The sprawling Denver Mart complex north of the city is to be sold to a company affiliated with Denver-based developer Westfield Co.
The recipient recently hired to monitor the property was ordered to sell it to Denver Mart Industrial Partners JV LLLP, according to the Adams County Court.
That company lists Westfield’s RiNo headquarters as its address and its Westfield partner and CFO Steve Taniguchi as its registered agent. A company executive failed to respond to requests for comment on Monday.
The expected sales price is not listed in the court records.
Denver Mart, sometimes called the Denver Merchandise Mart, is located on the northeast corner of Interstate 25 / 58th Avenue. It opened in 1965.
In the multi-building complex, which is surrounded by a huge parking lot, trade fairs and similar events took place. It’s also been home to a number of tenants who run wholesale showrooms – around 400, according to the Denver Mart website.
Denver Mart leadership told tenants in February that the facility would be closed through March and the property would be sold. The buyer has not yet been reported.
Denver Mart’s core lot at 451 E. 58th Ave. is 29.4 acres and is valued at $ 25.9 million, according to the Adams County Assessor.
It is owned by Denver Mart LLC, which received a $ 27 million loan in 2014. The company last made its monthly payments to the lender in March 2020, according to court records. Earlier this month Cordes & Co. of Greenwood Village was appointed as the beneficiary to oversee the sale of the property.
Denver Mart LLC also owns another 4.4 acres across the street at 5844 Washington St., according to real estate records. It is used for additional parking spaces.
The court records don’t make it clear whether this site, valued by the appraiser at $ 1.1 million, would also be sold to Westfield. Cordes didn’t respond to a request for comment on Monday.
Denver Mart is in a largely industrial area across from the Denver Post printing facility, which has also operated the publication’s newsroom since leaving downtown in 2018.
In recent years, Westfield has become best known for North Wynkoop, a large site being redeveloped on the northern edge of RiNo.
The Mission Ballroom concert venue and a three-story office building are located in North Wynkoop. Houston-based Hines is building an apartment complex, and Longmonts Left Hand Brewing plans to open a restaurant next year. Several hectares are still available for future development.
Westfield has also carried out a redevelopment that is more industrial in nature. About 2.5 km east of Denver Mart, the company is developing Pecos Logistics Park, a planned 1.15 million square feet of 62 acres, according to its website. Pepsi announced last summer that it had signed a lease for a 283,500-square-foot, bespoke distribution facility as part of the project.