DENVER, May 16, 2011 /PRNewswire/ -- Gart Properties and Kornfeld Companies have entered into an agreement to merge Kornfeld Companies, LLP into Gart Properties LLC. Kornfeld Companies will contribute its property management and leasing portfolio to Gart Properties via a management agreement that will be effective on June 1, 2011, and Bradley Kornfeld, Esq. will join Gart Properties as its Chief Operating Officer & General Counsel.
With over 16 years of experience in the commercial real estate industry, Kornfeld currently oversees a retail portfolio of approximately 2.5 million square feet, located from Ft. Collins to Castle Rock and Summit County. Kornfeld's portfolio includes both owned and third-party managed shopping centers.
"Combining the Kornfeld and Gart operations will bring tremendous benefits to each of our owners, investors and tenants," states Bradley Kornfeld. "We selected Gart Properties as a partner because of our similar corporate cultures and focus on growing the business. I am personally looking forward to starting a new chapter at Gart Properties."
Gart Properties will also acquire the expertise of three additional seasoned employees of the Kornfeld Companies.
This includes Theresa Spanos, a 30 year veteran of Kornfeld Companies. Spanos will continue to work with third-party owners, the portfolio's existing tenants and lenders.
Senior property managers Sean Kidston and Susan Allison will continue their work managing the properties brought over by Kornfeld as well as working with the existing Gart Properties team on future projects. Kidston has nearly 13 years experience managing retail properties with Kornfeld, and Allison is responsible for third-party management and the firm's Silverthorne mixed-use project. "We're very excited about the operational expertise Brad and his team will be bringing to Gart Properties," said Mark Sidell, President of Gart Properties. "We see this as an attractive opportunity to continue to enhance and expand our business while working toward additional acquisitions."
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. For more information visit GartProperties.com.
SOURCE Gart Properties LLC
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