Aurora's City Center Marketplace has fetched $6.2 million.Trammell Crow had built the 233,847-sf project in 1985. In thesecond deal, Gart has paid slightly more than $6 million for the77,304-sf Twin Peaks Square retail center in Longmont.
Mark Sidell, president of Gart Properties, formerly was a brokerwith Trammell Crow and he tells GlobeSt.com he is extremelyfamiliar with the property. He says Gart has paid less than halfthe replacement cost of the project, which is only 50% leased. Gartwill be able to add value by investing about $3 million into theproject.
For the past 15 years, the center has suffered because itdoesn't have direct access from Interstate 225, but that willchange when a new intersection opens before the end of the year.The first half of the intersection is already open.
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