New owners of the Northglenn Marketplace plan to refresh and re-energize the shopping center.
The 55-acre site was purchased by affiliates of Connecticut-based Hutensky Capital Partners Oct. 17 for $48 million. The site is located at Interstate 25 and 104th Avenue.
The 439,000 square foot center is currently home to Bed Bath and Beyond, Ross Dress for Less, Office Depot, PetSmart, JOANN, and Lowe’s Home Improvement.
“This represents a great opportunity to invest in a healthy retail market and our Fund has the expertise to help the property reach its full potential,” partnership CEO Brad Hutensky said in written statement. “We are also excited about the opportunity to work with the City of Northglenn and our retail partners to create a revitalized center.”
The partnership has hired a local team to lead the redevelopment efforts. It includes Denver-based Evergreen Development, the Mulhern Group, SullivanHayes Brokerage, and Kimley-Horn.
“Evergreen is thrilled to work with HCP and its team on planning and executing the redevelopment of Northglenn Marketplace,” said Tyler Carlson, Managing Principal, and Evergreen Development. “We look forward to working closely with the city and the Urban Renewal Authority in partnership to reinvigorate this important asset and to restore its relevance in today’s ever-changing retail environment.”
The new owners said they want to stabilize the center by filling the empty storefronts with new businesses while retaining current tenants. The initial focus will be a combination of retail, restaurants, and entertainment related tenants.
The Marketplace has seen several retailers relocate or close nationally during the last several years.
“I really have to salute the current businesses in the center for their loyalty to Northglenn,” said Debbie Tuttle, manager of Economic Development and executive director of the Northglenn Urban Renewal Authority for the city. “This will be a destination location where families and visitors will want to be. The new center will become a part of their lives for shopping, restaurants and entertainment.”
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