Somera Capital Management has acquired a 36,000-square-foot shopping center in Aurora, Colorado in a joint venture with an affiliate of Southwestern Investment Group. The purchase was made through Somera Realty Value Fund II, a $300 million (€450 million) value-added real estate fund. The purchase price was not disclosed.
The deal comes just one week after Somera announced its joint venture with 3 Street Financial for Quail Point Apartments, a 264-unit garden-style apartment complex in Phoenix, Arizona.
In a statement, Somera said the 1978-built Aurora Park shopping center was in need of significant improvement. Somera senior vice president Tim Mitchell said: “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.”
The deal is Somera’s first venture with Southwestern, a Colorado-based real estate development and management company, which will oversee the renovation work and be responsible for the leasing and management of the center.
Somera Capital Management was founded in 1994 and manages a diversified portfolio of private equity real estate investments throughout the US. The company has offices in Santa Barbara, Washington DC and Denver, and since its formation has acquired and managed 66 assets with a combined total market value of approximately $2.2 billion.