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Arapahoe Crossings Commands $48 Mil

AURORA, CO-New Plan Excel Realty Trust Inc., which was owed $13.6 million by Phoenix-based Ellman Cos., is the new owner of the prominent "power" retail center after an all-cash deal.

By John Rebchook | Updated on November 30, 2001

AURORA, CO-New York City-based New Plan Excel Realty Trust Inc. has paid $48 million in cash for Arapahoe Crossings, one of the most prominent ”power” retail centers in southeast Aurora, anchored by the 16-screen movie theater patterned after famous Grauman’s Chinese Theatre in Hollywood. The purchase price also satisfied $13.6 million of notes, receivable and accrued interest in the 460,700-sf shopping center at Arapahoe and Parker Roads, according to a Securities and Exchange Commission document.

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.”

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