In 1999, Goldberg sold his company to Atlanta-based JPN. About a year ago, Cleveland-based Developers Diversified Realty purchased JPN in a stock deal worth $380.3 million.
Goldberg wanted a financially strong partner with a company that understood the local market. He says he found it with Opus Northwest. The local Opus office is headed by his friend of more than 20 years, John Shaw.
Goldberg has developed more than two million sf in retail developments in the metro area over almost a 30-year period, while Opus has developed about 850,000 sf of retail with partners. Shaw says Goldberg knows the local retail market--and future opportunities--as well as anybody in town, so he says he jumped at the opportunity to work with him.
They've already placed 30 acres in Longmont under contract, where they hope to develop a 250,000-sf to 300,000-sf big box retail center. Shaw says he expects most deals they do together will be in the 100,000-sf to 500,000-sf range. They are not only looking for greenfield opportunities in the metro area, but also would consider renovating existing properties.
However, Goldberg doesn't have an exclusive arrangement with Opus Northwest. In other words, there is nothing preventing him from teaming up with other partners. But Goldberg says he expects at least 50% of his deals in the future will be with Opus Northwest. Shaw says Goldberg will put his own equity in every deal they do together.
Goldberg has a long history with many big box tenants in the metro area, including Wal-Mart.
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