Denver Pavilions has a new co-owner: MetLife Real Estate Investors.
MetLife, which also , acquired an equity interest in the open-air retail center June 30, commercial real estate broker Holliday Fenoglio Fowler announced Monday. Terms of the deal were not disclosed.
Denver-based Gart Properties, which , remains the other partner in the joint venture.
HFF senior managing director John Jugl Jr. said the general public should see “no change whatsoever” in the Pavilions’ day-to-day operations from the recapitalization.
“It just means long-term stability of ownership,” Jugl said. “You have two groups committed to Denver, and they are committed to bringing great retailers to this property and continuing to serve what is a growing downtown population.”
Gart purchased the Pavilions for $94 million in 2008. Metlife replaces Clarion Partners, which was looking to sell its interest in the property, Jugl said
