inc./ Hart Realty Advisors

Stamford, CT 169.6 1

4 VEREIT Phoenix, AZ 150.8 3

5 Gart Properties Denver, CO 138.8 3

Figure 13: Top Retail Investment Buyers and Sellers

Source: Real Capital Analytics, Q1 2016. Source: Real Capital Analytics, Q1 2016.

Strong retail market fundamentals have attracted local and national investors to the market. Denver experienced the sharpest increase in investment sale price per sq. ft. from 2012 to today amongst peer markets—increasing 140% to $217 per sq. ft. On a rolling four-quarter basis, Denver hit record volume of $1.9 billion in retail investment activity as of Q1 2016. Property Name Property City Sale Date

Sale Price (millions)

Flatiron Crossing* Broomfield Jan-16 $331.1

Belmar Center Lakewood Sep-15 $253.5

Clayton Lane Denver Jan-16 $169.6

Denver Pavilions* Denver Jul-15 $132.0

Arvada Marketplace Arvada Aug-15 $54.9

Fairfield Commons Denver Feb-16 $34.3

Cherry Creek Square Denver Oct-15 $22.0

Boulevard Center II Denver Jan-16 $19.7

29th Street Mall* Boulder Jan-16 $19.3

Note: *Recapitalization.Source: CBRE Research Real Capital Analytics, Q1 2016.

Figure 10: Significant Investments Last Four Quarters

$0

$500

$1,000

$1,500

$2,000

$2,500

2010 2011 2012 2013 2014 2015 YTD2016

millio

ns

On a four quarter rolling basis Denver hit record volume of $1.9 billion in investment activity

Figure 9: Retail Investment Trends

140%$217/SQ. FT.

DENVER 2012-2016 SQ. FT. GROWTHDENVER Q1 INVESTMENT SALES

0%

20%

40%

60%

80%

100%

120%

140%

160%

$0

$50

$100

$150

$200

$250

$300

$350

$400

2012

-2016

$/S

q. Ft.

Grow

th

$/Pe

r Sq.

Ft.

$/Sq. Ft. Q1 2016 2012-2016 $/Sq. Ft. Growth

Denver Austin Dallas Phoenix Los Angeles Salt Lake City United States

Source: Retail Investment Trends, Q1 2016.

Notable retail transactions over the past four quarters include:


D E N V E R R E TA I L T R A D E A R E A S O V E R V I E W Cherry Creek - Denver’s High Street Cherry Creek embodies luxury retail and embraces both mixed-use and density. With a 26.1% increase in average asking lease rate per sq. ft. since 2010 and tight vacancy rate of 1.6%, Cherry Creek is one of the fastest growing and most successful retail destinations in Denver and home to the region’s highest retail rents. New and significant office, hotel and multifamily developments have transformed the area over the past decade yet it remains walkable and pedestrian friendly. Cherry Creek draws consumers from across the region and is the primary retail destination for luxury shoppers.

0

5

10

15

20

25

30

35

40

$28.70Q1 2010

$36.20Q1 2016

2010-2016 Growth26.1%

Figure 15: Cherry Creek Rent

0

1

2

3

4

5

6

5.2%Q1 2010

1.6%Q1 2016

BPS ChangeDown 360

Figure 16: Cherry Creek Vacancy

Change32.6%

SuperRegional Mall

CommunityCenter

Store Front Strip CenterCommunity

CenterNeighborhood

CenterStore Front Strip Center0

$10

$20

$30

$40

$50

$60

$70

$80

0

5%

10%

15%

20%

25%

Change55.0%

Change30.2%

Change20.5%

Q1 2010 Q1 2016

BPS Change310

BPS Change200

BPS Change1,020

BPS Change940

Q1 2010 Q1 2016

Figure 17: Cherry Creek Rent Growth by Property Type Figure 18: Cherry Creek Vacancy by Property Type

Figure 14: Cherry Creek Development Activity

Key Retailers

Note: Lease rates are expressed as triple net.Source: CBRE Research, Q1 2016.Source: CBRE Research, Q1 2016.

Development Type:

Recently Completed (2015 - Present):

Under Construction:

Planned/Proposed:

Multifamily Units

803

468

701

Retail Sq. Ft.

189,000

10,800

68,000

Office Sq. Ft.

230,000

-

198,000

Hotel Rooms

196

520

-

Market Size: 2.3M sq. ft.

S. UN

IVER

SITY

BLV

D. S. STEELE ST.CHERRY CREEK DR. S.

E. 4TH AVE.


Park Meadows – Destination Suburban RetailPark Meadows is an expansive retail destination serving the south portion of the Denver market as well as patrons from outside the metro ring in Castle Rock or as far away as Colorado Springs. Park Meadows complements the high-income communities surrounding the southeast office market centered on the Denver Tech Center. The trade area is light-rail served and nestled among business parks and residential neighborhoods. A diverse mixture are present within the trade area, although furniture stores are prevalent. While development activity has been modest in recent years, 586,500 sq. ft. of Class A office space and 300 multifamily units are planned for the future.

