Regional shopping center in suburban Denver secures $28.85M in financing
JLL Capital Markets arranged the refinancing of Northglenn Marketplace
DENVER, Nov. 30, 2022 – JLL Capital Markets announced today that it has closed the $28.85 million refinancing of Northglenn Marketplace, a high-profile regional shopping center situated adjacent to I-25 in Northglenn, Colorado, a high-performing suburb approximately a 15-minute drive north of Denver.
JLL marketed the property on behalf of the borrower, a joint venture managed by Hutensky Capital Partners, to secure the five-year floating-rate loan through HTLF.
Built in 1999, the center is anchored by Lowe’s (NAP) and is leased to a dynamic tenant roster, including JOANN, Ross, PetSmart, Woodley’s, Office Depot, Painted Tree Boutiques, dd’s Discounts, Five Below, K&G and Cinzetti’s.
Situated at 421 W 104th Ave., the property is adjacent to I-25 (157,000 VPD) with direct ramp access. The center is just 15 minutes from Denver, 25 minutes from Boulder and 25 minutes from Longmont. Additionally, the average household income within one mile of the property is $81,307, with an average home value of $353,409.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Eric Tupler and Director Rob Bova.
“Ownership has done a tremendous job completing over 189,000 square feet of new leasing since acquisition, as well as executing a creative business plan by activating the northern portion of the center to create tremendous value for the community, tenants and ownership. HTLF did an exceptional job understanding a large asset and the long-term value of the property,” said Bova.
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 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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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 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hutensky Capital Partners
Hutensky Capital Partners (“HCP”) is a retail real estate opportunity fund manager that targets value-add investments in major U.S. markets. HCP’s team of retail specialists has the capital, the retailer relationships, and the expertise to create value. Together, they leverage the company’s 34-year history spanning 200 retail properties in 29 states to source, close and provide asset management expertise to retail real estate investments via direct acquisition, joint venture equity and the purchase of debt instruments.
About HTLF
Heartland Financial USA, Inc., operating under the brand name HTLF, is a financial services company with assets of $19.68 billion. HTLF’s banks serve communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin. HTLF is committed to its core commercial business, supported by a strong retail operation, and provides a diversified line of financial services including treasury management, wealth management, investments and residential mortgage. Additional information is available at www.htlf.com.