COLORADO, SPRINGS, CO-LNR Partners has sold Rustic Hills, a community retail center here, to SpringsBon LLC for an amount undisclosed to GlobeSt.com. The property is a four-building development totaling 234,015 square feet and residing on 17.28 acres in the east retail submarket here.
Brad Cohen and Larry Thiel of Transwestern’s Denver office represented the seller in the transaction, an SPE controlled by LNR, while MiLa Properties Inc. represented the buyer.
“Rustic Hills Shopping Center is a fantastic opportunity for the buyer,” said Thiel in a prepared statement. “The buyer will reposition the center to meet the needs of the submarket.”
Transwestern tells GlobeSt.com that the center is 62% occupied with tenants including The Sports Authority, Doctor’s Vision Works, Avanti Ballroom and Loonees Comedy Club. The buyer’s plans for the property are as yet undecided, but ultimately to reposition and lease up the unoccupied space. Originally built in 1969 as the area’s first enclosed mall, it was renovated in 1997 to accommodate big-box retailers.
Rustic Hills is located on the southeast corner of Palmer Park Blvd. and North Academy Blvd., one of the area’s two major north/south arterials. “The submarket is challenged as many retailers have migrated east to the Powers Blvd. corridor,” a spokesperson for Transwestern adds.
As GlobeSt.com previously reported, earlier this month LNR sold the 166-guestroom Courtyard by Marriott in Oxnard, CA, for $11,385,000 to an undisclosed buyer. And in June, Younan Properties, Inc. acquired Anaheim Corporate Center in Orange County from LNR for an undisclosed amount.
Also, as GlobeSt.com previously reported in February, NewMark Merrill Mountain States was expecting to spend 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. at the beginning of February and is operating it after managing it since October 2010.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
