Foothills Mall owners pay $20.8M for University Square in Greeley

GREELEY — The owners and redevelopers of the Foothills Mall in Fort Collins have acquired the University Square shopping center in Greeley for $20.8 million. W-ADP University Square Owner VII LLC, an entity made up of  Chicago-based Walton Street Capital and Greenwood Village-based Alberta Development Partners LLC, acquired the shopping center from the California-based entity 720 University LLC on June 15, according to public records.

Private-equity real estate investment firm Walton Street Capital and Greenwood Alberta Development Partners co-own and are redeveloping the Foothills Mall. They previously partnered in late 2013 to acquire the Broadlands Marketplace in Broomfield, using the entity W-ADP Broadlands VII, and the Meadows on the Parkway shopping center in Boulder using the entity W-ADP Meadows VII LLC.

Officials at Walton Street Capital and Alberta Development Partners could not be reached for comment.

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The 250,000-square-foot University Square shopping center on 24.4 acres at 2604 11th Ave. in Greeley is home to King Soopers, Ace Hardware, Big Lots and about 30 other tenants.

The shopping center was built in 1971 and underwent renovations and expansions in 1980 and 2003. 720 University LLC acquired the shopping center in 2000 for $9.5 million from Pacific American Property Exchange, according to public records.

720 University LLC is made up of Owens Realty Mortgage Inc. (NYSE: ORM), a real estate investment trust, and John Waterbury, owner of Waterbury Properties, both based in Walnut Creek, Calif. Waterbury had been managing University Square since 2000, according to a company spokeswoman.