Edwards Corner, a 48,351-square-foot mixed-use neighborhood center located in Edwards, Colorado, in the heart of Vail Valley, has sold to Gart Properties for an undisclosed amount.
JLL Capital Market’s Debt Advisory team worked on behalf of the borrower, Gart Properties, in arranging an $11 million acquisition loan through a regional bank. The team was led by Executive Managing Director Eric Tupler and Directors Will Haass and Rob Bova.
Cushman & Wakefield’s Jon Hendrickson and Aaron Johnson represented the seller, Edwards Corner, LLC, in the transaction.
“We spent many years helping develop the Edwards core, building much of downtown Edwards’ commercial property. We have loved working with local businesses over the past twenty years to help grow our incredible community,” added Rick Mueller, manager, Edwards Corner, LLC. “While it is bittersweet to enter our next chapter, we are pleased to see the property transition into the hands of competent and quality ownership with strong ties to the local community.”
Located at 56 Edwards Village Blvd. in the heart of Vail Valley, Edwards Corner is 89% occupied by a diverse mix of restaurants, retailers and service-based tenants. Built in 2004 and home to nearly fifty local businesses, the property is comprised of retailers with direct consumer traffic on the first floor as well as flex space that can be utilized as office or retail on the 2nd floor. The center also includes three executive suites with private offices and amenities, including reservable conference rooms.
Notable retail tenants include Drunken Goat, Il Mago, Eye Pieces of Vail, Hovey & Harrison, UPS Store, Compass Realty and Maker & Stitch. Major office tenants include Edward Jones, LKW Design Associates, Keller Williams Realty, TAB Associates and Rocky Mountain Audiology.
“Edwards Corner represents a strategic acquisition in one of Colorado’s most supply-constrained and affluent mountain markets with a diverse tenant mix that has demonstrated strong historical occupancy in the heart of Vail Valley. We’re pleased to have secured competitive acquisition financing for Gart Properties that aligns with their extensive experience in mountain retail property management and positions them to maximize this high-barrier-to-entry mixed-use asset’s potential.” said Eric Tupler, JLL.
Edwards Corner is located just off Edwards Village Blvd. With Hwy-6 and I-70 located less than half a mile from the property, Edwards offers convenient access to Beaver Creek Ski Resort and Vail Ski Resort, just five and 15 minutes away, respectively.
