The acquisition is part of a 1031 tax-deferred exchange, arranged as part of the company's tax planning strategy in response to the significant gains associated with the previously announced sale of assets to the Macquarie DDR Trust.
Flatiron Marketplace, completed in 2001, is approximately 98% leased, is anchored by Best Buy, Linens N' Things, Nordstrom Rack, Office Depot, Famous Footwear, Pier 1 Imports and the Great Indoors (owned by the retailer). The property is wholly owned by DDR.
Flatiron Marketplace is immediately adjacent to US 36 and the E-470 extension, known as the Northwest Parkway, in the northwest commercial corridor between Denver's central business district and Boulder.
The property is located adjacent to FlatIron Crossing, a 1.5-million-sf regional enclosed mall, and Interlocken Advanced Technology Environment, a 963-acre, mixed-used development comprised of an Omni resort and golf facility, a satellite location for the University of Colorado, and 4.3 million sf of office space.
The retail mass located in the Flatiron submarket creates a shopping destination, drawing shoppers from a broad trade area. The submarket is also expected to experience significant population growth within the next five years as additional residential developments in the area are completed.
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