Prime retail power center in Denver trades hands for $56.67M

DENVER, May. 13, 2025 – JLL Capital Markets announced today that it has arranged the $56.67 million sale of Quebec Square, a 207,611-square-foot retail power center in east Denver, Colorado.

JLL represented the seller, ALTO Real Estate Funds. The buyer was Big Ben Private Real Estate I LP, with Capital Asset Management serving as the fund manager.

Built in 2002-2003 on a 22.07-acre site, Quebec Square is strategically located at 7506 East 36th Ave., at the high-traffic intersection of Quebec St. and I-70. The center is shadow anchored by Walmart, Home Depot and Sam's Club, and features a strong lineup of national retailers including Ross Dress for Less, Office Depot, PetSmart, Big 5 Sporting Goods and Five Below.

Quebec Square benefits from its prime location just 20 minutes from downtown Denver and two blocks from the Central Park Station. The property sees approximately 3.4 million annual visits, capitalizing on robust traffic counts of 45,000 vehicles per day on Quebec Street and 200,000 vehicles per day on I-70.

The center serves a densely populated and affluent trade area, with 125,500 residents within a three-mile radius boasting an average household income of $153,252.

Yaniv Melamud, ALTO's Co-Founder and CEO stated, "Our investment strategy is built on identifying high-growth, top-performing markets, conducting thorough and disciplined analysis, sourcing assets with significant value-add potential and executing targeted enhancement plans with precision. Amid continued U.S. market uncertainty and shifting capital dynamics, we continue to capitalize on opportunities and source high-quality investments in the country’s most attractive locations".

JLL Capital Markets' Investment Sales and Advisory team representing the seller was led by Managing Director Jason Schmidt and Director Austin Snedden.

"Quebec Square is a regionally dominant power center in a high-barrier-to-entry area of Denver," said Snedden. "The property's bullseye location, national tenancy and strong demographic profile position it well for long-term success."

"The buyer is a Canadian-based fund who has owned properties in Arizona for over eight years. Big Ben Private Real Estate I LP, with Capital Asset Management as the fund manager responsible for acquisitions, property management and asset management," said Paul Klink of Capital Asset Management, who oversees all acquisitions for the fund. “Quebec Square and the Denver market is a strategic part of the funds long term growth. The Denver market has demonstrated the stability our fund is looking for as part of our strategic plan in the coming years. Quebec Square is a core asset seeding our initial push into the Denver markets.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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ALTO Real Estate Funds focuses on investing in and developing logistics centers and open-air shopping centers in high-growth U.S. markets. Over the past 15 years, ALTO has raised approximately $540 million across four funds. ALTO has acquired 78 properties with a total value of $1.8 billion and 47 successful exits. For more information, visit www.alto-investments.com

Capital Asset Management is a local, privately-owned commercial real estate company operating in the greater Phoenix metropolis, Nevada and Hawaii, offering property management, brokerage, leasing and development services. With a motto of "Commercial Real Estate. Better.", the company strives to deliver superior experiences for clients, tenants, vendors and employees through progressive, data-informed property management, high-level leasing representation and sustainable development.