Leetsdale Marketplace, a 111,669-square-foot grocery-anchored shopping center in southeast Denver, changed hands on Feb. 9 for $13 million. The buyer is a partnership led by Citivest Commercial, stepping into a mostly leased but noticeably underperforming 1992-built property at 7150 Leetsdale Drive.
The center was roughly 59% leased at the time of sale and includes discount grocer Save A Lot among its 18 tenants. With a high-traffic corner at Leetsdale Drive and South Quebec Street, the new owners are setting their sights on leasing and repositioning to squeeze more life and revenue out of the site.
Deal details
Cushman & Wakefield represented the seller, Legacy Capital Partners, in the transaction. Broker Jon Hendrickson pointed to the center’s “efficient layout” and infill location as key reasons investors were willing to bet on a half-empty property.
According to Mile High CRE, the deal closed for $13,000,000, with Jon Hendrickson and Aaron Johnson serving as the broker team on the sale.
Property snapshot
The shopping center sits on an L-shaped footprint, with storefronts oriented toward either Leetsdale Drive or Quebec Street. Marketing materials peg the total at about 111,669 rentable square feet.
Cushman & Wakefield’s listing on Revere CRE notes the property’s 1992 construction date, its roster of 18 tenants, and an average in-place rent that hints at room for a new owner to push income higher.
Buyer and next steps
Citivest Commercial confirmed the acquisition on its LinkedIn page, calling the center a fit for its strategy of buying well-located retail with built-in leasing upside and naming MDC Realty Advisors as a partner on the deal.
Citivest’s announcement also identifies Legacy Capital Partners as the seller and Cushman & Wakefield as the broker on the transaction. Mile High CRE reports that leasing is already underway for additional junior-box traffic generators, signaling that the new owners are wasting little time going after larger-format tenants.
The playbook looks straightforward: fill the vacancies, re-tenant junior-box spaces, and lift both occupancy and rents at a visible infill corner.
Why investors are paying attention
Grocery-anchored, necessity-based retail has been one of the steadier corners of the investment world, largely because it tends to draw consistent foot traffic and holds up better against e-commerce-heavy categories, JLL reports.
Leetsdale Marketplace checks several of those boxes. Below-market occupancy gives buyers a classic value-add setup: lease up idle space, push rents as momentum builds, and capture the upside from an infill trade area that serves Cherry Creek, Glendale, and Lowry.
