Foothills mall owners buy tri-state retail portfolio

Alberta Development Partners and an affiliate of Walton Street Capital LLC, the owners of Foothills mall in Fort Collins, have purchased a collection of retail properties located in Colorado, California and Hawaii.

The total portfolio is 671,538 square feet spread over four properties, according to a release from CBRE Group Inc., which brokered the transaction.

Two of the properties are located in Colorado. One, the Broadlands Marketplace in Broomfield, consists of 103,883 square feet, and the other, Meadows On The Parkway in Boulder, is 216,437 square feet.

The partnership also purchased the 165,486-square-foot Rancho Temecula Town Center, in Temecula, Calif., and the 185,732-square-foot Maui Mall in Kahului, Hawaii.

The purchases closed on Dec. 31, 2013, and Jan. 1. The purchase price was not disclosed.

Last week, Alberta sold the majority of the Cornerstone shopping center in Aurora for $116.5 million to a Phoenix-based real estate investment trust.

Denver-based Alberta and Chicago-based Walton purchased the Foothills mall in Fort Collins for $39 million in summer 2012. Alberta has begun work on a $313 million redevelopment of the aging mall, following lengthy negotiations with the city involving a $53 million public finance package.

Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

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