Gart Properties Buys Super Target Anchored Center for $8,000,000

Gart Properties Purchases Saddle Rock Village at E-470 & Gartrell Road from Forest City Commercial Group

Oct 01, 2010, 15:31 ET from Gart Properties LLC

DENVER, Oct. 1 /PRNewswire/ -- Gart Properties LLC, a Denver-based privately held real estate company added another regional shopping center to its growing portfolio.  The shopping center, built in 2005, was acquired at a discount to its original construction cost.  

Gart Properties purchased Saddle Rock Village from Forest City Commercial Group.  It paid $8,000,000 for the 97,000 square foot portion of the shopping center which excludes the very successful Super Target store but includes the Office Max, Jo-Ann Fabrics, PetsMart, Starbucks and Walgreens stores, along with six available out-parcels and 24,000 square feet of shop space.  Located on E-470 at Gartrell Road, the center is 83% leased.  

Saddle Rock Village serves a growing single family residential community in the south eastern corridor of the Denver metro area with strong demographics.  It is bordered by the main eastern beltway around Denver.  

"Saddle Rock Village is a nice addition to our growing retail portfolio in the metro area. We are excited about the opportunities to broaden the tenant mix that serves this growing neighborhood," said Mark Sidell, President of Gart Properties.  "Our plans for the center include additional leasing of the vacant spaces and new five new pads to further enhance the offerings at this successful shopping center.  There are several tremendous opportunities for restaurants and retailers at the property."  

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Gart Properties is a privately held real estate investment, development and management company based in Denver, Colorado.  Formed in 1994, Gart Properties reflects three generations of talent and background beginning with Nathan Gart who started a fishing and outdoor gear shop in 1928.  The company's primary focus is the enhancement of value through repositioning of underperforming real estate assets.  Notable properties in the 3 million plus square foot office and retail portfolio, including over 400 tenants are the Denver Pavilions on the 16th Street Mall in Denver, and The Village Shopping Center in Boulder, Colorado.  

SOURCE Gart Properties LLC