BrokerageRetail

Gart Properties Acquires Orchard Plaza, Building on Strong Colorado Footprint

Gart Properties LLC, a Denver-based privately held real estate company has acquired the 155,000-square-foot retail and service center, Orchard Plaza, located in the heart of the Denver Tech Center, at the northwest corner of East Orchard Road and South Yosemite Street. A purchase price was not disclosed.

The center’s tenants include Primrose School, Starbucks, Federal Express and Specialty Appliance among others. Spice Trade Brewery & Restaurant has recently been added to the roster and will open before year-end.

“Gart Properties’ local presence and full-service delivery system will allow us to merchandise the property with a market-appropriate tenant mix, and significantly raise the level of occupancy,” states Mark Sidell, president of Gart Properties.

The acquisition of Orchard Plaza builds upon Gart Properties’ already strong presence in their primary market of Colorado. Other notable assets in the state include the 350,000-square-foot Denver Pavilions – located on two blocks along the 16th Street Mall, 1600 California featuring the new Target store, also located in downtown Denver, and The Village Shopping Center in Boulder.

While Gart Properties continues to expand its footprint in Colorado, the company is also pursuing opportunities in new markets throughout the Rocky Mountain West with a particular focus on Salt Lake City and surrounding suburbs.

The company’s strategy of investing in a diversified portfolio of value-add retail centers has proven to be very successful. The company also invests in other targeted real estate investment and development opportunities, including direct investment, joint venture, and strategic recapitalizations. An integral part of this new strategy is the recently launched Gart Opportunity Fund. The company has expanded the number of family office investors and is now pursuing a diversified portfolio of properties under common ownership.

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