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17 Former Albertsons Stores in Colorado Retrade

DENVER-Hampton Partners and Inland estimate their total cost to acquire, rehab, demise and release the 780,000-sf portfolio at between $60 million and $65 million.

By Brian K. Miller | Updated on September 19, 2007

DENVER-A joint venture between locally based Hampton Partners and Inland Western Retail Real Estate Trust Inc. of Chicago has acquired a portfolio of 17 vacant former grocery store buildings in Colorado. The 780,000-sf package includes 11 buildings in the Denver Metro area, three in Colorado Springs and additional ones in Loveland, Greeley, and Security, CO. The properties, some fee-owned and some leasehold, were part of a 65-store portfolio that grocer Albertson’s sold in 2006 to an institutional investment group led by Cerberus Management and Kimco Realty Corp.

Hampton Partners principal Scott Robinson tells GlobeSt.com that its total cost to acquire, rehab, demise and release the buildings is estimated at between $60 million and $65 million. Robinson did not break out the acquisition cost, which is believed to be approximately 50% of the total. The management and leasing of the properties will be handled by Debbie Tamlin, president of the Ft. Collins-based brokerage firm ZTI Group and also a partner in the acquisition with Hampton and Inland.

The portfolio includes nine fee buildings and eight that are leasehold properties. The general plan for the owned properties is to rehab and demise them into two- or three-tenant spaces and lease them to retailers such as Petsmart, Office Depot, Staples, Dollar Tree, Ace Hardware and Goodwill. What actually happens at each particular property will depend on the demographics and what already exists at competitive properties.

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