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| Cornerstar power center, Aurora, CO |
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| 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.
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| 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.”
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| 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.
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| 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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