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Mid-market private equity firm GI Partners has sold its 75 per cent ownership stake in FlatIron Crossing, a 1.7 million square foot class-A regional mall located in Broomfield, Colorado, to its joint venture partner Macerich.
GI Partners invested in FlatIron Crossing in 2009, acquiring its 75 per cent interest in the mall from Macerich, who remained the operating partner in the venture.
The sale of FlatIron Crossing generated a return of approximately two times invested capital and over a 25 per cent gross internal rate of return to limited partners of GI Partners Fund III.
Developed in 2000 by a Macerich subsidiary, FlatIron Crossing is an enclosed mall serving the north Denver market. The mall is anchored by leading retailers including Nordstrom, Dillard's, and Macy's, as well as junior anchors Dick's Sporting Goods, Crate & Barrel, and The Container Store, and is also joined by more than 200 shops and restaurants. In addition to its retail tenants, the property houses 30 acres of parks landscaped with native plants, streams, waterfalls and trails.
Rick Magnuson, executive managing director of GI Partners, says: "Our very successful partnership with Macerich in FlatIron Crossing is a further demonstration of our compelling track record of working with best-in-class management teams to proactively implement measures that recognize the full inherent value of world-class assets. We structured a transaction with Macerich after the financial markets collapsed to align our interests and collaboratively navigate the downturn by securing the long-term tenancy of numerous marquee tenants. Macerich is well-positioned to continue developing the amenities of this dominant North Denver mall for sustained long-term growth and success."
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