AURORA, CO-A joint venture between PCCP LLC and Alberta Development Partners has revealed the sale of a major portion of Cornerstar, a 750,000-square-foot regional power center in Aurora, CO. The buyer was Cole, a net-lease real estate investment trust, which acquired 430,000 square feet of the 97% leased center for $116.5 million.
The acquired portion includes 24 Hour Fitness, Sprouts Farmers Market, and Dicks Sporting Goods along with many small shops, a diverse mix of restaurants including Red Robin, Tokyo Joes, Which Which, Real de Minas, and others. Target is also an anchor tenant at the center but was not a part of the transaction.
The PCCP/Alberta joint venture purchased 158 acres of land for the development of Cornerstar in March 2006, as GlobeSt.com reported, sold a 9.7-acre site to Target in December 2007, and an 18-acre site to a multifamily developer in August 2008.
The center, which is located at the intersection of East Arapahoe Road and Parker Road, officially opened in November 2008. In 2012, the ownership determined to add more value to the asset and developed an additional 10,000 square feet of inline shops which have since been leased.
“Although this project made its debut in the midst of the economic downturn, the quality of the development, its prime location, and Alberta Development Partners' local market knowledge and tenant relationships, were key factors in making Cornerstar a success,” says Philip Russick, principal with PCCP LLC. “With a lack of stabilized, class A retail real estate in the region, we felt it was a strategic time for this disposition.”
Ron Urgitus, Brad Lyons, and George Good of CBRE represented PCCP/Alberta in the transaction. Cole represented itself.
Urgitus tells GlobeSt.com that “Cornerstar is a core, trophy asset with an outstanding, institutional-quality tenant line-up. It is located in one of the fastest growing sub-markets in the Denver metro area. Not surprisingly, we garnered tremendous buyer interest.”
“Donald G. Provost, principal with Alberta Development Partners, adds that “Cornerstar is truly a trophy property with all the fundamentals existing to provide Cole with a successful asset now and in the future.”
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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.
