Transactions shake up retail in Broomfield
Last Updated: 15:20 August 9, 2013
A group called FlatIron Marketplace 2013 LP closed last month on a deal to purchase most of the FlatIron Marketplace development, which lies east of FlatIron Crossing mall. The sale price for the FlatIron Marketplace transaction was $20.3 million, according to the Broomfield County assessor's website.
Also, Garden Ridge, a Dallas-based home decor retailer, said it will open its first store in Colorado at 1660 W. Midway Blvd., the site of a former Target store that closed in early 2012.
The Garden Ridge store, which will be the chain's 64th nationwide, is slated to open in October, according to a release. Garden Ridge purchased the 117,000-square-foot store and the 11 acres of land on which it sits from Target Corp. The sales price was not disclosed in the press release announcing the opening.
FlatIron Marketplace, meanwhile, purchased the majority of a shopping area that covers 45 acres and more than 400,000 square feet of restaurant and retail space bounded on the west by Interlocken Loop, the south by Interlocken Boulevard and the north and east by U.S. Highway 36. Much of the area has fallen on hard times in recent years, with large stores such as Nordstrom Rack, the Great Indoors and Linens N Things closing.
The area purchased by FlatIron Marketplace does not include the Great Indoors location, which still is owned by Sears Roebuck and Co. But it does include buildings occupied by Best Buy, Pier One Imports and Men's Wearhouse, along with restaurants such as Noodles and Co., Mimi's Café and Qdoba.
Representatives for neither Garden Ridge nor FlatIron Marketplace could be immediately reached Friday.
Bo Martinez, Broomfield's director of economic development, said he believed it was still unclear whether the new owners of FlatIron Marketplace properties would try to find new tenants or redevelop any of the area.
Martinez said the new Garden Ridge store could serve as a valuable anchor for the city along the U.S. 36 corridor, with its location near the Wadsworth Boulevard junction.
"We're very pleased to have a new retailer coming to Colorado and opening their store in Broomfield," Martinez said.
The new Garden Ridge store will carry more than 500,000 home décor items for inside and outside, according to the release, everything from furniture and patio cushions to wall décor, lamps and bedding.
"We are thrilled to open our 64th Garden Ridge store in Broomfield and bring the home décor superstore to this exciting community," Garden Ridge chief executive Lee Bird said. "Our wide variety of products allows customers to express their own unique style throughout their home in ways big and small."
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