Editor’s note: This story’s headline has been updated to clarify that the $49 million sale included multiple parcels of land.

The Ofpers Partners sold the Parkway Center in Breckenridge, home to the City Market grocery store, on April 25 for $49 million.  

The Kroger Co., the parent company of City Market, partnered with the Denver-based Kentro Group to buy the center. They plan to renovate the grocery store and honor the current leases for the businesses in the center.

Kentro is a developer that specializes in private commercial real estate investment with a focus on retail spaces, such as grocery stores and shopping centers. The developer played a role in bringing TJ Maxx and Sierra to Silverthorne back in 2021. 

Kroger and Kentro purchased the center itself, the parking lot in front of it, the land to the west of the parking lot and the two plots of land to the south of the parking lot that are on the corner of Park Avenue and North French Street. Ofpers Partners originally bought the property from Resolution Trust Corp. and American Savings of Colorado on Aug. 4, 1992.

In 2018, the town of Breckenridge, Ofpers Partners and Kroger were making plans to expand the grocery store, yet it never ended up happening.

Kentro Group managing partner George Balafas said the grocery store in the plaza will remain a City Market.

“I think it’s a generational asset and a phenomenal piece of land,” Balafas said. “We’re super excited about it.”

Other businesses impacted by the sale include Soupz On, Breckenridge Ski & Sport, AMR Sports Rentals Ski & Board and Windy City Pizza and Pub. The leases for these businesses have up to five years left on them. 

Balafas said that once those leases are up, Kentro is open to keeping those businesses in the plaza. 

“We’re looking at redevelopment, so we’d want all the tenants that are interested in being part of the development to continue to be part of this site,” Balafas said. 

Jack Anderson, owner of Soupz On, said that Kentro confirmed with him that they will keep the lease he signed with Ofpers Partners, which has another three year lease on it. Owner of AMR Rentals Ski & Board Dave Stillman also said Kentro has committed to keeping his lease, which has another five years on it. 

Both Anderson and Stillman said they would be willing to have their spots be a part of the redevelopment that Kentro is planning.

“I’ve been here for 30 years already, and I’d stay there forever if I could,” Stillman said. 

At a Breckenridge Town Council meeting on Tuesday, June 11, Breckenridge’s town manager Shannonn Haynes informed council members that the town has been in talks with Kentro about potentially putting the temporary food and delivery center for its e-delivery pilot program with 106 West Logistics on the property.

The program aims to get delivery trucks out of downtown by creating central delivery center where everything is dropped off and then dispersed through a small fleet of electric vehicles.