Gart Properties Receives $54 Million Refinancing for Four-Property Retail Portfolio

by Katie Sloan

Denver and Fort Collins, Colo. — Gart Properties has received a $54 million refinancing for four retail properties totaling 436,055 square feet in the Denver and Fort Collins metropolitan areas.

Eric Tupler of JLL placed the 10-year, fixed-rate, non-recourse loan with a life company on behalf of the borrower. Loan proceeds were used to retire existing debt and to allow Gart to renovate and reposition the centers.

The portfolio includes Indian Tree Shopping Center, located at 7705-7739 Wadsworth Blvd. in Arvada; Saddle Rock Village, located at 7400 S. Gartrell Rd. in Aurora; Micro Center Shopping Center, located at 8000 East Quincy Ave. in Denver; and the Pavilion Shopping Center at 4200-4372 S. College Ave. in Fort Collins.

The portfolio was 92.5 percent leased at the time of closing and features tenants such as Sprouts Farmers Market, Super Target, Ace Hardware, Anytime Fitness, Christy Sports, Hand & Stone, Michaels, Micro Center, Natural Grocers, Sherwin Williams and T.J.Maxx.

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