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property to Wal-Mart. The center, which is largely occupied by Asian-American merchants, is located at 2200
West Alameda Avenue. Last year when Wal-Mart first revealed plans to replace the center with a $33 million
Wal-Mart SuperCenter tenants and neighbors objected strongly to the replacement of local retailers by an old-of-
town firm. The properties being sold to Wal-Mart are owned by Khanh Vu and Hamid Simantob. (Denver Post,
2/28/2003) (80223)
· Colorado Springs-based Diamante Investments purchased Bowles Avenue Marketplace, a 168,354-square foot
shopping center at 8936 West Bowles Avenue in southern Jefferson County near Southwest Plaza Mall. The
purchase price was $12,180,000, or $72.35 per square foot. Bowles Avenue Marketplace was built in 1984 and
is anchored by Bally's Total Fitness. The seller was a partnership sponsored by Trammell Crow Company, the
original developer of the center. (Colorado Real Estate Journal, 2/19/2003) (80123)
· Diamante Investments bought part of Colorado Marketplace, a neighborhood shopping center at Colorado
Boulevard and East 120
th
Avenue in Thornton. The Colorado Springs firm paid $5,850,000 for 36,223 square
feet of small shop space and land suitable for an additional 15,000 to 20,000 square feet of development. The
anchor tenant at the center, an Albertson's supermarket, was not included in the acquisition. Colorado Market-
place was developed in 1999 and 2000 and contains a total of 150,000 square feet, including the supermarket
and several developed outparcels. An investment entity sponsored by Etkin Johnson Group was the seller.
(Colorado Real Estate Journal, 2/5/2003) (80233)
· West Florida Avenue LLC acquired an 89,000 square foot shopping center at 4255 West Florida Avenue in west
Denver. Marlee Shopping Center LLC sold the property for $5,050,000, or about $56.74 per square foot.
(Denver Post, 2/11/2003) (80219)
· Westwood Financial bought Town Square at Gateway Village, a 28,500 square foot shopping center at 5135-
5145 Chambers Road in northeast Denver. The purchase price was $4.4 million, or $154.42 per square foot.
(Rocky Mountain News, 2/25/2003) (80239)
· Ace Hardware will open a 24,000 square foot store in the Edgewater Marketplace shopping center at Sheridan
Boulevard and West 20
th
Avenue in Edgewater. The store will open April 1. Builder's Square, a large hardware
and home products store, was previously an anchor tenant at Edgewater Marketplace. (Wheat Ridge Transcript,
2/20/2003) (80214)
· Cost Plus World Market will anchor Canyon Gate, a 45,000 square foot mixed-use project under construction at
28
th
Street and Canyon Boulevard in Boulder. The retailer sells wines, specialty foods, furniture and home décor.
Its Boulder store will contain 17,478 square feet. Canyon Gate is being built by Tebo Development. (Boulder
Daily Camera, 2/8/2003) (80302)
· Target Corporation may remodel and expand its Boulder discount store. Target currently occupies a 124,000
square foot building at 28
th
and Pearl streets that was built in 1978. The concept being discussed with Boulder
planners calls for renovating the store and adding about 17,200 square feet. (Boulder Daily Camera, 2/6/2003)
(80302)
· A pharmacy may replace the Broomfield Manor hotel at Wadsworth Parkway and Midway Boulevard in Broom-
field. Both Eckerd and Walgreen's are considering acquiring the old hotel, which would be demolished and re-
placed with a pharmacy. Walgreen's and Eckerd have both targeted the Denver area for expansion. Both chains
usually build freestanding stores of 10,000 to 15,000 square feet. (Boulder Daily Camera, 2/7/2003) (80021)
Single Family Residential
· A study by Times Square Capital Management rated Denver as having one of the nation's worst housing mar-
kets in terms of being in danger of experiencing a sharp decline in home values. The New York-based institu-
tional advisor compared recent real estate price increases, number of units on the market and state of the local
February 2003
The Real Estate Perspective
James Real Estate Services, Inc.
Past Month's Real Estate Perspective Entries
(Continued)
