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.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.