Gart Properties Receives $42 Million for Colorado Portfolio

Denver — The four centers include Pavilion Shopping Center in Fort Collins, Indian Tree Shopping Center in Arvada, Micro Center Shopping Center in Denver, and Saddle Rock Village in Aurora.

Denver — Gart Properties has received $42 million in financing for a four-property retail portfolio in Colorado that totals 436,107 square feet. The centers include Pavilion Shopping Center in Fort Collins, Indian Tree Shopping Center in Arvada, Micro Center Shopping Center in Denver, and Saddle Rock Village in Aurora. The portfolio was 94 percent occupied by anchors such as Michaels, T.J. Maxx, Sprouts and PetSmart.

The proceeds were used to refinance maturing debt on the centers and to also allow Gart Properties to realize the value that had been created through renovation and repositioning of the assets. The 10-year loan carries a fixed rate of 4.5 percent. Eric Tupler, Josh Simon and Kristian Lichtenfels with HFF arranged the financing through a correspondent life company lender.

Denver-based Gart Properties has a portfolio of more than 3.5 million square feet of shopping center space.

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