ING Clarion Partners in Joint Venture Interest to Acquire The Village Shopping Center in Boulder, Colorado for $55.5 Million

The Village Shopping Center is a community retail center located in the heart of Boulder’s retail corridor on Arapahoe Avenue, across 28th Street from the former Crossroads Mall. The Village is anchored by McGuckin, Boulder’s dominant hardware store since the 1950’s and Boulder Ski Deals, and will soon include a new Sunflower Market, a value oriented natural foods grocer. Gart recently received approval to renovate the Village and to add a new three story hotel with ground level retail.

“The Boulder retail corridor is a strong retail market and is currently experiencing a renaissance from the re-development of the Crossroads Mall," said Pete Stone, Senior Vice President of ING Clarion Partners. "The Village Shopping Center will provide a good opportunity for a value-add investment, both through the re-positioning of the center and the improvement of the overall market. We are looking forward to working with Gart Properties and their experienced retail team.”

Gart Properties is a Denver-based real estate investment firm specializing in rehabilitation and re-positioning of existing assets, with a focus towards retail product.

“We are excited about our relationship with ING Clarion. This gives us a great partner to complete the redevelopment of the property. We hope to acquire more properties with ING Clarion in the future,” said Mark Sidell, President of Gart Properties.

ING Clarion Partners anticipates making additional investments in the Denver area, both through joint ventures of development and re-development opportunities or straight acquisitions.