Gart Properties and Kornfeld Companies announced Thursday that they have mutually agreed to part ways effective Sept. 1 .
In a statement, the companies describe the separation as “amicable” which will allow the two to pursue “divergent strategies to enhance their respective businesses.”
Gart Properties said it remains committed to the continued growth of its business and portfolio through the acquisition and redevelopment of properties.
Kornfeld said it will return to its “roots”as a “boutique real estate firm” focusing on its existing portfolio and third party management along with smaller retail property acquisitions.
Under the terms of the agreement both companies will retain their present property portfolios and staff.
Mark Sidell, president of Gart Properties, said both companies “learned a tremendous amount from each other and have mutual respect for one another.”
“It has become clear to us that our visions for the future can most efficiently be achieved as two separate companies moving forward,” added Sidell.
Brad Kornfeld, managing partner of Kornfeld Companies, said he is proud of what the companies have achieved together- “both enhanced industry expertise and successes across our portfolios.
“However, we feel it’s in both our best interests that we each focus our efforts on industry opportunities unique to our respective business models that will deliver greater benefits to both our companies,” Kornfeld added.
Kornfeld Companies were founded in 1979 and owns and operates a retail portfolio of nearly 250 tenants in 18 shopping centers comprising 2.5 million square feet. The firm’s properties are located along the Front Range of Colorado from Fort Collins to Castle Rock and in Silverthorne.
Gart Properties was formed in 1994. It’s primary focus is the enhancement of value through repositioning of underperforming real estate assets.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
