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Latest Harvest Junction owner flips Longmont shopping center for nearly $74M

LONGMONT — For the third time this decade, Longmont’s Harvest Junction has changed owners. 

This month, seller W-ADP Harvest Junction Owner VIII LLC, a partnership between Chicago-based Walton Street Capital LLC and Greenwood Village-based Alberta Development Partners, flipped the nearly 368,000-square-foot shopping center on Ken Pratt Boulevard for $73.8 million, according to Boulder County real estate records.

Walton Street and Alberta had held the shopping center, built in 2006, for fewer than three years. The partnership bought Harvest Junction in early 2019 for $61 million from RPT Relay (NYSE: RPT), which had held the property since 2012. 

The 2022 buyer of Harvest Junction, Boulder County property records show, was RE Plus Harvest Junction KP LLC, an entity registered with the Colorado Secretary of State’s office to the New York City highrise address of private investment firm Wafra Inc.

One area of focus for Wafra, according to its website, is real estate. 

“Our traditional real estate strategies target core, core-plus and value-add acquisitions of hotels, office, retail and multi-family properties, with potential for enhanced value,” the company said on its page. “We focus on acquisitions which provide a high margin of safety, while also managing to achieve strong operational performance. Through repositioning of these assets and leveraging our investment expertise, we seek to generate strong risk-adjusted returns.”

Harvest Junction sits on 46.15 acres at 205 and 210 Ken Pratt Blvd. Tenants include Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Best Buy, Bed Bath & Beyond, Michaels, Staples, Petco, DSW and Dollar Tree.

Source: BizWest

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