We are pleased to announce that Argosy Real Estate Partners, in partnership with Artesia Real Estate, closed on the recapitalization of a 322,391 sf retail center on an approximately 32.3-acre site anchored by Lowe’s and the simultaneous acquisition of a 163,957 sf vacant Sears Center on an approximately 7.7-acre site previously occupied by a Sears department store and a Sears Auto Center. The well-located properties are situated in the city of Lakewood, CO, a high barrier-to-entry western suburb of Denver. The 40-acre site is zoned by-right for multifamily use and is exempt from Lakewood’s residential growth limitation, which restricts new residential construction to 1% of Lakewood’s existing housing stock each year. The “covered land” business plan includes parceling and selling the Lowe’s (12 acres) to a NNN retail investor and selling much of the remaining (currently retail) parcels (28 acres) to multifamily developers.

Argosy’s co-investor and operating partner is Artesia Real Estate, a multifamily and retail investment firm.