The Latest Venture for FlatIron Crossing Mall

September 4 2009, 11:25 AM

Macerich Co. has sold a 75 percent stake in the FlatIron Crossing Mall in Broomfield to GI Partners, a private firm, for $116 million. It's the second mall Macerich has opened to joint venture in recent weeks and one of three such deals in the works, according to The Wall Street Journal, as the company struggles with its debt. "FlatIron Crossing is an opportunity to not only create a strategic partnership, but also secure an ownership position in an asset with significant fundamental value and upside potential," Rick Magnuson, GI Partners' executive managing director, says in a news release (via Boulder's Daily Camera). Anita Ward, a spokeswoman for Macerich, anticipates few changes at the mall, which opened in 2000 as an indoor/outdoor shopping experience. The mall has been a boon to Broomfield, generating about 9.4 percent of its tax revenue. But the mall also lost anchor Lord and Taylor in 2005 and still wants to redesign the space to accommodate retailers. FlatIron may not be as shiny new as the mixed-used Orchard Town Center off 136th Avenue and I-25, but it's certainly not in such dire straights as exclusively indoor developments like the decimated Westminster Mall, as we point out in an article from the latest edition of 5280.

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