AURORA | The Stanley Marketplace’s new owners say they finalized the purchase of the Aurora icon yesterday to preserve it, not to change it.

The sale to Magnetic Capital, first announced in May, closed Aug. 31. Final terms were not disclosed, but the reported purchase price was about $40 million when it was announced earlier this year.

Magnetic Capital Managing Partner Chris Carroll said the firm intends to preserve the marketplace’s local character while investing in the property and surrounding campus.

“We are committed to preserving the local authenticity that makes Stanley, Stanley,” Carroll said in the letter. “We are committed to this community and the neighborhood the Marketplace serves.”

Stanley Marketplace opened in 2016 in a former aircraft manufacturing facility that dates to 1954. Stanley Aviation began operating there as a 75,000-square-foot manufacturing plant and expanded the facility to 140,000 square feet within a few years. The plant became the largest employer in Aurora at the time, according to previous Sentinel reporting.

The property now houses more than 50 independently owned Colorado businesses, including restaurants, bars, retail shops, fitness and wellness businesses and creative studios. The two-story, warehouse-style marketplace sits on a 22-acre site that includes outdoor areas and parking. It also hosts free public events, entertainment, children’s activities and other programming throughout the year.

Among its restaurants is Annette, whose chef has won a James Beard Award.

Magnetic Capital described itself as a local owner focused exclusively on Colorado and said its principals have been patrons of Stanley Marketplace since its opening.

“We did not acquire Stanley to reinvent it, but to be long-term stewards of the local businesses and the people who make it what it is,” Carroll said.

Magnetic Capital officials said they plan to invest in the building and surrounding campus, while making the success of the marketplace’s small businesses a central priority.

“Your success is our entire business plan,” Carroll said.

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