Change-6.0%

CommunityCenter

NeighborhoodCenter

PowerCenter

Store Front Strip Center CommunityCenter

NeighborhoodCenter

PowerCenter

Store FrontSuperRegional Mall

Strip Center0

5%

10%

15%

20%

25%

30%

35%

0

5%

10%

15%

20%Change76.7%

Change2.6%

Change2.2%

Q1 2010 Q1 2016

BPS Change250

BPS Change190

BPS Change180

BPS Change620

Q1 2010 Q1 2016

Change-4.0% BPS Change

1710

BPS Change960

Figure 22: Park Meadows Growth by Property Type Figure 23: Park Meadows Vacancy by Property Type

Figure 20: Park Meadows Rent Figure 21: Park Meadows Vacancy

0

5

10

15

20

25

$19.70Q1 2010

$23.38Q1 2016

2010-2016 Change18.5%

0

1

2

3

4

5

4.5%Q1 2010

2.8%Q1 2016

BPS ChangeDown 170

Figure 19: Park Meadows Development Activity

Key Retailers


Development Type:


Under Construction:

Planned/Proposed:

Multifamily Units

-

267

300

Retail Sq. Ft.

5,000

-

88,400

Office Sq. Ft.

-

-

586,505

Hotel Rooms

-

-

- Note: Lease rates are expressed as triple net.Source: CBRE Research, Q1 2016.

QUEB

EC ST

.

E. DRY CREEK RD.

MAXIMUS DR.



Downtown Denver – The Urban FrontierDowntown Denver is at the forefront of the urban resurgence evidenced by game-changing new development and a multi-model transit center. Thousands of residential units and new retail—particularly grocery and food stores—have evolved downtown into a balanced live-work-play (and shop!) environment. In fact, the downtown residential population has nearly tripled since 2000 to nearly 76,000 people4. From the 16th Street Mall and Denver Pavilions to Larimer Square, the trade area has seen 11.1% growth in average asking retail lease rates in five years. Restaurants are a mainstay in the tourism-rich market and household goods retailers are increasingly opening their doors.

0

5

10

15

20

25

$21.70Q1 2010

$24.10Q1 2016

2010-2016 Growth11.2%

Figure 25: Downtown Denver Rent

0

2

4

6

8

10

12

11.5%Q1 2010

7.7%Q1 2016

BPS ChangeDown 380

Figure 26: Downtown Denver Vacancy

Change13.0%

CommunityCenter

NeighborhoodCenter

RegionalMall

Store Front CommunityCenter

NeighborhoodCenter

Store FrontRegionalMall

Strip Center0

$10%

$20

$30

$40

$50

$60

0

5%

10%

15%

20%

25%

30%

35%

40%

Change8.1% Change

9.8%

Q1 2010 Q1 2016

BPS Change50 BPS Change

520

BPS Change140

Q1 2010 Q1 2016

Change175.0%

BPS Change1620

BPS Change450

Figure 27: Downtown Denver Rent Growth by Property Type Figure 28: Downtown Denver Vacancy by Property Type

Figure 24: Downtown Denver Development Activity

Key Retailers


Development Type:


Under Construction:

Planned/Proposed:

Multifamily Units

962

1,051

940

Retail Sq. Ft.

76,848

128,738

124,754

Office Sq. Ft.

511,299

1,319,523

1,220,271

Hotel Rooms

0

1,055

411 Note: Lease rates are expressed as triple net.Source: CBRE Research, Q1 2016.

BROADWAY

WEWATTA

ST.

COLFAX AVE.

PARK AVE. W.

4 “State of Downtown Denver 2016,” Downtown Denver Partnership, Inc.



T R E N D S P OT L I G H T: T H E M A R K E T P L A C E C O N C E P TThe marketplace phenomenon arrived in Denver in 2013 to much fanfare. The age-old but revived concept ignited a community-centric retail experience that draws consumers of all age groups. Focused on engaging the consumer and featuring local and regional retailers, this concept creates a demand of needing to be “in the experience.” Denver marketplaces have attracted local restaurants, brewers, bakers, butchers, grocers and jewelers among other businesses for a one-stop retail experience grounded in authenticity and inspired by entrepreneurship.

© 2016 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.

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Marketplaces in Denver are primarily redeveloped industrial properties in urban infill locations to date. The formerly underutilized and well-located properties are now vibrant, modern retail environments that have also spurred adjacent development. Marketplaces are expected to expand further into suburban neighborhoods and seek adaptive reuse opportunities.

Name: The SourceAddress: 3350 Brighton Boulevard, Denver, COBuilding Size: 26,000 sq. ft.Key Tenants: Acorn, Comida, Babettes Artisan BreadsProperty Type: Former Industrial Class C Brick FoundryYear Opened: 2013

Name: Stanley MarketplaceAddress: 2501 Dallas Street, Aurora, COBuilding Size: 137,930 sq. ft. Key Tenants: Mondo Market, Kindness Yoga, Annette’sProperty Type: Former Stanley Aviation - Industrial Class B ManufacturingYear Opened: 2016 (under construction)

Name: Central MarketAddress: 2669 Larimer Street, Denver, COBuilding Size: 14,000 sq. ft.Key Tenants: Vero Italian, Silva’s, SK ProvisionProperty Type: Former Class C Industrial WarehouseYear Opened: 2016

Name: AvantiAddress: 3200 Pecos Street, Denver, COBuilding Size: 8,620 sq. ft. Key Tenants: Bravia!, Poco Torteria, Quiero ArepasProperty Type: Former Industrial Class C Flex Light DistributionYear Opened: 2015


22 | DENVER RETAIL INSIGHTS | The Mile High Shopping Experience

FOR MORE INFORMATION ABOUTTHIS REPORT OR CBRE RESEARCH:

Jessica Ostermick Director of Research and Analysis+ 1 303 264 [email protected]

Michael KaneRetail Researcher+ 1 303 264 [email protected]

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

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