DENVER, Aug. 1, 2012 /PRNewswire via COMTEX/ –
Gart Properties and Kornfeld Companies announced today that they have mutually agreed to part ways effective September 1, 2012.
The amicable split allows the two companies to pursue divergent strategies to enhance their respective businesses. Gart Properties remains committed to the continued growth of its business and portfolio through targeted acquisitions and redevelopment opportunities. Kornfeld Companies will return to their roots as a boutique real estate firm focusing on its existing portfolio and third party management along with smaller retail property acquisitions.
Under the terms of the agreement both companies will retain their present property portfolios and staff.
Gart Properties President Mark Sidell states, “We have all learned a tremendous amount from each other and have mutual respect for one another. It has become clear to us that our visions for the future can most efficiently be achieved as two separate companies moving forward.”
“We are proud of what our companies have achieved together – both the enhanced industry expertise and successes across our portfolios,” added Brad Kornfeld, Managing Partner of Kornfeld Companies. “However, we feel it’s in both our best interests that we each focus our efforts on industry opportunities unique to our respective business models that will deliver greater benefits to both our companies.”
Both companies’ top priority is a smooth transition and continuity for all customers, business partners and employees.
About Gart Properties
Gart Properties is a privately held real estate investment, development and management company based in Denver, Colorado. Formed in 1994, Gart Properties reflects three generations of talent and background beginning with Nathan Gart who started a fishing and outdoor gear shop in 1928. The company’s primary focus is the enhancement of value through repositioning of underperforming real estate assets. Notable properties in the 3 million plus square foot retail and office portfolio, including over 400 tenants are the Denver Pavilions on the 16th Street Mall in Denver, and The Village Shopping Center in Boulder, Colorado. For more information visit GartProperties.com.
About Kornfeld Companies
The Kornfeld Companies was formed in 1979 and owns and operates a retail portfolio of nearly 250 tenants in 18 shopping centers comprising 2.5 million square feet. The firm’s properties are located along the Front Range of Colorado from Ft. Collins to Castle Rock and in Silverthorne, CO. The company focuses on neighborhood and community shopping centers, and it provides leasing, property management and retail consulting services to select third-party clients.
SOURCE Gart Properties LLC
Copyright (C) 2012 PR Newswire. All rights reserved