DENVER-PCCP LLC; Alberta Development Partners LLC and Walton Street Capital LLC have closed on the $300 million recapitalization of the Streets at SouthGlenn. Located at Arapahoe Road and University Boulevard, the Streets at SouthGlenn is an open-air town square-style retail, entertainment, commercial and residential property located in Centennial, CO.
A redevelopment of the former SouthGlenn Mall, the Streets at SouthGlenn consists of approximately 580,542 square feet of retail use, 137,010 square feet of office and 202 apartment units. According to a prepared statement, the recapitalization provides the new venture with significant working capital “to build upon the success already achieved at the property.”
Phil Russick, principal at PCCP, tells GlobeSt.com that “our business plan is to completely lease up the Streets at SouthGlenn and have a highly successful mixed-use retail, apartment, office center in the south Denver region.” Currently, the retail portion is 72% leased.
He continues that right after it closed on the recapitalization, it executed on five new leases with retail tenants “that had been anxious to locate to this property,” adding that “we’ve moved forward on leasing and tenant improvement programs and are talking to a number of new tenants who are very interested in locating to the property. We can now ensure continuity with our team on behalf of new and existing tenants and create great momentum for the property.”
The venture also recently signed an 11-year lease with Pearson. Pearson’s eCollege business will occupy three floors totaling 96,927 square feet of space of the Silver LEED certified five-story class A office space. The group will occupy in November 2010 bringing 680 employees to the Streets at SouthGlenn. No further lease terms were given by deadline.
According to Russick, “Over the past six months, we have spent countless hours securing the cooperation of multiple lenders in a bank group to acquire the indebtedness and reinforce the capital structure of this investment. We are now looking forward to stabilizing this core irreplaceable property with continuity in strategy and ownership …”
According to Don Provost, founding principal of Alberta Development Partners LLC, the recapitalization “will further differentiate the Streets at SouthGlenn as a leading shopping, dining and entertainment destination.” He adds that “The Streets at SouthGlenn provides a great center for the community and our hard work over the past few months achieving this recapitalization will only enhance that experience as we continue to add tenants to the campus.”
Retail leasing at the property remains strong, according to the prepared statement, including 41,500 square feet of new leased space opening this summer and early fall. The Streets at SouthGlenn will soon welcome University of Phoenix, Snooze – an AM eatery, Shine Boutique, Just Pets, Edible Arrangements, Dairy Queen, Smooch the Pooch – a pet boutique, Pearl Vision and Cheers. In addition, two restaurants will open their doors with early summer openings including Hodson T’s and Cantina Laredo – a gourmet Mexican food eatery.
The Streets at SouthGlenn features restaurants, Whole Foods Market, 24 Hour Fitness - Super Sport Club, Hollywood Theaters and local and national women’s and men’s apparel retailers. The retail center also is home to the Commons, a one-city-block-long park, which features a grand fountain and fireplace, mature landscaping and lush gardens.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
