612,000-SF Chunk of Southlands Trades for $161M

AURORA, CO-Alberta Town Center LLC, a JV of Alberta Development Partners and equity partner Pacific Coast Capital Partners have sold their 36-acre core of Southlands, a 1.8-million-square-foot, 301-acre lifestyle center than includes 171,000 square feet of office space. The JV sold 611,700 square feet in 13 buildings to Granite Southlands Town Center LLC, an entity of BlackRock Realty Partners, for $161.17 million or approximately $263.50 per square foot, according to Arapahoe County records.

Several articles have been written in the past week about the transaction but none of them revealed what properties actually changed hands, how much acreage and square footage was involved, and whether Pacific Coast Capital Partners sold its stake along with Alberta Development. The aforementioned details are based on research by GlobeSt.com and Arapahoe County officials. None of the parties involved in the transaction returned GlobeSt.com queries seeking confirmation.

Southlands is located northeast of the intersection of Smoky Hill Road and Highway 470, several miles southeast of Denver. Launched by Alberta Development and PCCP in 2003 and substantially completed in 2006, the open-air center has a main street lined with shops and eateries and angled parking that runs through the center of the development.