DENVER—Holliday Fenoglio Fowler, has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air, regional shopping mall located in downtown Denver.
HFF worked on behalf of the owner, Gart Properties, LLC, to arrange a joint venture equity partnership with MetLife Real Estate Investors. Additionally, HFF placed a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers.
Gart Properties is a Denver-based real estate investment, development and management company, which office, hotel, residential and retail sectors and owns and or manages more than three million square feet of shopping centers.
Featuring a mix of restaurants, entertainment venues and national, regional and local retailers, Denver Pavilions is the largest retail shopping center in downtown Denver. Renovated in 2010, the 95% leased mall is home to a flagship H&M store (Colorado's first H&M location) in addition to a newly-renovated United Artists theater, Lucky Strike Lanes, Banana Republic, Forever 21, BareMinerals, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble and more. Complete with a 797-stall, two-level, subterranean parking garage, the three-story mall sits on 3.88 acres and covers two half-city blocks with a building bridge on levels two and three that spans Glenarm Place, the downtown street that bisects the mall. Located at 500 16th Street between Welton Street and Tremont Place in downtown Denver, Denver Pavilions is within walking distance to the Colorado State Capitol building, Civic Center Park, the Colorado Convention Center, the Denver Center for the Performing Arts and numerous hotels.
The HFF equity placement team was led by senior managing directors Mary Sullivan and John Jugl. The HFF debt placement team was led by senior managing director Eric Tupler.
“I can't say enough about Mary, John and Eric,” said Mark Sidell, president of Gart Properties. “We have enormous respect and confidence in them and the entire HFF team. This deal, among other recent transactions in Denver, underscores the emergence of Denver as a top-tier city for global retailers and investors alike.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
