Business Journal 11/24/14
By Molly Armbrister- Reporter
The $124 million sale of Cornerstar Shopping Center in southeast Aurora
marks the highest retail sale so far in 2014.
The purchase was a joint venture between Blackstone Real Estate Partners and DDR Corp., according to public records.
The retail center is anchored by Target and is located off Arapahoe and Parker
roads at 15700 E. Briarwood Circle. Target owns its building, so it was not included in the sale of the complex.
The remaining portion was sold in January for $116.5 million to Cole Real Estate Investments Inc., a Phoenix-based real estate investment trust.
Cornerstar was sold again as part of a 71-complex portfolio of retail shopping centers nationwide, Matt Schuler, a spokesperson for DDR Corp., confirmed Monday.
Blackstone Real Estate Partners, part of New York-based Blackstone Group (NYSE: BX) and DDR Corp.(NYSE: DDR) bought the portfolio for $1.93 billion in October, according to DDR Corp., a Cleveland-based owner and manager of retail centers.
Cornerstar is a 591,539-square-foot shopping center developed by Greenwood Village
-based Alberta Development Partners and PCCP LLC. The two entities bought 158 acres at the Arapahoe and Parker
site in 2006.
The sale eked out the win for highest over January's sale of Orchard Town Center to Vestar, another Phoenix-based company, which sold for $123.5 million.