Phoenix-based Vestar recently spent $123.5 million to buy about 65 percent of Orchard Town Center in Westminster, Colo., from Forest City Enterprises Inc., and the buyer plans to upgrade, rebrand and expand the open-air retail property. Some of the 1-million-sq.-ft. center’s anchor tenants—namely, Macy’s, Super Target, an AMC movie theater and a Lifetime Fitness—own their properties and are not part of the deal. The rest of the property, which includes tenants ...

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