Stockdale Capital Recaps 1.1M SF Open Air Retail Center in Denver
Stockdale Capital Partners has recapitalized The Shops at Northfield, an open-air retail center in Denver. The move was done in partnership with UBS' investment solution unit, Unified Global Alternatives.
Stockdale said that the recap is to ensure long-term growth for the asset, as the property has been benefiting from Denver's strong retail demand.
The Los Angeles-based firm first bought the 1.1 million square foot property in 2021, with the Denver Business Journal reportingthe transaction to be worth $71 million. Since acquiring the asset, Stockdale has signed roughly 350,000 square feet of leases, which includes securing major retail brands such as Sephora, Nike and Lululemon. It also has snagged entitlements to rezone and build up to 1,500 multifamily units in a redevelopment project at The Shops at Northfield.
Now, Stockdale, with the new capital, which was not revealed, plans to move forward with its repositioning strategy and will focus on capitalizing on current leasing momentum.
"This recapitalization reflects strong institutional conviction in both retail and our business plan for Northfield," Jeff Bhathal, managing director of retail at Stockdale, said in a statement.
"With fresh capital in place, we are well positioned to continue executing our strategy—advancing reinvestment initiatives, enhancing the tenant mix, and building on the property's operating momentum to further strengthen Northfield's position as the leading retail destination in Colorado."
Stockdale's total portfolio, which includes other asset classes such as office, hospitality and multifamily, extends to $3 billion under management.
Overall, shopping centers showed resilience in the retail sector during 2025, with retail-focused investment funds raisinga combined $4.5 billion and over 1,300 properties in the sector changing hands, according to CoStar Group National Director of U.S. Retail Analytics, Brandon Svec. Also, average pricing climbed to $142 per square foot, a 14% increase over the prior five-year average and the highest level on record.
Svec told GlobeSt. expects the momentum to continue this year, with him going as far as saying that it "would take some type of upheaval to not end up with higher prices in 2026" for shopping centers.
Source: GlobeSt/ALM