DENVER-NewMark Merrill Mountain States, a division of NewMark Merrill Cos., has been appointed the new management firm for four of Panattoni Development Cos. Colorado retail centers totaling over 1 million square feet. The management assignment was procured by Allen Ginsborg, NewMark Merrill Mountain State’s managing director and principal.
Ginsborg will direct the marketing and management of all the centers with local asset manager Luke McFetridge.
“The Panattoni assignment is part of our growing presence in Colorado. We have a strong synergy with the existing Panattoni retail team and are confident our operational and marketing expertise will add value to the portfolio immediately,” says Ginsborg.
One of the centers, Twin Peaks Mall, is located in Longmont, about 35 miles north of Denver. The 550,000-square-foot mall is home to over 40 retailers, which include Dillard’s, Sears, Game Stop, Victoria’s Secret, Applebee’s, Maurice’s, Zales and United Artists to name a few. The center was purchased in 2007 to pursue a redevelopment and repositioning of the site. Since its acquisition Panattoni has been working with the City of Longmont and current and perspective tenants to create a dynamic plan to reinvigorate the mall. The center was originally built in 1985-86.
Ginsborg will lead the redevelopment efforts for Twin Peaks Mall with current mall manager Sandra O’Clock. “Repositioning Twin Peaks Mall will require us to apply all of the skills we have learned over decades of successful shopping center redevelopment projects,” says Ginsborg. “Mall transformations are a sign of the times and opportunity to lead our industry into the future … I’m eager to lead this effort.”
Other centers include:
Harvest Junction North & South, which is located just east of US Hwy 287 at Ken Pratt Blvd. in Longmont. These two centers, located directly across the street from each other, total 322,816 square feet and are home to Lowes Home Improvement, Bed Bath & Beyond, Petco, Michaels & Marshalls, Dick’s Sporting Goods, Staples, Walgreens Drug Store, Best Buy, Dollar Tree, DSW Shoe Warehouse and several other major tenants. The center was built by Panattoni Development in 2005-06. This project is one of the largest developments undertaken in Longmont, which is located approximately 35 miles from Denver, Colorado. The center is currently 94 % leased.
Northglenn Marketplace is the final center in the Colorado portfolio assigned to NewMark Merrill Mountain States. It is located off the I-25 at104th Ave, Northglen, CO. The portion owned by Panattoni is a former 76,157-square-foot Mervyn’s. Tenants include Woodley’s and K&G Men’s Superstore. The center is part of a larger regional development which tenants include Lowe’s, Joann’s, Marshall’s, Borders, Bed, Bath & Beyond, PetSmart and Sports Authority.
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