Gart Properties acquires Grand Junction shopping center

Gart Properties announced Jan. 8 it has acquired Canyon View Marketplace at 632 Market Street in Grand Junction.

Built in 2007, the 42,783-square-foot shopping center is currently 91% occupied by a tenant mix that includes ULTA, Dollar Tree, Shoe Carnival, and T-Mobile.

The acquisition by the Denver-based real estate investment and management firm marks the inaugural investment of the Gart Stabilized Asset Fund, the company’s new income-focused real estate strategy. Through the fund, Gart Properties said in a statement it aims to acquire long-term ownership of well-located, stabilized retail assets with strong, diversified tenant rosters. A second close for the fund is scheduled for later in 2025.

“We are thrilled to add Canyon View Marketplace to our growing portfolio,” said Mark Sidell, president of Gart Properties. “Its prime location within Grand Junction’s vibrant retail district, combined with the robust tenant base, made this a compelling opportunity for the launch of our Gart Stabilized Asset Fund. We look forward to supporting the center’s tenants and enhancing the shopping experience for the local community.”

Grand Junction’s population growth and economic expansion were key factors in selecting this market for the Fund’s first acquisition, the firm said in a press release announcing the acquisition.

Gart Properties’ long-standing relationship with the area dates back to its 2011 purchase of Powderhorn Mountain Resort, the located 30 minutes east of Grand Junction.

“Grand Junction’s compelling trajectory is evident in our ownership of Powderhorn Mountain Resort — a premier destination that continues to draw outdoor enthusiasts from across the region,” said Evan Gart, executive vice president. “Its ongoing success, driven by a loyal customer base and a strong local business community, is proof of how vibrant this market truly is. We’ve spent considerable time identifying complementary real estate opportunities in light of this momentum and are pleased to add Canyon View Marketplace to our Western Slope portfolio. This asset is a bullseye for the kind of opportunities we’re seeking in our fund, and we look forward to acquire even more in the Grand Valley as we continue to invest in the West’s high-growth markets.”