Majority Stake in 1.7M-SF Mall Changes Hands

BROOMFIELD, CO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that GI Partners has sold its 75% ownership stake in FlatIron Crossing, a 1.7-million-square-foot class-A regional mall here to its joint venture partner, Macerich, the Los Angeles-based public REIT.  GI Partners invested in FlatIron Crossing in 2009, acquiring its 75% interest in the mall from Macerich, who remained the operating partner in the venture. 

According to a prepared statement, the sale of FlatIron Crossing generated a return of approximately two times invested capital and over a 25% gross internal rate of return to limited partners of GI Partners Fund III LP. Rick Magnuson, executive managing director of GI Partners, says in a prepared statement that the company “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.” He adds that “Macerich is well-positioned to continue developing the amenities of this dominant North Denver mall for sustained long-term growth and success.”