Sunday, January 19, 2014

PCCP, LLC and Alberta Development Partners Joint Venture Sells Major Part of Cornerstar Power Center in Aurora, CO for $116.5 Million

   
Cornerstar power center, Aurora, CO


Donald G. Provost
San Francisco, CA – A joint venture between PCCP, LLC and Alberta Development Partners has announced the sale of a major portion of Cornerstar, a 750,000-square‐foot regional power center in Aurora, CO. 

The buyer was Cole, a net-lease real estate investment trust (REIT), who acquired 430,000 square feet of the 97 percent leased center for $116.5 million.

The acquired portion includes 24 Hour Fitness, Sprouts Farmers Market, and Dicks Sporting Goods along with many small shops, a diverse mix of restaurants including Red Robin, Tokyo Joes, Which Which, Real de Minas, and others. 

Target is also an anchor tenant at the center but was not a part of the transaction.

Ron Urgitus
The PCCP/Alberta joint venture purchased 158 acres of land for the development of Cornerstar in March 2006, sold a 9.7-acre site to Target in December 2007, and an 18-acre site to a multifamily developer in August 2008.

The center, which is located at the intersection of East Arapahoe Road and Parker Road, officially opened in November 2008. 

In 2012, the ownership determined to add more value to the asset and developed an additional 10,000 square feet of inline shops which have since been leased.

“Although this project made its debut in the midst of the economic downturn, the quality of the development, its prime location, and Alberta Development Partners’ local market knowledge and tenant relationships, were key factors in making Cornerstar a success,” said Philip Russick, principal with PCCP, LLC.  “With a lack of stabilized, Class A retail real estate in the region, we felt it was a strategic time for this disposition.”

  “The partnership we had with PCCP over the past eight years was a key element in making our vision for this retail center a reality,” said Donald G. Provost, principal with Alberta Development Partners. “Cornerstar is truly a trophy property with all the fundamentals existing to provide Cole with a successful asset now and in the future.”

Brad Lyons
Ron Urgitus, Brad Lyons, and George Good of CBRE represented PCCP/Alberta in the transaction. Cole represented itself.
  
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.

  PCCP has over $6 billion in assets under management on behalf of institutional investors. 

With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. 

Alberta Development Partners is engaged in the acquisition, development and investment of retail and residential real estate opportunities located throughout the western United States. 

George Good




 PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.  

PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital.


Alberta focuses its efforts on regional retail shopping centers, mixed-use commercial and residential projects and select build to suit opportunities that include grocery-anchored shopping centers and value added opportunities. 

In the past four years, Alberta has delivered $460 million worth of completed projects, making Alberta one of the most aggressive retail and mixed-use development firms in the marketplace. 


For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224



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