Argosy Real Estate Partners Acquires Westland Town Center in Lakewood, CO (Denver MSA)
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.