JV Acquires 77,000-SF Retail Center

COLORADO SPRINGS, CO-HH Bypass LLC, a joint venture between Los Angeles-based Hanover Financial Co. and Denver based Highline Acquisitions LLC, has paid $3.45 million for the Bypass Plaza retail center in this city about 60 miles south of Denver. The two-building, 77,000-sf property was constructed in 1970.

The project’s major tenants include Harbor Freight Tools and Aaron’s Rents, Inc. The joint venture’s business plan includes completing an exterior renovation and repositioning the tenant base.

“This transaction represents Hanover’s continued appetite for value-added niche opportunities in the Rocky Mountain region” says Brent Tharp, director of originations for Hanover’s Denver office.

“Bypass Plaza further expands Highline’s presence in the state and reflects our continued interest in reposition opportunities,” adds David Puchi of Highline.

Both the buyer and the seller represented themselves in the transaction.

Hanover’s managing partners are Michael H. Lowinger and Mark Macedo. David Puchi and Douglas Arnold are principals with Highline Group LLC.

Hanover Financial Co. provides joint venture real estate equity for the small to mid-sized real estate investment and development market.

Founded in 1999, Hanover has acquired and developed more than $400 million in real estate assets and simultaneously sold more than $230 million in property. Hanover has successfully completed over 45 investments located in major metropolitan markets throughout the western US.

Highline has acquired more than $25 million of commercial real estate assets over the past four years, including offices, retail and industrial properties.

Highline specializes in acquiring undervalued assets and then adding value to the real estate through a variety of different methods. This approach has allowed Highline to realize significant positive returns to investors.