Tourmaline Capital buys shopping center east of Denver for $58M

Tourmaline Capital has picked up a 356,300-square-foot shopping center in a suburb east of Denver for $58 million.

The San Diego-based investor led by Jonathan Cheng bought Aurora City Place, a 45-store retail center at 14160 East Ellsworth Avenue, in Aurora, BusinessDen reported. The seller was PREP Property Group, based in Cincinnati.

The deal works out to $163 per square foot. 

PREP bought the 42-acre strip mall in 2020 for $51.4 million, or $144 per square foot.

Aurora City Place, north of Alameda Avenue just east of the 225 Freeway, contains a vast parking lot. Tenants include Ross Dress for Less, Michaels, PetSmart and FiveBelow. It’s just north of the Aurora Town Center mall.

PREP bought the property 11 miles east of Denver when it was 84 percent occupied and sold it with 95 percent occupancy. It was the firm’s only Colorado investment. 

Tourmaline Capital, founded in 2011 by Cheng, bought a strip mall in Anaheim, Calif., in April for $16.7 million, according to CoStar.

In September, the investor bought a 110,500-square-foot Asian shopping center anchored by 99 Ranch Market in Pleasanton, Calif., for $48.2 million, or $436 per square foot.

— Dana Bartholomew

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