FORT COLLINS A joint venture between Loveland-based McWhinney Real Estate Services Inc. and Los Angeles-based Prism Places paid $45 million for the troubled Foothills shopping center in Fort Collins.
MXD Fort Collins LLC, based at McWhinney’s Loveland headquarters, purchased the 662,000-square-foot property from Cordes & Co. LLP, the court-appointed receiver for the property, according to a deed recorded with the Larimer County Clerk and Recorder.
The buyer also filed a $30.6 million deed of trust with Independent Bank.
A spokesperson for McWhinney could not immediately be reached for comment on the purchase price.
MUFG Union Bank NA in December filed a lawsuit in Larimer County District Court against Foothills’ prior owner Walton Foothills Holdings VI LLC. MUFG claimed that Walton Foothills had defaulted on a $145 million loan, with $46.59 million remaining in unpaid principal and interest at that time.
LOVELAND McWhinney Real Estate Services Inc. has raised just more than $3.53 million in what appears to be funding for a future industrial construction project.
IH Industrial One Investments LLC raised the funds from 12 investors in an all-equity offering, according to disclosures made Tuesday to the U.S. Securities and Exchange Commission.
That LLC’s registered address is the same as McWhinney’s Loveland address and lists the development company as its manager.
McWhinney has previously used these investment vehicles to fund development projects, most recently raising
just less than $4 million to construct a 123,000-square-foot warehouse in the Centerra Industrial district in Loveland. In that case, the McWhinney used the word “CIndustrial” in the name to signify the project would be built in that district.