Matrix Group Acquires Province Center in Highlands Ranch, CO
Matrix Group purchased Province Center, a small multitenant retail property in Highlands Ranch, Colorado, for $2.31MM in August 2016. The 14,900 square foot center is located just south of Highway 470, a highway that runs east-west through the south suburban Denver metro area.
The project was 60% occupied at the time of the purchase, with a 5,884 square foot previous dance studio sitting vacant. Matrix Group bought the property on auction and intends to implement a competitive leasing strategy to bring the property up to 100% occupancy within the first few months of owning it.
Province Center was an attractive buy for Matrix Group because of its proximity to one of the company’s other retail centers, Highlands Ranch Marketplace, as well as its location and value-add opportunities.