REIT buys shopping center in Loveland for $20.6M

LOVELAND – An out of state real estate investment trust has purchased the Thompson Valley Towne Center in Loveland for $20.6 million.

Phillips Edison – ARC Shopping Center REIT Inc. purchased the shopping center at 1275 Eagle Drive for $20,587,800 earlier this month from Loveland-based Taft Carlisle LLC, according to public records. Taft Carlisle LLC is led by Don W. Marostica and Eric J. Holsapple.

Phillips Edison-American Realty Capital invests in retail properties, with a focus on neighborhood and community shopping centers. Phillips Edison is based in Cincinnati, Ohio, and American Realty Capital Trust Inc. in based in New York City. The companies created the entity Thompson Valley Station LLC to acquire the property.

Phillips Edison will take over management of the 114,637-square-foot, 22-unit shopping center from Loveland-based Thompson Valley LLC. The shopping center is anchored by grocery store King Soopers. National tenants include the UPS Store, Domino’s Pizza, Starbucks and Cost Cutters.

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