Popular regional retail destination in Fort Collins sells to local developer
JLL Capital Markets assisted in the sale of Foothills and helped source acquisition financing
DENVER, June 7, 2021 – JLL Capital Markets announced today its involvement in the sale of Foothills Mall and College Avenue Shops at Foothills, two retail properties totaling 662,619 square feet in Fort Collins, Colorado, and assisted new owners in securing acquisition financing for Foothills.
Cordes & Company LLP, the court-appointed receiver of the property, was the seller. Joint-venture partners, McWhinney and Prism Places, purchased the assets. Additionally, working on behalf of the new owner, JLL sourced the four-year floating-rate acquisition loan with a regional bank for College Avenue Shops at Foothills.
Together, the 493,287-square-foot Foothills Mall and adjacent 169,332-square-foot Shops are leased to a diverse mix of national retail tenants, including Nordstrom Rack, Ross, ULTA, Athleta and Skechers, among others. This midtown location is a popular regional shopping destination in Fort Collins, a rapidly densifying northern Colorado community approximately 55 miles north of Denver.
Fort Collins is home to technology, clean energy, aerospace and agri-tech companies along with the nearby 34,000-student Colorado State University, which is the second largest university in the state. The community is rapidly densifying, with the area within 30 minutes of the property expanding 23% since 2019, with another 10% expected to add to its nearly 600,000 residents. The retail properties are located at 215 E Foothills Pkwy, and benefit from its visibility from College Avenue, the primary north-south high traffic intersection in midtown Fort Collins.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Bryan Ley, Senior Managing Director Barry Brown and Managing Directors Claudia Steeb and Jason Schmidt.
“The Foothills transaction illustrated the robust demand from investors for high-quality, value-add retail investments and the interest in Colorado’s high-growth Front Range submarket,” said Ley. “The sale process was incredibly competitive, and the new owners have an impressive development track record to enhance the asset.”
The JLL Capital Markets Debt Placement team representing the new owner included Senior Managing Director Eric Tupler, Managing Director Claudia Steeb and Senior Director Brock Yaffe.
“Our involvement with the Foothills property dates back to the early 1990s, and we are excited to see how the new ownership transitions and repositions the project, which is one of the best locations within the broader Fort Collins market,” Tupler said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
McWhinney is a Colorado-based real estate development and investment firm with offices in Loveland and Denver, comprising a team of talented professionals who are passionate about creating great places. Since 1991, McWhinney has planned and developed more than 6,000 acres of innovative and sustainable master-planned communities and more than 11 million square feet of vertical commercial and mixed-use properties throughout the Rocky Mountain region and the West Coast. Over the years, McWhinney has been recognized for significant real estate development contributions, including being named Colorado’s “Developer of the Year” by the National Association of Industrial and Office Properties (NAIOP), winner of the Urban Land Institute’s (ULI) Global Awards for Excellence, The Denver Business Journal (DBJ) Real Estate Champions – Catalyst Award for Denver Union Station and the Development Deal of the Year for Denver Union Station by NAIOP. McWhinney has been ranked 11 and 13 on the list of the Best Small and Medium Sized Companies to work for in America. For additional information, visit www.mcwhinney.com.
About Prism Places
Prism Places provides a new perspective on commercial real estate grounded in the insight that assets should generate value over their lifetime. This value creation is the result of an aligned vision, accountability, and active participation at the property level. Prism brings a robust and integrated operating platform married with a sense of urgency, creativity, and discipline to the daily experiences of each property. Prism was founded by Stenn Parton who brings more than 10 years of experience in real estate development, acquisitions, leasing, and brand building. Prism and its family office partners provide a fully integrated team with a dynamic understanding of the current market blended with a financial fortitude of long dated capital – together the partnerships bring a new perspective on operating and owning real estate today to ensure its success for generations.