Kornfeld Companies – which currently oversees a commercial real estate portfolio of 2.5 million square feet – is merging into Gart Properties, the companies said today.
Established in 1979, Kornfeld is a developer and owner of boutique shopping centers.
Kornfeld’s portfolio includes both owned and third-party managed shopping centers.
Among the shopping centers are Columbine Knolls Village, Ken Caryl Plaza, Castle Rock Shopping Center, Summit Place Shopping Center, the Market Place at Bergen Park, the Shops at Rigden Farm, and the planned redevelopment at 2333 Arapahoe in Boulder.
Bradley Kornfeld will join Gart Properties as its chief operating officer and general counsel.
“Combining the Kornfeld and Gart operations will bring tremendous benefits to each of our owners, investors and tenants,” said Kornfeld. “We selected Gart Properties as a partner because of our similar corporate cultures and focus on growing the business.”
Kornfeld said he is looking forward to joining Gart.
Gart Properties include the California Mall, a 40,000 square-foot retail-restaurant project in downtown Denver; the Denver Pavilions; the Village Shopping Center in Boulder; City Center Marketplace in Aurora; and the Indian Tree Shopping Center in Arvada. Gart Properties also includes hotel-resort properties including The Grand Lodge in Crested Butte and the Seasons at Avon.
Three Kornfeld employees will also join Gart.
They are Theresa Spanos, Sean Kidston and Susan Allison.
Spanos, a 30-year Kornfeld veteran works with third-party owners and tenants and lenders.
Kidston and Allison are senior property managers. They will continue their work managing the properties brought by Kornfeld to Gart Properties.
“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.”
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
