Starting on June 1, Kornfeld Cos. will contribute its property management and leasing portfolio to Gart Properties as part of a business merger.
Gart Properties, Denver, is a privately held real estate investment, development and management company, whose primary focus is the enhancement of value through repositioning of underperforming real estate assets.
Currently, Kornfeld is currently overseeing a retail portfolio of approximately 2.5 million square feet that includes both owned and third-party-managed shopping centers.
“Combining the Kornfeld and Gart operations will bring tremendous benefits to each of our owners, investors and tenants,” said Bradley Kornfeld, who will become the COO and general counsel of Gart Properties. “We selected Gart Properties as a partner because of our similar corporate cultures and focus on growing the business.”
As part of the merger, Gart will also acquire three veteran employees from Denver-based Kornfeld.
Theresa Spanos has been at Kornfeld for 30 years and will work with third-party owners and the company’s present portfolio existing tenants and lenders. Senior property managers Sean Kidston and Susan Allison will continue to manage properties bought by the boutique developer as well as help on any future projects.
“We’re very excited about the operational expertise Brad and his team will be bringing to Gart Properties,” said Mark Sidell, president of Gart Properties. “We see this as an attractive opportunity to continue to enhance and expand our business while working toward additional acquisitions.”