CentrePoint Properties purchases Gold’s Marketplace center - CREJ

by Avalon Jacka

WHEAT RIDGE – A formergrocery-store-turned-neighborhood-retail-center has traded hands for an undisclosed price.

CentrePoint Properties acquired Gold’s Marketplace, a 59,903-square-foot neighborhood retail center situated on 3.5 acres on the northwest corner of Kipling Street and West 26th Avenue, from Quannah Partners. Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik represented the seller in the transaction.

“Gold’s Marketplace has been a cornerstone for Wheat Ridge and the Paramount Heights neighborhood for over 60 years,” Hendrickson said. “We heard many stories of the ‘old days’ throughout marketing, and the seller was able to pay homage to the history while creating the future. The neighborhood is west of downtown Denver and features population density, quickly elevating income demographics, and proximity to Denver’s mountain amenities.”

Built in 1960, Gold’s Marketplace had served as a neighborhood grocery anchored shopping center but had fallen into disrepair. Quannah Partners acquired the property in February 2020 after “recognizing the opportunity to reestablish the site as a modern, community-oriented destination,” a statement from Cushman & Wakefield said. In 2022, the firm completed a valueadd redevelopment strategy, including a full exterior renovation, improvements to the parking lot and site infrastructure, refreshed signage, and support for customized tenant build-outs. The former Gold’s Grocery space was also redeveloped to accommodate multipletenants.

“Gold’s Marketplace was a meaningful opportunity to invest in a property with strong community roots and bring it back to life in a way that both respected its history and created long-term value,” said Quannah Partners partner Bobby Ghiselli. “We’re proud of the collaborative effort behind this transformation, from our partners and tenants to the city of Wheat Ridge, and we are excited to see the center continue to thrive under its new ownership.”

The city of Wheat Ridge commended Quannah Partners with a Revitalization Award in 2022 for its work on the property.

“The Wheat Ridge Urban Renewal Authority and Renewal Wheat Ridge have been extremely pleased with its partnership with Quannah Partners over the past several years,” said Steve Art, city of Wheat Ridge economic development manager and urban renewal executive director. “This unique center has become a hub for Wheat Ridge’s southern edge, and we look forward to working with the new owners to continue to support the project’s success and that of its thriving tenant base.”

The property was 82% occupied by 17 tenants, including food and beverage tenants The Werks, Illegal Pete’s, Esters Neighborhood Pub, Queen City Roasting Co., Em’s Ice Cream, and Rich Spirit Bagels, as well as retail, wellness, pet care and other service tenants. Leasing efforts for the redeveloped property were managed by JLL’s Sam Zaitz and Lorenzo Harris, who curated a “dynamic and complementary tenant mix,” a statement from Quannah Partners said.

Founded in 2008, Centrepoint Properties is active in all major markets in Colorado and Arizona. The firm purchased Edgewater Public Market for $25.5 million in December, according to previous reporting.

Photo caption: The 59,903-square-foot redeveloped Gold’s Marketplace was 82% leased to food and beverage, retail and service tenants at the time of sale.

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