The seller was Phoenix-based Ellman Cos.
''We were partners with the Ellman Cos.,'' Stacy Lipschitz, spokeswoman for New Plan Excel, which has $2.7 billion in assets and 281 projects in 31 states, tells GlobeSt.com. ''They owed us the $13.6 million. By assuming the note, it was satisfied.''
It was a direct sale, using no brokers. Lipschitz says her company, which specializes in owning neighborhood retail centers, likes the Denver area and will be looking to make other purchases. Separately, it purchased the 339,600-sf Westminster City Center Marketplace in Westminster 1997.
''Denver is a market we want to participate in long term,'' she tells GlobeSt.com. ''It's an urban, well-located area with strong demographics and good growth potential.''
With great fanfare, Mann Theaters opened the Chinese Theater in 1998. Since then, Mann went bankrupt and the theater now is part of the Denver-based Colorado Cinemas chain that is controlled by locally based AGL, the investment arm of the Amstar Group, also based in Denver.
''Everyone knows where that theater is,'' Brad Neiman, who heads investments for Mile High Properties, tells GlobeSt.com. ''I don't know if you'd call it a landmark, but I would say it is one of the most visible and prominent centers in Aurora because of that theater that was built on the Grauman's Chinese Theater, where movie stars used to put their handprints in the sidewalk. Clearly, its location is a very high-traffic areas and they have a number of national tenants."
In addition to the 76,000-sf theater, the center is anchored by a 69,716-sf King Soopers and Kohl's with more than 85,000-sf. Arapahoe Crossings sits on about 60 acres and expects to complete its final phase of development in about a year.
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