We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
Sponsor Generated Content
Provident Realty Advisors and The Kroenke Group, through an entity called FlatIron Marketplace 2013 LP, paid Sears Roebuck and Co. $5.2 million for the Great Indoors store and 4.8 acres on which it sits at 231 E. Flatiron Crossing Drive.
The 155,000-square-foot Great Indoors has been vacant since Sears shuttered the store in late 2012. It represents a large chunk of the shopping area that covers 45 acres and more than 400,000 square feet of restaurant and retail space east of the FlatIron Crossing Mall.
A representative of the new ownership group could not be reached.
FlatIron Marketplace 2013 LP purchased most of the shopping center from Ohio-based DDR Corp. in July for $20.3 million. According commercial real estate brokerage CBRE’s online listing for FlatIron Marketplace, nearly 143,000 square feet are available for lease at the shopping center, not counting the Great Indoors space.
Large stores like Great Indoors, Nordstrom Rack, Linens N Things and Office Depot have all closed in recent years.
Broomfield economic development director Bo Martinez said an issue for retail along the Highway 36 corridor in general is that the recession slowed the growth of housing and job creation there. Now that new construction activity is picking up again, he believes existing retail will get the support it needs and new retail activity will be attracted to the area.
Martinez said the city has been working on finding opportunities to revitalize FlatIron Marketplace over the past 12 months. He said the new owners don’t have any definitive plans yet, noting that revitalization could entail anything from re-tenanting the existing buildings to redeveloping the site into a higher-density mixed-use development.
“We’re going to work very closely with them on repositioning and redeveloping the FlatIron Marketplace area,” Martinez said. “We’re excited that there’s going to be good things to come.”