Loveland’s Promenade Shops at Centerra hit the market

LOVELAND — The Promenade Shops at Centerra are for sale.

Commercial real estate firm Jones Lang LaSalle Inc. has the nearly 500,000-square-foot retail center at Interstate 25 and U.S. Highway 34 in Loveland listed for an undisclosed price. 

New York-based private equity firm DRA Advisors owns The Promenade Shops, and McWhinney Real Estate Services Inc. developed it.

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The site is subject to a lawsuit between McWhinney and former development partner Poag & McEwen Lifestyle Centers-Centerra LLC. The $92 million suit alleges fraud on the part of Poag & McEwen.

McWhinney partnered with Poag & McEwen in 2004 to build the Promenade Shops at Centerra, with Poag & McEwen as managing partner. The construction loan on the property went into default in 2009, and the property went into foreclosure.

McWhinney, which previously won a $42 million judgment against its former partners, claims that assets of the property were fraudulently transferred and that bogus loans were taken out on the property.

McWhinney declined to comment citing the ongoing litigation. Representatives with DRA and JLL did not immediately respond to requests for comment Friday afternoon.

The potential sale was first reported Friday by the Coloradoan.

The Promenade Shops, home to retail and entertainment operations such as Dick’s Sporting Goods, Metrolux Theatres, Best Buy, and Barnes & Noble, is 88% occupied and accounts for $183 million in annual sales, according to JLL’s listing.