November 18, 2013 by The Denver Business Journal


Stan Kroenke’s interest in Front Range retail properties this year isn’t slowing down, as evidenced by his company’s recent $17.6 million purchase of a Lone Tree Sam’s Club building.


A limited liability company, TKG Lone Tree Colorado LLC, formed by The Kroenke Group of Columbia, Mo., and controlled by Kroenke, bought the 129,715-square-foot building at 7817 Park Meadows Drive.


That adds to the two Colorado Springs shopping centers the company bought in the first quarter for $32 million.


My sources tell me TKG is also part of a limited partnership, FlatIron Marketplace 2013 LP, that paid $25.3 million for the Flatiron Marketplace, 245 E. Flatiron Crossing Drive (near Interlocken Boulevard and U.S. 36), Broomfield.


Kroenke also owns the Denver Nuggets,Colorado RapidsColorado Avalanche and the Colorado Mammoth, in addition to theSt. Louis Rams and London’s Arsenal soccer team of the English Premier League. He ranked No. 358 on Forbes’ 2012 list of the world’s billionaires with a net worth of $3.2 billion.


Kroenke formerly owned half of THF Realty Inc., which engineered the deal to bring Cabela’s to Thornton, with his longtime business partner Michael Staenberg.


Staenberg and Kroenke launched THF Realty in 1991 and built it into a commercial real estate empire with $230 million in revenue in 2011. But the two had a falling out and parted ways in October 2012.


But Kroenke’s interest in metro Denver retail obviously hasn’t ebbed.


Lee & Associates North-San Diego County, part of the national brokerage firm of Lee & Associates, brokered the Sam’s Club deal, representing seller Sam’s Den LLC.


“We were able to achieve an extremely low cap rate, 6.25 percent, for a property with only six years remaining on a flat lease, including options,” said Ryan Barr of Lee, who worked the deal with Ryan Bennett and Kyle Bowlsby. “Most buyers approached the property and attempted to transact 25-75 bps (basis points) higher. Needless to say, the seller was very pleased.”


Sam’s Club will stay at the building, as part of its original 25-year triple net lease with 10 five-year options to renew.


Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Phone: 303-803-9232.