Denver Quebec Square sold to Canadian-based fund

Denver’s Quebec Square Acquired for $56.67 Million

Denver’s Quebec Square has been sold for $56.67 million. The shopping center, located at 7506 East 36th Ave., spans over 200,000 square feet and sits on a 22.07-acre site. It is strategically positioned near major retailers such as Walmart, Home Depot, and Sam’s Club.

The center boasts over 40 stores and restaurants, including popular national retailers like Ross Dress For Less, Office Depot, PetSmart, and Big 5 Sporting Goods. Big Ben Private Real Estate I LP, a Canadian-based fund, acquired Quebec Square with Capital Asset Management as the fund manager.

Paul Klink of Capital Asset Management expressed that Quebec Square and the Denver market are crucial for the fund’s long-term growth strategy. Capital Asset Management, a privately-owned commercial real estate company, operates in Phoenix, Nevada, and Hawaii, offering a range of property management and development services.

The sale was facilitated by JLL Capital Markets’ Investment Sales and Advisory team, led by Managing Director Jason Schmidt and Director Austin Snedden, on behalf of the seller, ALTO Real Estate Funds, a Texas-based private real estate fund.

ALTO Real Estate Funds focuses on investing in logistics centers and open-air shopping centers in high-growth U.S. markets. The fund has successfully completed 47 exits with a total value of $1.8 billion across 78 properties.

Denver property records show that ALTO purchased Quebec Square for $42.25 million in September 2019. According to Snedden, Quebec Square is a dominant power center in a high-barrier-to-entry area of Denver.