Denver Mart has closed, and its actual property is formally underneath new possession.
Denver Mart Industrial Companions JV LLLP bought the 458 E. 58th Ave. parcel on March 31 for $31 million, in keeping with public information. That entity is affiliated with Denver-based improvement agency Westfield Co.
A Westfield government didn’t reply to a request for touch upon Friday.
The property is roughly 30 acres, that means Westfield paid simply over $1 million per acre, or $23 a sq. foot for the land.
The Denver Mart property consists of a number of giant, interconnected buildings, that are surrounded by a sea of parking areas. The sale didn’t embrace a lodge constructing related to Denver Mart, which is underneath separate possession.
The corporate plans to demolish the constructions it bought and construct a number of large industrial buildings, in keeping with plans submitted to Adams County.
Denver Mart opened in 1965. The ability hosted commerce exhibits, in addition to various wholesale retail tenants.
These tenants, a few of whom have been there for many years, have been informed in February that Denver Mart would shut on the finish of March. A letter to them acknowledged that the power’s possession had fallen behind on mortgage funds, and that the actual property can be bought by way of the receivership course of. Greenwood Village-based Cordes & Co. was the appointed receiver.