Promenade Shops sold to New York investors

LOVELAND – A New York investment firm has paid a bargain price for the Promenade Shops at Centerra.

G&I VI Promenade LLC was issued a special warranty deed for the regional lifestyle shopping center on Friday. Larimer County records indicate that the company, affiliated with DRA Advisors, headquartered in New York City, paid $75.5 million to acquire the property from CLC REO LLC, which bought it at auction in June for $85 million.

CLC was formed by the lenders, led by KeyBank, to place a pre-sale bid for the Promenade Shops at a public trustee foreclosure auction. When no other bidders stepped…