Denver retail center sells for over $56 million to Canadian-based fund

Denver’s Quebec Square has been sold for $56.67 million.

Built more than two decades ago on a 22.07-acre site, the over 200,000-square-foot shopping center is near major retailers such as Walmart, Home Depot and Sam’s Club.

The center, 7506 East 36th Ave., also features over 40 stores and restaurants, including national retailers like Ross Dress For Less, Office Depot, PetSmart, Big 5 Sporting Goods, Five Below and more.

Big Ben Private Real Estate I LP, a Canadian-based fund, acquired the shopping center with Capital Asset Management as the fund manager.

“Quebec Square and the Denver market is a strategic part of the fund’s long-term growth,” said Paul Klink of Capital Asset Management, who oversees all acquisitions for the fund.

Capital Asset Management is a privately-owned commercial real estate company operating in Phoenix, Nevada and Hawaii, offering property management, brokerage, leasing and development services.

JLL Capital Markets’ Investment Sales and Advisory team, led by Managing Director Jason Schmidt and Director Austin Snedden, represented the seller, ALTO Real Estate Funds, a Texas-based private real estate fund.

ALTO focuses on investing in and developing logistics centers and open-air shopping centers in high-growth U.S. markets.

Over the past 15 years, ALTO has raised approximately $540 million across four funds and has acquired 78 properties, with a total value of $1.8 billion and 47 successful exits.

Denver property records reveal ALTO purchased the property for $42.25 million in September 2019.

“Quebec Square is a regionally dominant power center in a high-barrier-to-entry area of Denver,” Snedden said.