X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BROOMFIELD, CO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that GI Partners has sold its 75% ownership stake in FlatIron Crossing, a 1.7-million-square-foot class-A regional mall here to its joint venture partner, Macerich, the Los Angeles-based public REIT.  GI Partners invested in FlatIron Crossing in 2009, acquiring its 75% interest in the mall from Macerich, who remained the operating partner in the venture. 

According to a prepared statement, the sale of FlatIron Crossing generated a return of approximately two times invested capital and over a 25% gross internal rate of return to limited partners of GI Partners Fund III LP. Rick Magnuson, executive managing director of GI Partners, says in a prepared statement that the company “structured a transaction with Macerich after the financial markets collapsed to align our interests and collaboratively navigate the downturn by securing the long-term tenancy of numerous marquee tenants.” He adds that “Macerich is well-positioned to continue developing the amenities of this dominant North Denver mall for sustained long-term growth and success.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.