Newmark Merrill Mountain States Acquires Twin Peaks Mall In Longmont
FORT COLLINS, Colo. - February 6, 2012 - NewMark Merrill Mountain States today announced that it has acquired Twin Peaks Mall in Longmont. The privately held company has been managing the 555,000 square-foot, fully enclosed mall since October of 2010 on behalf of its previous owner, The Panattoni Company, and now looks forward to its new role as owner/operator.
The anticipated redevelopment plan is estimated to cost between $25-$50 million and will include a complete re-branding of the center.
"We are very pleased to add Twin Peaks Mall to our growing portfolio of fine Colorado properties," said Allen Ginsborg, Managing Director and Principal, NewMark Merrill Mountain States. "Twin Peaks is a well-known retail crossroads in the heart of this vibrant community, and as the new owner we look forward to strategically repositioning it to offer fresh experiences, including more high-quality shopping, dining, and entertainment choices, for people here in Longmont. We have worked closely with the Longmont City Council and City Staff to build a strong partnership and help the community realize its vision for a rebirthed Twin Peaks."
Twin Peaks Mall, located on Highway 119 and Hover Road just south of downtown Longmont and 10 minutes from Boulder, is anchored by Dillard's department store and United Artists Theatres. Popular specialty stores include Bath & Body Works, Game Stop, Kay Jewelers, Victoria's Secret, Zales and many more.
"The Twin Peaks Mall redevelopment project is very exciting for the entire city," said Longmont Mayor Dennis Coombs. "The City is thrilled with the news that NewMark Merrill has closed on the property and we can now begin a collaborative working relationship to revitalizing this property that is a key entry point to our city."
The acquisition was negotiated by Ginsborg with the principals at Panattoni Company and Bank of America, the lender for the project. Ross Carpenter of NewMark Merrill Mountain States conducted due diligence and underwriting. The acquisition was funded with private capital as well as a loan negotiated by Jay Brooks and Gary Mozer of George Smith Partners.
"Since my development of a Home Depot in Longmont in 1997 and through our management of the Mall, we have been involved with retail in Longmont," said Ginsborg. "This wonderful opportunity to learn about the community's desires allowed us to evaluate every aspect of the local retail market. We are eager to begin the process of upgrading this incredible location into the retail destination this community deserves. We'll be gathering input from the community and meeting with the City and retailers in the weeks and months ahead to formulate a vibrant and viable redevelopment plan."
"The Twin Peaks Mall redevelopment has been a longtime priority for residents and city council," said Longmont Mayor Pro-Tem Gabe Santos. "The City is engaged in this project and we believe that working with NewMark Merrill will be the first step towards revitalizing the area, keeping retail sales tax dollars in Longmont and creating a project that the community will embrace."
NewMark Merrill Mountain States, a division of Southern California-based NewMark Merrill Companies, LLC, owns and/or manages a portfolio of almost 2,000,000 square feet of retail space in Colorado. In addition to Twin Peaks Mall, other current projects include Harvest Junction (also in Longmont); Arvada Marketplace; Broomfield Plaza; Fort Collins Marketplace; Waneka Marketplace (Lafayette); and Citadel Crossing (Colorado Springs).
"We are delighted to increase our commitment to the Colorado market with this outstanding opportunity to bring additional quality retail to the City of Longmont," said Sandy Sigal, Chief Executive Officer, NewMark Merrill Companies. "For too long, Longmont citizens have been pulled to Boulder or other cities to find entertainment, shopping and great restaurants. It's time for Longmont residents to have an exciting new retail and community hub. We are very fortunate that Allen has developed such a strong working relationship with the City, the community and the remaining tenants to formulate an exciting redevelopment plan."
Based in Fort Collins, Colo., NewMark Merrill Mountain States was established in 2006 under the guidance of Managing Director and Principal Allen Ginsborg, an accomplished retail real estate professional and longtime Northern Colorado resident. Led by Ginsborg, NewMark Merrill Mountain States has continued to grow its Colorado portfolio in the targeted areas of retail real estate ownership, third party asset management and development.
NewMark Merrill Companies, under the leadership of founder and CEO Sandy Sigal, manages and/or owns a portfolio of more than 70 shopping centers in three states. The Company has almost 30 years of experience in providing a high level of service in property management, development and asset management for its own account and long-term clients. NewMark Merrill Companies has ranked among the 20 Largest Property Management Firms and 10 Largest Commercial Real Estate Developers from 2007-2011 by the Los Angeles Business Journal. The Company is based in Woodland Hills, Calif., with regional offices located in Orange County, Ventura County, Sacramento, San Diego County, Colorado and Illinois. The company owns and/or operates shopping centers representing more than 9 million square feet and more than $1 billion in value.