"The center is adjacent to the southern end of the Aurora Mall," which is undergoing a $100-million renovation, Suechting tells GlobeSt.com. "There's a real resurgence in that area around the Aurora Mall," Suechting adds.
Also, the plaza is close to the 550,000-sf Aurora City Place at I-225 and East Alameda Avenue being developed by Miller Weingarten, he notes.
The plaza, owned by Integrated Resources of Denver for about the past half dozen years, was about 75% occupied at the time of the sale, he says. But several deals, including one for a former movie theater, could bring the occupancy rate to about 90%. "There's quite a bit of upside potential with the leasing," Suechting tells GlobeSt.com.
Anchors at the center at East Exposition Avenue and South Abilene Street include Bally Total Fitness, Chuck E. Cheese's and Jo-Ann Fabrics & Crafts.
Lisa Strawn, economic development specialists for the City of Aurora, who focuses on retail, says the buyer "felt he got a good value" for the purchase. However, the buyer is considering changing the name, since he feels "plaza" is too common of a name.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.