Weingarten Realty JV Gets $51M for Denver Shopping Center

The buyer added the asset to a portfolio that now includes retail properties in six states.
Aurora City Place
Aurora City Place. Image via Google Street View

PREP Property Group Inc. has purchased Aurora City Place, a 356,305-square-foot regional shopping center in Aurora, Colo. According to public records, the joint venture of Weingarten Realty Investors and GDC Properties sold the asset for $51.4 million. The buyer also took out a $36.2 million loan from Pacific Western Bank.

Aurora City Place is 11 miles east of downtown Denver at the busy intersection of Interstate 225 and E. Alameda Avenue, in a dense trade area that also includes Town Center at Aurora and Plaza at Aurora Mall. The retail center has Target (NAP), Ross Dress for Less, Michaels, PetSmart, Party City and Barnes & Noble on the tenant roster.

The property is across the road from Bicentennial Park and Aurora Hills Golf Course. The development is also close to the University of Colorado Hospital, situated on the former Fitzsimons Army Hospital site.

Aurora City Place is now part of PREP’s Strategic Investment portfolio that currently includes five other retail properties: Hanover Crossing in Hanover, Mass., Posner Commons in Davenport, Fla., Shadow Lake Towne Center in Papillion, Neb., Hillside Village in Cedar Hill, Texas and Kenwood Collection in Cincinnati, Ohio. The Cedar Hill asset was added in October.