News release

$54M loan secured to refinance Colorado retail portfolio

JLL Capital Markets arranged the loan for Gart Properties’ retail centers in Denver and Fort Collins markets

May 19, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

DENVER, May 19, 2022 – JLL Capital Markets announced today that it has arranged a $54 million refinancing for a four-property retail portfolio totaling 436,055 square feet and anchored by best-in-class tenants in and around Denver and Fort Collins, Colorado.

JLL worked on behalf of the borrower, Denver-based Gart Properties, LLC, to place the 10-year, fixed-rate, non-recourse loan with a life company. Loan proceeds were used to retire existing debt and to allow Gart to realize significant value that had been created through the renovation and repositioning of the assets, including strategic leasing and management over several years.

The portfolio comprises Indian Tree Shopping Center at 7705-7739 Wadsworth Blvd. in Arvada; Saddle Rock Village at 7400 S. Gartrell Rd. in Aurora; Micro Center Shopping Center at 8000 East Quincy Ave. in Denver; and the Pavilion Shopping Center at 4200-4372 S. College Ave. in Fort Collins.

Constructed between 1974 and 2005, the portfolio was 92.5 percent leased at the time of closing and features tenants such as Sprouts Farmers Market, Super Target, Ace Hardware, Anytime Fitness, Christy Sports, Hand & Stone, Michaels, Micro Center, Natural Grocers, Sherwin Williams and T.J.Maxx.

The JLL Capital Markets team that represented the borrower was led by Senior Managing Director Eric Tupler, who was involved in the original loan placed in 2014 on behalf of the borrower.

“This was a particularly smooth refinance, due in large part to Eric Tupler and his team’s thorough and organized process,” said Mark Sidell, President of Gart Properties. “Their ability to manage the complex diligence of the four properties and address issues in a timely manner contributed to the successful transaction. Thank you to Eric and his team!”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Gart Properties, LLC

Gart Properties is a fully integrated real estate organization with a focus on leveraging its resources to achieve an asset’s full potential. With perseverance and creativity, they unlock unrealized value in their investments. Gart’s portfolio of properties includes office buildings, resort properties, residential developments and more than 2 million square feet of retail shopping centers. Gart’s experience on “both sides of the cash register” as merchants and shopping center owners paired with their fully integrated approach differentiates them from other real estate owners. Gart believes the long-term success of the property and its tenants are bound together.