Pine Tree, in a joint venture with Wafra, has acquired Harvest Junction, a 364,000-square-foot retail center in Longmont, Colo.
JLL Capital Markets brokered the $73.8 million transaction on behalf of the seller, a joint venture between Walton Street Capital and a regional operating partner.
JLL also secured $36.9 million in acquisition financing for the metro Boulder asset. The seven-year, interest only, fixed-rate loan was provided by a JLL correspondent life insurance company. According to CommercialEdge, the property is subject to another $45 million Resolution Life loan, which carries a 2026 maturity date.
The 12-building shopping center came online in 2006, covering roughly 40 acres. The tenant roster of the 97 percent leased property includes Lowes, Ross, Marshall’s, Best Buy, Dick’s Sporting Goods, Michael’s, Petco and Staples, among others.
Located at 210 Ken Pratt Blvd., Harvest Junction is a highly-transited shopping destination—with more than 3.5 million visits per year. Situated along Highway 119, in an area where the daily car traffic reaches approximately 74,000 vehicles, the retail center serves residents living in the Longmont, Loveland, Greeley, Boulder and Fort Collins communities.
Senior Managing Director Barry Brown and Managing Directors Bryan Ley and Jason Schmidt led the Investment Sales and Advisory team representing the seller. The financing was arranged by a Debt Advisory team led by Senior Managing Director Eric Tupler and Director Will Haass.
Earlier this month, Brown was part of the JLL team arranging the sale of Southpark Meadows I & II, a 938,103-square-foot shopping center in Austin, Texas.
