FORT COLLINS, CO-NewMark Merrill Cos. of Woodland Hills, CA has entered the Colorado market with its $9.2 million acquisition of an Albertson's based shopping center. The property, at College Avenue and Horsetooth Road, is called Cottonwood Corners.

The 80,276-sf shopping center was built in 1981 and sits on a parcel of slightly more than seven acres. The new owners plan several immediate improvements to the shopping center, including upgrading the common areas and adding new signage.

NewMark Merrill bought the center from Cottonwood Corners LLC in a transaction that was brokered by Rhys Christensen of Realtec. Sandy Sigal, chairman and CEO of NewMark Merrill, put the deal together along with Jim Patton, the company's director of leasing and acquisitions, partnering with Fort Collins-based Allen Ginsborg, founder of Pacific Retail Partners.

Scott Clark with Pacific Southwest Realty arranged the financing with John Hancock Insurance, and the new owners have named Investors Properties to manage the property. NewMark Merrill notes that the Cottonwood Corners regional trade area serves as a retail option for many of the surrounding communities, including Fort Collins, Mountain View, Kenyon Corner, Arrowhead, Drakes and Harmony.

Sigal cites an "excellent tenant mix" at the Cottonwood Corners center, along with "the potential for improvement" because of its location. "We have worked with Allen Ginsborg for many years and were looking for opportunities to partner with him," Sigal adds.