Luzzatto Acquires Centennial Mall Retail Space for $28 Million
Asher Luzzatto has acquired 100,000 square feet of retail space at The Streets at SouthGlenn in Centennial for $28 million, which includes tenants like Whole Foods and Sephora. This purchase marks a strategic move into retail for Luzzatto, who is also converting downtown Denver office towers into apartments. The property is fully leased, and Luzzatto aims to attract experiential tenants to revitalize the mall, which has seen significant vacancies since the closures of Macy's and Sears.
Theia Market Signal Identification - AI Assisted
Asher Luzzatto has purchased approximately 100,000 square feet of retail space at The Streets at SouthGlenn for $28 million. The property, located at Centennial mall, includes notable tenants such as Whole Foods, Sephora, and Old Navy.
Luzzatto, a Taos real estate developer with plans to convert four downtown Denver office towers into apartments, sees this acquisition as a strategic diversification into retail. The mall's north end remains vacant since Macy's closure in 2022, while the southern end has been empty since Sears left in 2018.
Alberta Development Partners, the seller, previously redeveloped the mall but has requested increased residential units for future redevelopment. Luzzatto's portion of the property is fully leased, and he plans to attract experiential tenants to enhance the mall's appeal.
Comments