HFF Arranges Finance for Four Retail Properties

DENVER–HFF has arranged $42 million in financing on behalf of Gart Properties for a four-property retail portfolio totaling 436,107 square feet. 

HFF worked exclusively on behalf of Denver-based Gart to secure the 10-year, 4.5% fixed-rate loan with a correspondent life company lender.

Loan proceeds were used to refinance maturing debt on the properties and to allow Gart Properties to realize significant value that had been created through renovation and repositioning of the assets including strategic leasing and management throughout the past several years.

The properties included in the financing are: Pavilion Shopping Center in Fort Collins; Indian Tree Shopping Center in Arvada; Micro Center Shopping Center in Denver; and Saddle Rock Village in Aurora.  The portfolio was 94% occupied at closing, including anchor tenants Michael's, T.J.Maxx, Sprouts, Micro Center, PetSmart, and Jo-Ann Fabric and Craft Store.

The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Kristian Lichtenfels.

“The entire HFF team did a terrific job beyond just covering the market with respect to potential lenders, but also in telling the Gart story and making sure that the ultimate lender not only offered compelling terms but was also an excellent cultural fit for our organization,” said Mark Sidell, president of Gart Properties.  “This was a very meaningful deal for us and one that positions us to continue our aggressive acquisition program.”

Gart Properties is a Denver-based real estate investment, development and management company. Its portfolio of properties includes office buildings, resort properties, residential developments and more than 3.5 million square feet of retail shopping center space.  www.gartproperties.com.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc.