DENVER--(BUSINESS WIRE)--Somera Capital Management, LLC, on behalf of its Somera Realty Value Fund II, L.P., has entered into a joint venture with an affiliate of Southwestern Investment Group, Inc. (SWIG) – an operating and equity partner – to acquire the 36,071-square-foot Aurora Park Shopping Center in Aurora, Colorado. Strategically located at the intersection of East Alameda Avenue and South Sable Blvd., two heavily traveled routes, the property is at the center of commercial and retail activity in the submarket. It is adjacent to Aurora City Center, the recently renovated Town Center at Aurora mall and Centrepoint -- a new mixed-use project and transportation hub.
“The property is well located but in need of attention. It presents the opportunity to renovate and reposition the center allowing us to bring new, quality tenants to the area,” said Tim Mitchell, sr. vice president in Somera’s Denver office. “In addition, it can serve as an amenity for the approximately 2,000 employees at the adjacent Aurora Municipal Center.”
This acquisition is Somera Capital’s first joint venture with Southwestern Investment Group, a Colorado-based real estate investment, development and management company, whose principals have very strong real estate backgrounds and significant experience in the shopping center market. SWIG will be responsible for overseeing the rehabilitation at Aurora Park Shopping Center, and for leasing and managing the property.
Built in 1978, with little done to maintain the property in the last few years, it requires significant capital improvements. The comprehensive renovation plan includes new roofing, HVAC systems and tenant signage, renovations to the façade and storefronts as well as interior improvements, lighting and landscaping upgrades and parking lot modifications.
These improvements will allow SWIG to bring rents into line with market rates and target a better quality, more productive tenant mix that will attract more foot traffic.
Somera Capital has identified the greater Denver area as a target market for commercial property acquisitions. In addition to the Aurora Park Shopping Center, the firm also owns two premier office properties, the 123,796-square-foot Offices at the Promenade office complex and the 134,691-square-foot 304 Inverness Way South building in partnership with Equity West Investment Partners. The properties are located in two of the top business parks in Southeast Denver, the Denver Tech Center and Inverness Business Park, respectively.
Founded in 1998, Southwestern Investment Group, Inc. is a full-service boutique real estate investment, development and management company located in Greenwood Village, Colorado with investments in Colorado, Wyoming and Texas. It currently owns 911,656 square feet of commercial space and is managing 729,603 square feet of retail property in Colorado alone. The company has a history of successful equity partnerships with major corporations, Colorado-based real estate companies and high net worth individuals.
Somera Capital Management, LLC, founded in 1994, manages a diversified portfolio of private equity real estate investments throughout the United States. With offices in Santa Barbara, Washington D.C., and Denver, the company identifies and consummates unique value-added investment opportunities with local or specialty operating partners. Since Somera Capital Management's formation, the firm has acquired and managed 67 assets with a combined total market value of approximately $2.2 billion.