Wisconsin company buys Promenade Shope at Centerra in Lov - BizWest
Thomas Clayton
Promenade Shops at Centerra sells for $55M
A sign for the Promenade Shops at Centerra along I-25. BizWest file photoLOVELAND — Galway Cos., an investment company with retail, hospitality and multifamily assets throughout southern Wisconsin, has paid $55 million to acquire The Promenade Shops at Centerra in Loveland.
According to Larimer County property records, the seller in the deal recorded Aug. 8 was Promenade Shops — 10220472 LLC, registered to the Dallas office of KeyCorp. (NYSE: KEY), the holding company for KeyBank, one of the nation’s largest regional banks.
The buyer was Galway Centerra LLC, registered to Galway’s home office in Monona, a suburb of Madison, Wisconsin.
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Acquisition of the 20-year-old, 493,000-square-foot open-air shopping center in east Loveland, a property with a history of retail success amid foreclosures and lawsuits, marks Galway’s first investment in Colorado.
According to a news release issued Wednesday, “The Galway Cos. team is committed to reimagining, remerchandising and elevating the property to deliver an unmatched experience for both retailers and the community alike. For retailers and the millions of visitors who come to The Promenade Shops each year, Galway’s commitment is clear: stronger merchandising, significant reinvestment in the property and a destination to be proud to be part of.”
The Promenade Shops’ history has been full of twists and turns.
The property was listed for sale in 2022 by the Denver office of CBRE Advisors.
Located northeast of the Interstate 25-U.S. Highway 34 interchange, CBRE’s promotional material then touted the center as being exposed to 140,000 vehicles per day, and 58,231 residents live within three miles, with an average household income of $133,627.
The centerpiece of McWhinney Real Estate Services Inc.’s Centerra mixed-use development, although not owned by McWhinney for years, it included such major retailers as Macy’s, Best Buy, Dick’s Sporting Goods and Barnes & Noble, as well as a multi-screen Metrolux movie theater, several chain restaurants and many smaller-footprint stores with familiar national and regional brands such as Yankee Candle, Banana Republic and Famous Footwear.
The listing came just two months after the conclusion of an 11-year court battle over a partnership deal that went sour in the management and ownership of the shopping center. It ended with a “satisfaction of judgment” notice filed in U.S. District Court for the District of Colorado. In May 2021, McWhinney Holding Co. LLLP and related McWhinney entities won a $23.4 million judgment against defendant Terry McEwen, which was amended four months later to add court costs and pre- and post-judgment interest. That battle began 10 years earlier when McWhinney sued its 50-50 partners in the project, Poag & McEwen Lifestyle Centers LLC, over their partnership in the construction and management of the Promenade Shops. What followed was a series of judgments, appeals and lawsuits.
A foreclosure auction was held in May 2021 when a lender tried to recover nearly $87 million from mall owner DRA Advisors LLC, a New York City-based private-equity group operating as G&I VI Promenade LLC and G&I VI Retail Prom LLC, but there were no bids .
That was the second time the mall had fallen into foreclosure. The first was in 2009, when it was acquired by a subsidiary of KeyBank for $85 million. DRA Advisors bought the property for $75.5 million months later.
 | Tom Clayton Communication and Media Specialist, Public Affairs |
| Commissioners' Office 200 W Oak St, Fort Collins, 80522 | 2nd Floor W: (970) 498-7005 tcla...@larimer.org | www.larimer.org |