Denver Mart is closed and its properties are officially in new ownership.
Denver Mart Industrial Partners’ JV LLLP has received the 458 E. 58th Ave. Purchased for $ 31 million on March 31. This company is affiliated with the Denver-based development company Westfield Co.
A Westfield executive did not respond to a request for comment on Friday.
The property is roughly 30 acres, which means Westfield paid just over $ 1 million per acre, or $ 23 per square foot, for the land.
The Denver Mart property consists of several large, interconnected buildings surrounded by an ocean of parking spaces. The sale did not include a hotel building attached to and separately owned by Denver Mart.
The company plans to demolish the structures it has acquired and erect several massive industrial buildings, according to the plans submitted to Adams County.
Denver Mart opened in 1965. The facility hosted trade shows as well as a number of retail tenants.
Those tenants, some of whom had been there for decades, were told in February that Denver Mart would close in late March. A letter to them indicated that the facility’s property had defaulted on loan payments and that the property was being sold as part of the receiving process. Cordes & Co. of Greenwood Village was the designated recipient.