Retail

Aurora Retail Center Fetches $51.4M

PREP Property Group Inc. a Utah-based real estate company focused on creating value in retail real estate, recently acquired the Aurora City Place retail center in Aurora. The center is the latest property to be added to the PREP Strategic Investments portfolio.

According to public records, the joint venture of Weingarten Realty Investors and GDC Properties sold the asset for $51.4 million.  PREP also took out a $36.2 million loan from Pacific Western Bank.

The 356,305-square-foot regional shopping center is located at the dominant intersection of I-225 and E. Alameda Avenue. The mixed-use development features Target (NAP), Ross Dress for Less, Michaels, PetSmart, Party City, Conn’s, Barnes & Noble among several other national and regional tenants.

“PREP is pleased to announce the acquisition of Aurora City Place. Located in one of the fastest growing MSA’s, Aurora City Place offers a premier regional shopping destination for the Denver/Metro area,” said Roy Williams, PREP chief investment officer. “PREP’s mission is to be the industry leader in transforming retail real estate assets and the acquisition of Aurora City Place will be a great addition to our growing Strategic Investment portfolio.”

The center is the latest property to be added to the PREP Strategic Investments portfolio, which includes: Hanover Crossing in Hanover, Massachusetts, Posner Commons in Davenport, Florida, Shadow Lake Towne Center in Papillion, Nebraska, Hillside Village in Cedar Hill, Texas and Kenwood Collection in Cincinnati, Ohio.

Photo courtesy of Weingarten

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