A joint venture of Gart Properties and the Rifkin Family Investment Co. acquired the asset in October 2004 for approximately $41 million. ING says the value of this latest transaction is $55 million, but it didn't make clear whether that figure represents the price paid for its stake or the retail value of the entire property. Neither ING nor Gart were available Thursday afternoon for comment.

The Village Shopping Center is a community retail center located in the heart of Boulder's retail corridor on Arapahoe Avenue, across 28th Street from the former Crossroads Mall. The Village is anchored by the local hardware store McGuckin and Boulder Ski Deals, and will soon be home to Sunflower Market, a value oriented natural foods grocer.

"The Boulder retail corridor is a strong retail market and is currently experiencing a renaissance from the re-development of the Crossroads Mall," says ING Clarion Partners SVP Pete Stone in a prepared statement. "The Village Shopping Center will provide a good opportunity for a value-add investment, both through the re-positioning of the center and the improvement of the overall market."