PCCP, Alberta Development Partners and Walton Street Capital Complete $300M Recapitalization of the Streets at SouthGlenn

SAN FRANCISCO, CA--PCCP, LLC; Alberta Development Partners, LLC and Walton Street Capital, LLC have announced the $300 million recapitalization of all of the indebtedness of The Streets at SouthGlenn (top centered photo) . This recapitalization provides the new venture with significant working capital to build upon the success already achieved at the property.

According to Phil Russick, Principal at PCCP, “The recapitalization of this challenging situation is one of PCCP’s core strengths.

"Over the past six months, we have spent countless hours securing the cooperation of multiple lenders in a bank group to acquire the indebtedness and reinforce the capital structure of this investment.

"We are now looking forward to stabilizing this core irreplaceable property with continuity in strategy and ownership, along with our partners Alberta and Walton Street.” PCCP’s San Francisco team, including Russick, executed and managed The Streets at SouthGlenn transaction.

 Located at Arapahoe Road and University Boulevard, The Streets at SouthGlenn is a high-profile, open-air town square-style retail, entertainment, commercial and residential property located in Centennial, Colo.

A redevelopment of the former SouthGlenn Mall, the Streets at SouthGlenn consists of approximately 580,542 square feet of retail use, 137,010 square feet of office and 202 apartment units.

Along with this recapitalization, the venture announced a 10-year lease with Pearson (NYSE: PSO), the global leader in education, technology and services. Pearson’s eCollege business will occupy three floors totaling 96,027 square feet of space of the Silver LEED certified, five-story Class A office space.

 Pearson’s eCollege is at the forefront of developing innovative, online, personalized learning programs to educational institutions around the globe. The group will occupy in November 2010 bringing 680 employees to The Streets at SouthGlenn.

“This recapitalization will continue to further differentiate The Streets at SouthGlenn as a leading shopping, dining and entertainment destination,” says Don Provost, (middle left photo)  Founding Principal of Alberta Development Partners, LLC.

 “The Streets at SouthGlenn provides a great center for the community and our hard work over the past few months achieving this recapitalization will only enhance that experience as we continue to add tenants to the campus.”

Retail leasing at The Streets at SouthGlenn remains strong including 41,500 square feet of new leased space opening this summer and early fall. The Streets at SouthGlenn will soon welcome University of Phoenix, Snooze – an AM eatery, Shine Boutique, Just Pets, Edible Arrangements, Dairy Queen, Smooch the Pooch – A pet boutique, Pearl Vision and Cheers. In addition, two large restaurants will open their doors with early summer openings in June including Hodson T’s and Cantina Laredo – a gourmet Mexican food eatery.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224