PREP Shakes Hands with Weingarten, Acquires 356K-SF Aurora City Place

PREP Property Group, headquartered in Park City, UT, acquired Aurora City Place, a 365,305-squre-foot regional shopping center in Aurora, CO. The buyer stuck a deal with seller Weingarten Realty Investors and GDC Properties for the asset at Interstate 225 and East Alameda Avenue.

The sales price was not disclosed; however, public records indicate that the center sold for $51.4 million. The buyer took out a $36.2 million loan from Pacific Western Bank.

The retail center is 11 miles east of downtown Denver. The tenant mix is made up of national and regional retailers, including Ross Dress for Less, Dress Barn, Michaels, PetSmart, Party City, Conn’s and Barnes & Noble. “PREP’s mission is to be the industry leader in transforming retail real estate assets, and the acquisition of Aurora City Place will be a great addition to our growing Strategic Investment portfolio.” Said PREP’s Roy Williams.

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