Somera snags Aurora Park shopping center

Real Estate Weekly, April 2, 2008

DENVER: Somera Capital Management, LLC, on behalf of its Somera Realty Value Fund II, L.P., has entered into a joint venture with an affiliate of Southwestern Investment Group, Inc. (SWIG)--an operating and equity partner--to acquire the 36,071 s/f Aurora Park Shopping Center in Aurora, Colorado. Strategically located at the intersection of East Alameda Avenue and South Sable Blvd., two heavily traveled routes, the property is at the center of commercial and retail activity in the submarket. It is adjacent to Aurora City Center, the recently renovated Town Center at Aurora mall and Centrepoint--a new mixed-use project and transportation hub.

This acquisition is Somera Capital's first joint venture with Southwestern Investment Group, a Colorado-based real estate investment, development and management company, whose principals have very strong real estate backgrounds and significant experience in the shopping center market.

SWIG will be responsible for overseeing the rehabilitation at Aurora Park Shopping Center, and for leasing and managing the property.

Built in 1978, with little done to maintain the property in the last few years, it requires significant capital improvements.