According to a statement released by Entertainment PropertiesTrust on the transaction, "the project has existing debt ofapproximately $120 million, and the company invested $30 million tocomplete the transaction."

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A spokesman for Cappelli tells GlobeSt.com that the transactionis a swap of ownership shares. Cappelli will now hold the minorityinterest, while remaining managing partner.

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"The addition of City Center at White Plains to our portfolio ofentertainment retail centers represents a continuation of ourstrategy to own premier theatre-anchored properties, and astrengthening of our relationship with the Cappelli group, ourpartner in the New Roc Entertainment Center and a developer ofnumerous high-quality retail and residential properties," saysDavid Brain, CEO of Entertainment Properties Trust.

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The 390,000-sf City Center at White Plains is anchored by a15-screen Cinema De Lux, which is operated by National Amusements,as well as a 59,000-sf New York Sports Club location. "We are veryexcited about adding the National Amusements name to our family oftheatre operators," Brain says.The retail facility, which is partof a 1.1-million-sf mixed-use development constructed by CappelliEnterprises, also houses a 27,000-sf Barnes & Noble, a38,000-sf Circuit City, a 77,000-sf Filene's Basement, LegalSeafood and Applebees. Target has a 150,000-sf store at the sitetoo.

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Cappelli and Entertainment Properties Trust are also partners onthe New Roc City entertainment complex in New Rochelle, NY. TheCappelli spokesman says that the firms expect to partner on moredeals. Entertainment Properties Trust could possibly team on the$3-billion development of downtown New Rochelle.

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Entertainment Properties Trust is a real estate investment trustthat focuses on developing, owning or financing entertainmentproperties like megaplex movie theaters, and destinationrecreational sites in the United States. Since November 1997 theREIT has acquired more than $1.5 billion of assets. Its portfolioconsists of more than 1.7 million sf, including New RocEntertainment and New Roc City 18 both in Rochelle, NY.

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On Thursday,Cappelli announced plan to construct 1.5 million sf of office spacearound the White Plains train station in three individualtowers.

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