(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
FORT COLLINS, CO-NewMark Merrill Mountain States is anticipating spending between $25-million and $50-million on a complete rebranding of Twin Peaks Mall in Longmont, CO. The company purchased the fully enclosed mall from the Panattoni Co. this week and will now own and operate it after managing it since October 2010.
NewMark Merrill is aiming for a strategic repositioning of the center “to offer fresh experiences, including more high-quality shopping, dining and entertainment choices,” says Allen Ginsborg, managing director and principal of the company.
The mall is located 10 minutes from Boulder at a “key entry point to the city,” according to Longmont’s mayor, Dennis Coombs. Current tenants include specialty stores Bath & Body Works, Game Stop, Kay Jewelers, Victoria’s Secret and Zales.
Ginsborg says the company will be gathering input from the community and meeting with the City and retailers in the coming months to formulate a “vibrant and viable redevelopment plan.” NewMark Merrill could not be reached by GlobeSt.com for further comment by deadline.
The acquisition was negotiated by Ginsborg with the principals at Panattoni Co. and Bank of America, which served as lender. It was funded with private capital as well as a loan negotiated by Jay Brooks and Gary Mozer of George Smith Partners. Mozer tells GlobeSt.com that "This is what we call fast financing." He explains that the loan on this asset was arranged from start to finish in just 10 days.
NewMark Merrill manages and/or owns more than 70 shopping centers in three states including nearly 2 million square feet of retail space in Colorado. Under Ginsborg’s leadership, the firm has been involved in Longmont retail properties since 1997, with the development of Home Depot. In August 2011, the company signed on to manage Citadel Crossing, a power center in Colorado Springs that opened a Lowe’s in December 2012, as GlobeSt.com reported.
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