The company that is redeveloping the Outlets at Loveland, an all-but-vacant prime piece of real estate along Interstate 25, has closed on the last piece of the property for $12.3 million.
The real estate services firm CBRE said Wednesday that Schuman Companies’ purchase completes the company’s acquisition of the outlet mall at the intersection of I-25 and U.S. 34.
Schuman Companies, a real estate investment firm in Windsor, paid $15 million for the north parcel of the roughly 36-acre mall in a deal that closed late last year. The south parcel, about 146,100 square feet, is the final piece of the renamed Loveland Yards.
More than 10 tenants have bought or leased suites on the north side of the property, filling 138,700 square feet, or 71% of the available space, according to CBRE.
“The velocity of tenant commitments at Loveland Yards is proof of concept for Schuman Companies’ vision to create a marketplace catering to Northern Colorado business owners,” CBRE Vice President Melissa Moran said in a statement.
Moran and Jon Rue with CBRE’s Fort Collins office arranged the site’s sale and are marketing the suites.
The tenants so far include Avery’s Tea House, Slate Studios, Gold’s Gym, School of Rock, CycleBar, Citipointe Church, FyrePro, Ewing Leavitt Insurance and Trek Bicycles, expected to be the first new tenant to open its doors in July.
Philip Schuman, chief financial officer of Schuman Companies, said the firm expects to have completed the exterior improvements by August, in time for the first Northern Colorado Coachella. The event will feature live music, a ferris wheel, food and beverages and a DJ and is a fundraiser for Averys Light, a nonprofit for the special needs community.
The redeveloped mall site will fill a specific need for the area’s small-business community, which is the ability to own their own real estate, according to CBRE. The spaces can be reconfigured to fit individual requirements.
The suites available at Loveland Yards range from 1,000 square feet and up.
When the outlet mall opened in 1994, it was one of the largest retail attractions in the region. That was years before a number of shopping centers cropped up along the fast-growing northern I-25 corridor.
The Denver Post reported in 2007 that many of the storefronts at the Loveland mall were vacant. At the time, owner Craig Realty Group in Newport Beach, Calif., said it was investing more than $20 million in its three Colorado shopping centers to reverse what it called years of mismanagement by previous owners.
Craig Realty’s remaining Colorado properties are the Outlets at Silverthorne and the Outlets at Castle Rock.
Schuman Companies has said the Loveland site is one of northern Colorado’s “most central, accessible, and highly visible locations.” A half-million people live within 15 miles of the outlet mall, according to CBRE.
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