A CarMax location in Raleigh, N.C.
Reporter- Denver Business Journal
Two Denver area CarMax Auto Superstores are set to open before the year is out, a company real estate manager said Tuesday.
The two stores, the area’s first, will be located at 5850 S. Broadway, near South Broadway and Littleton Boulevard, in Littleton, and 2600 W. 104th Ave., Federal Heights, said Steven Hudak of CarMax Inc., at a Colorado Real Estate Journal Retail Conference at the Inverness Hotel in Arapahoe County.
“We’ve been looking to open in Denver for more than five years,” Hudak said, noting the Richmond, Va.-based company had plans to open two Denver stores in 2008 before the recession halted those plans.
Richmond, Va.-based CarMax Inc. (NYSE: KMX) states it’s “the nation’s largest retailer of used cars,” and has 110 stores in 52 markets. It sells about 400,000 cars per year, Hudak said.
A Colorado Springs location has been open since 2008.
Hudak said the company has a site in Golden that’s currently working out entitlements with the city.
The Federal Heights location, purchased for $6 million in April, used to be a Saturn dealership.
Each location is expected to hire 50 to 150 sales employees and service technicians. The stores are typically between 15,000 and 45,000 square-feet in size.
CarMax usually offers between 250 and 500 cars on each of its lots, most less than six years old and with less than 60,000 miles with an average selling price of $19,000, Hudak said.
The company is looking to open at least one other Denver-area store in coming years, he said.
Also at Tuesday’s conference, Dan Conway, principal and president of THK Associates, told the crowd that the seven-county metro Denver area has seen a 6.3 percent increase in retail employment in the 12-month period ending in April, which ranked the area 4th out of the top 100 markets nationwide for retail jobs growth.
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog.
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