The Iliff Crossing Shopping Center at the northwest corner of East Iliff Avenue and South Buckley Road in Aurora has been sold to Iliff Crossing Partners for $6,575,000, according to a news release from the city.
The popular shopping center has served the Aurora market since 1981 and is fully occupied, with tenants including Advance Auto Parts, Angelo’s CD’s & More, Little Caesars, Wing Stop, Baskin Robbins, Metro PCS and, most recently, Lightshade Labs retail marijuana dispensary.
The shopping center was sold by ASM Pearl, LLC, whose primary principal is Arnie Meranski, a longtime owner of retail properties throughout the metro area, according to the city.
“The Iliff Crossing Shopping Center has always been one of my highest performing properties, with a phenomenal location, great traffic, stable tenants and excellent financial performance,” Meranski said in a statement. “The retail market in Aurora continues to perform, and it’s exciting to know that the new ownership group is investing significant capital into upgrades and improvements — it will become an even better place for patrons to shop and take care of service needs.”
The group is underway with nearly $2 million of renovation work, which includes a new parking lot and “substantial façade remodel.”