Marcus & Millichap Arranges The Sale Of Johnstown Plaza Property In Northern Colorado
JOHNSTOWN, Colo., September 22, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 14,075-square foot six-tenant building within the larger Johnstown Plaza, according to Ryan Bowlby, First Vice President Investments, of the firm’s Denver office. The asset sold for $6,655,000.
Bowlby and Drew Isaac, both investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private out-of-state developer. This makes the fifth building Bowlby and Isaac have sold in Johnstown Plaza in 2021, totaling $35,000,000. The most recent building is located at 4849 Thompson Pkwy and features Cafe Mexicali, Urban Egg, and four other tenants. The property is a 100 percent leased.
“We received very strong interest immediately upon going to market, and were under contract within a week. It’s a testament to the property’s strong position in a rapidly growing sub-market and continued resiliency of retail as an asset class,” Bowlby said.
Johnstown Plaza is ideally located in a rapidly growing, affluent submarket in Northern Colo. The shopping center is anchored by Scheels, a 250,000-square-foot outdoor, entertainment and sporting goods complex that draws customers from a 150-square-mile trade area. Located at the SEC of Interstate 25 and US Highway 34, the interchange sees over 138,000 vehicles per day. The greater intersection serves as a primary shopping destination in Northern Colo., while also home to over 1,000 recently constructed apartment units, 660 hotel rooms, and UC Health Medical Center (166 Beds).
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.