JLL Capital Markets has arranged a $54 million refinancing for a four-property retail portfolio totaling 436,055 square feet and anchored by best-in-class tenants in and around Denver and Fort Collins.
The portfolio comprises Indian Tree Shopping Center at 7705-7739 Wadsworth Blvd. in Arvada; Saddle Rock Village at 7400 S. Gartrell Rd. in Aurora; Micro Center Shopping Center at 8000 East Quincy Ave. in Denver; and the Pavilion Shopping Center at 4200-4372 S. College Ave. in Fort Collins.
JLL worked on behalf of the borrower, Denver-based Gart Properties, LLC, to place the 10-year, fixed-rate, non-recourse loan with a life company. Loan proceeds were used to retire existing debt and to allow Gart to realize significant value that had been created through the renovation and repositioning of the assets, including strategic leasing and management over several years.
Constructed between 1974 and 2005, the portfolio was 92.5 percent leased at the time of closing and features tenants such as Sprouts Farmers Market, Super Target, Ace Hardware, Anytime Fitness, Christy Sports, Hand & Stone, Michaels, Micro Center, Natural Grocers, Sherwin Williams and T.J.Maxx.
The JLL Capital Markets team that represented the borrower was led by Senior Managing Director Eric Tupler, who was involved in the original loan placed in 2014 on behalf of the borrower.
“This was a particularly smooth refinance, due in large part to Eric Tupler and his team’s thorough and organized process,” said Mark Sidell, president of Gart Properties. “Their ability to manage the complex diligence of the four properties and address issues in a timely manner contributed to the successful transaction.”
