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Gart, ING Buy Denver Pavilions for $94M

DENVER-The 347,000–sf mall, which covers two city blocks along this city's primary retail corridor, will see $25 million in upgrades.

By Brian K. Miller | Updated on July 02, 2008

DENVER-The Denver Pavilions shopping mall here has changed hands for $94.5 million. The new owner of the 347,000-sf mall is a JV of locally based Gart Properties LLC and ING Clarion Partners LLC, which came out ahead in a competitive bidding process. The transaction recorded Wednesday.

Pavilion mall covers two city blocks along the 16th Street Mall, the primary retail, business, and transportation corridor running through Downtown Denver. Specialty retail tenants include as Niketown, Barnes & Noble, and Virgin Megastore while the eateries include Maggiano’s and Corner Bakery and entertainment options include Jazz at Jack’s and a movie theater.

The new ownership plans to invest an additional $25 million in the mall to pay for renovations and tenant incentives. Improvements will include the addition of escalators directly off the 16th Street Mall and enhanced elevators serving the three levels of the open-air shopping center. The goal is to attract new “first-to-market” shops and restaurants into the Pavilions to draw additional visitors from the pedestrian traffic along the 16th Street Mall as well as from downtown Denver’s growing residential population.

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