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DENVER-Twin Peaks Mall, a 556,000-sf mall in Longmont, CO is being considered for extensive redevelopment by its new owner, Panattoni Development Company. The Sacramento, CA-based real estate firm acquired the property from CBL & Associates, the Chattanooga, TN-based retail REIT that developed the 56-acre property. The purchase price was $33.6 million.

Twin Peaks Mall was completed in 1985. Approximately 80 tenants now occupy the mall, which is anchored by Dillard’s, Sears, and United Artist Theatre. A J.C. Penney department store building closed in December and is currently unoccupied; CBL had been planning to demolish the building and develop something new on the footprint.The mall’s sales in 2006 were $232 per sf, making it one of the worst performers in CBL’s 72-property portfolio. As of its latest quarter, the average sales per sf at CBL malls was $344. Will Damrath, a partner in Panattoni’s Denver office, says the company is considering an extensive redevelopment of the property. Panattoni is hoping to incorporate a state of the art movie theater and a natural food grocer into the project, he says.

Panattoni is familiar with the market, having developed Harvest Junction, a regional power center on the east side of Longmont that it still owns.

CBL says the sale of Twin Peaks Mall will result in a $3.9-million gain for the company. The company says it will use the proceeds to pay down debt.

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