Landmark — Greenwood Village, CO

Landmark was acquired in May 2017 for $33.2 million as a receivership opportunity involving a Class A lifestyle retail center in Greenwood Village, Colorado. The prior ownership lacked the operational expertise to properly lease and manage the retail component, creating an opportunity to acquire well-located real estate at a favorable basis with significant upside through active leasing and tenant repositioning.

At acquisition, the property was approximately 75% occupied and generating $1.8 million of NOI. The business plan targeted stabilization at approximately 95% occupancy with projected NOI of $3.3 million, supporting an underwritten exit valuation of approximately $51 million.

Through disciplined leasing and cost control, the asset has materially outperformed the original underwriting. Tenant improvement costs were underwritten at approximately $50 per square foot, while actual TI costs averaged closer to $25 per square foot. The property is currently trending to approximately 88% occupancy and generating approximately $3.4 million of NOI, already exceeding the original NOI projection despite not yet reaching stabilized occupancy.

A recent 2025 valuation of approximately $54 million exceeds the original underwritten exit value of $51 million. In addition, the partnership sold a vacant parcel for approximately $2 million not included in the original underwriting — bringing the effective current value to approximately $56 million, with an estimated stabilized value of approximately $59.5 million at 95% occupancy.