CornerstarNL

Cole Acquires Portion of Cornerstar for $116.5 Million

by Nate Hunter

Aurora, Colo. — A joint venture between PCCP LLC and Alberta Development Partners sold 430,000 square feet of Cornerstar.

Aurora, Colo. — Cole Real Estate Investments has acquired 430,000 square feet of Cornerstar, a 750,000-square-foot power center in Aurora, for $116.5 million. A joint venture between PCCP LLC and Alberta Development Partners sold the property, which is located at the intersection of East Arapahoe and Parker roads.

The acquired portion includes anchors 24 Hour Fitness, Sprouts Farmers Market and Dicks Sporting Goods. Target is also an anchor at the center, which is 97 percent leased, but was not included in the transaction.

The PCCP/Alberta joint venture purchased 158 acres for the development of Cornerstar in March 2006. The companies sold a nearly 10-acre site to Target in December 2007, and 18 acres to a multifamily developer in August 2008. The center opened in November 2008.

“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,” says Philip Russick, principal with PCCP. “With a lack of stabilized, Class A retail real estate in the region, we felt it was a strategic time for this disposition.”

Ron Urgitus, Brad Lyons and George Good with CBRE represented the joint venture in the transaction. Cole was self-represented.

Los Angeles-based PCCP is a real estate finance and investment management firm with more than $6 billion in assets under management on behalf of institutional investors.

In the past four years, Alberta Development Partners has delivered $460 million in completed projects. The company, based in Greenwood Village, Colo., is focused on acquiring, development and investing in retail and residential real estate in the Western U.S.

Cole is a net-lease real estate investment trust based in Phoenix.

You may also like