WESTMINSTER, CO-Kansas City-based Entertainment Properties Trust purchased the remaining 50% interest from its joint venture partner in the Westminster Promenade, an entertainment-themed retail center in this suburb northwest of Denver. The seller was Price Legacy Corp. of San Diego.

The sales price was not released.

The 228,776-sf center is anchored by a 24-screen AMCE theater. The theater this year will draw about 2.1 million visitors, ranking it No. 1 in Colorado and No. 11 in the US, says Jon Weis, spokesman for EPR, the nation’s only real estate investment trust that focuses only on owning entertainment properties.

Other restaurants and stores in the center, which is 95% leased and occupied, include Dave & Buster’s, Rock Bottom Brewery, Johnny Carino’s, Hibachi Japanese Steak House and Rubio’s Grill. The center also includes a 45,000-sf Van’s Skate Park, which opened in June of this year.

“We had been an owner in part, and now we’re an owner in full,” David M. Brain, president and chief executive officer of EPR tells GlobeSt.com. “We are really pleased.”

He says Westminster Promenade, which began to open in 1998, marks the first major development by EPR, although it had developed some restaurant pads at other developments prior to the Promenade.

“I can’t say it was always our plan to own all of it, but it seems to make sense for them and for us,” Brain tells GlobeSt.com. “This is exactly the kind of project our company focuses on. I would describe it as a true entertainment retail center.”

While the recession worries him, especially as far as it impacts restaurants and retail, he says large movie theaters such as the 24-screen AMC theater continue to do well during hard economic times.

“They move full steam ahead, if not up a bit,” Brain tells GlobeSt.com. “They tend to be a bit counter-cyclical. No offense against the Denver Broncos, or the Nuggets, or the Avalanche or the Rockies, but going to the movies is a far less cheaper for of entertainment than attending sporting events.”

In addition to the existing shops, EPR has enough land to develop about another 65,000 sf of retail space on the site.

“There will probably be one large tenant in the mix, and then a number of smaller tenants,” Brain adds.

He says the anchor tenant for the next phase could be new to the area, or simply new to the northwest corridor.

Mary Beth Jenkins, of the Denver-based Laramie Co., is a consultant for EPR.

“They’ll do a wonderful job,” Jenkins tells GlobeSt.com. “They run a very tight, lean operation. They’ve carved out a very good niche for themselves. They really know what they’re doing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.