JFRCO, LLC, is a Colorado limited liability established in 2004. The company is family-owned and operated. Its principal investment initially was small apartment buildings. During the period from 1947 to 1973 the company bought, sold and operated furnished and unfurnished apartment buildings in Burlingame, San Jose and San Francisco, California. In 1973 the company commenced to liquidate its portfolio of apartment buildings and invested in grocery-store anchored shopping centers, acquiring Petaluma Plaza in 1973, followed by the Cerritos shopping center and the Healdsburg Center in 1974. In 1975 the company acquired a Roseburg, Oregon Shopping Center. There were no new acquisitions until 1983 when the partnership acquired a strip center in Aurora, Colorado. In 1988 they acquired a shopping center in Colorado Springs, followed by a center in Antioch, California the following January.

The company subsequently acquired a second strip center in Colorado Springs, two centers in Westminster, Colorado, two in Centennial, Colorado and one in Longmont, Colorado. These acquisitions were enabled by the company’s disposition of the centers in Roseburg, Oregon, Antioch, California, Petaluma, California and Aurora, Colorado, and a growing cash flow. At present it owns five properties in the Denver Metro area, two in Colorado Springs, as well as the Cerritos center in California and three shopping centers in the cities of Glendale, Litchfield Park and Goodyear, Arizona. In 2018, the Company added the mixed use retail/condo building in Scottsdale, Arizona.

The financial management has always been extremely conservative evidenced by the amount of debt in relation to equity. All properties that are retained show an attractive growth potential and they were purchased with great attention to location, construction and tenant mix. The properties are held for the long-term rather than purchased for near-term resale value and are well-maintained.

Stanley M. Felix is senior member and had managed since the inception of the partnership. He is retired now. He has been a member of the International Council of Shopping Centers since 1974. In addition to having been a practicing CPA, he has been a panelist on several occasions at seminars held by the ICSC organization and was a consultant and designer for the development of the ICSC computer software (Centersoft) for the management of retail shopping centers. For the past fifteen years Margot F. Zaterman has served as the Managing Member. She earned an MBA from UCLA with commercial banking, finance, and investment banking experience.

JFRCO has enjoyed a long-term relationship with the Bank of the West. Other credit relationships include lenders such as MidFirst Bank, Thrivent, RGA Reinsurance Company, Minnesota Life, and UBS. JFRCO, LLC has the ability to close quickly and bridge finance any of its acquisitions. As a result, we are able to compete with REIT’s and other larger shopping center owners on all acquisitions.

JFRCO manages its entire portfolio from the Denver office but retains on-site managers in Arizona and California on a contract basis.


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