Developer Jordon Perlmutter & Co. has quietly sold its Marketplace at Northglenn shopping center for $91 million in a deal that ranks among the largest in the metro area for 2005.
The center, at the corner of Interstate 25 and West 104th Avenue, occupies the site of the former Northglenn Mall and hosts big- box tenants including Lowe’s Bed Bath & Beyond, Borders Books & Music and Old Navy, smaller retail tenants and restaurants.
The center was 99 percent leased at the time of sale in late December to a real estate investment firm.
“It’s a good mixture of very high-quality anchor tenants combined with restaurants and an overall attractive mix of tenants,” said Jim Garvey, managing director of Chicago-based LaSalle Investment Management Inc., which purchased the property for one of its funds.
Garrette Matlock of Marcus & Millichap brokered the deal, which did not include the Lowe’s Home Improvement and former Mervyns stores. Both companies own their own sites. “There was a lot of interest in the property because it is one of the larger power centers,” Matlock said.
Perlmutter’s company developed the Northglenn Mall in 1968. In 1998, the company bought the struggling center back from an investment group with the aim of tearing it down and redeveloping it. The city provided $12 million in sales-tax refunds for the redevelopment.
The company remains active in metro-area retail development and is building the Larkridge shopping center in Thornton.
It is also redeveloping a shopping center in Westminster it built more than 30 years ago. The project, at West 72nd Avenue and Sheridan Boulevard, is to include a Wal-Mart Supercenter.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
