Northwood Investors Buys Metro Denver’s 900 KSF Southlands Town Center
By Scott Baltic, Contributing Editor
Northwood Investors L.L.C., of New York, has acquired Southlands Town Center, a 900,000-square-foot outdoor lifestyle center/MXD in Aurora, Colo., Northwood announced yesterday. The price was not disclosed.
Southlands Town Center comprises 730,000 square feet of retail space and 170,000 square feet of office. More than 100 retailers and restaurants surround the center’s four-block main street and community plaza, including AMC Theaters, Bed Bath & Beyond, Sports Authority, Ross, Barnes & Noble, Ulta, Victoria’s Secret, American Eagle Outfitters, Gymboree, Old Chicago, and Ted’s Montana Grill. The center first opened in 2005.
Northwood president/CEO John Kukral noted that this was the company’s first investment in Colorado.
Northwood Retail, a subsidiary of Northwood Investors that leases and manages the company’s retail portfolio, will handle the center.
Northwood management declined to comment further on the acquisition.
In 2008, Alberta Development Partners sold the center to Granite Southlands Town Center for $161 million, the Denver Post reported.
According to CoStar figures, provided to Commercial Property Executive by Jones Lang LaSalle, the Aurora retail submarket totals about 12.1 million square feet of rentable building area (little-changed over the past four years) with a vacancy rate of 8.1 percent.
Net absorption over the past 12 months has been about 235,000 square feet. Quoted rates currently average $11.39.