Joint Venture Acquires Foothills Mall

By Gabriel Circiog, Associate Editor Alberta Development Partners—a Denver-based real estate acquisition, development and investment firm—has acquired Foothills Mall in a joint venture with affiliates of Walton Street Capital—a private equity real estate investment firm. Located in Fort Collins, the 753,000-square-foot enclosed mall was built in 1976 and remodeled in the early 1990s. The joint [...]

Alberta Development Partners—a Denver-based real estate acquisition, development and investment firm—has acquired Foothills Mall in a joint venture with affiliates of Walton Street Capital—a private equity real estate investment firm. Located in Fort Collins, the 753,000-square-foot enclosed mall was built in 1976 and remodeled in the early 1990s. The joint venture purchased the mall from General Growth Properties, which acquired the property in 2004.

Walton Street Capital and Alberta Development Partners are looking into repositioning alternatives for the project, working with the city of Fort Collins to continue with plans to enhance the existing center. Brian McFarland, principal of Alberta Development Partners, said: “We are looking forward to establishing a long-term and successful public-private relationship that will ultimately deliver a project this wonderful community so richly deserves.”

David Atteberry, Fort Collins city manager, welcomed the news and said the redevelopment of the property had been a high priority for the city for quite some time. David Joseph, a principal at Walton Street Capital, said: “The repositioning of Foothills Mall will represent a significant commitment by the developers to create a major, completely updated retail destination for the city of Fort Collins and Northern Colorado.”

Foothills Mall, located off College Avenue, is anchored by Macy’s and Sears. The tenant mix includes eateries and retail shops such as Victoria’s Secret, Ann Taylor Loft, Express, The Buckle, Gymboree, Eddie Bauer, Finish Line, Corner Bakery, Auntie Anne’s, Rocky Mountain and Chocolate Factor, as well as other restaurants, retail outlets and kiosks.

Photo Courtesy of: www.fcgov.com

For more market data on Denver, please click here.