The long-declining Outlets At Loveland mall is up for sale, offering the chance of a much-needed revitalization for one of northern Colorado’s most desirable pieces of retail real property.
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The north parcel of property was purchased by the real estate investment company, Schuman Companies, in Windsor. It is located at the intersection of Interstate 25/U.S. 34. Schuman announced that the sale was completed Nov. 21. He is expected to close on the south parcel of mall later.
Philip Schuman, the company’s chief financial officer, said in a statement that, “We are excited for the opportunity to reinvent the Outlets.”
Loveland is now planning to transform what was once a major shopping center.
“When they opened, they were essentially one of the largest draws for the region for retail,” said Scott Schorling, the city’s business development project manager.
The outlet mall covers approximately 36 acres and was opened in 1994. This mall is well ahead of other shopping centers that have been built along the northern I-25 corridor. CBRE Group, a real estate firm, and Schuman Companies arranged the sale. The plan is to rename this mall. Loveland YardsThey offer office and retail spaces for lease or sale.
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Schuman and CBRE didn’t disclose the mall’s seller. However, Larimer County property records list Craig Realty Group Loveland the owner.
You can find more information on its website. Craig Realty GroupNewport Beach, Calif., lists Loveland mall as one of its shopping centers. The company’s other Colorado properties are the Outlets at Silverthorne and the Outlets at Castle Rock.
Craig Realty didn’t return a request for comment.
In 2007, The Denver Post reported Many of the Loveland Mall storefronts were vacant. Craig Realty announced at the time that it was investing over $20 million in its three Colorado shopping malls to undo years of mismanagement from previous owners. Two of the new tenants were announced at that time: a Nike Factory Store and Coach.
In October, all that was left of the Nike store was the outline of the brand’s well-known swoosh trademark on the side of the building. Two churches, a mattress shop, and a used-car company were among the few remaining tenants. The Loveland Scout Shop was also there.
Storefront after storefront had empty space or, in some cases items that had not been removed from shelves.
Schorling said that the Outlets in Loveland were struggling, but new shopping centers were built nearby. One of those centers is Centerra Marketplace which houses more than 40 shops, located just to the west from the outlet mall and the Promenade Shops of Centerra.
“I think that has been one of the biggest challenges for the center since it was constructed so long ago, essentially staying relevant in the retail landscape.”
And there wasn’t “a whole lot of reinvestment in the property,”He added.
The restrictions on businesses during the height of the coronavirus pandemic appeared to further the center’s decline.
“I remember having a conversation with one of the property managers who said if they were going to keep them locked down in 2020, through the holiday season, it was really going to be a death knell for the outlet mall,”Schorling said.
When the Nike store closed in 2021, Schorling said he thinks the mall’s owner started looking at its options.
According to a report by The New York Times, the recovery in business at retail centers and outlet malls is largely due to the pandemic-induced downturn. Placer.ai, which provides analysis of foot traffic based on data from devices enabled to share the information. Placer.ai reported that outlet mall visits rose 7.5% between September and October despite inflation headwinds.
In a brochure advertising Loveland Yards, Schuman Companies plays up the currently closed mall as one of northern Colorado’s “most central, accessible, and highly visible locations.”
Melissa Moran and Jon Rue with CBRE’s Fort Collins office arranged the sale and are marketing the property for sale and lease. Rue, the first vice president, stated in a statement that the property has more property facing I-25 than other commercial properties in the region.
Schuman’s plans would fill a specific need for the area’s small business community, which is the ability to own their own real estate, according to CBRE. The spaces can be reconfigured to meet individual needs.
CBRE reports that half-million people live within 15 minutes of the outlet mall. This includes Windsor and Loveland.
Schorling spoke Wednesday to the new owners. “soft marketing the property”He has received many positive responses. He said that the city has been in discussions with the company to make the mall more attractive to the region, such as a focus on entertainment and a common area for eating.
“We saw this corner as a retail gateway into the city and so it’s really important to us that it keeps that goal,”Schorling said.
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