Longmont Retail Center Sells for $73.8M
A 364,000-square-foot retail park located in Longmont has sold for $73.8 million. JLL Capital Markets represented the seller, a joint venture between Walton Street Capital and a regional operating partner, and a joint venture between Wafra, Inc. and Pine Tree acquired the asset. Working on behalf of the new owner, JLL also secured the $36.9 million, seven-year, interest-only, fixed-rate loan through a correspondent life insurance company.
Built in 2006, the 97-percent-leased center is home to Lowes, Ross, Marshall’s, Best Buy, Dick’s Sporting Goods, Michael’s, Petco, Staples, DSW and more. Nearly 3.5 million people visit Harvest Junction per year, and the center is in the top 7 percent of shopping centers in the U.S. The new ownership will continue to maintain the substantial operations at the property and position the center as the preeminent shopping destination in the market.
Located at 205 & 210 Ken Pratt Blvd., the center serves the high-growth communities of Longmont, Loveland, Greeley, Boulder and Fort Collins areas. Situated along Highway 119, the park is visible to 74,000 vehicles daily and is the direct beneficiary of $18.2 billion in spending power within a 30-minute drive. Harvest Junction is also 20 miles from the University of Colorado and proximate to future demand drivers, including UC Longs Peak Medical Center and the new JM Smucker Plant.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Barry Brown and Managing Directors Bryan Ley and Jason Schmidt. Senior Managing Director Eric Tupler and Director Will Haass led The JLL Capital Markets Debt Advisory team.
“Harvest Junction plays a key role in the retail landscape of the thriving markets in Northern Colorado,” said Schmidt. “This is irreplaceable real estate that will continue to demand the attention of brand-named tenants looking to capitalize in one of the strongest growth markets in the nation.”