Local developer set to buy Denver Mart complex
Thomas Gounley photos)
The sprawling Denver Mart complex north of the city is slated to be sold to an entity affiliated with Denver-based developer Westfield Co.
The receiver recently appointed to oversee the property has been directed to sell it to Denver Mart Industrial Partners JV LLLP, according to Adams County court records.
That entity lists Westfield’s headquarters in RiNo as its address, and Westfield partner and Chief Financial Officer Steve Taniguchi as its registered agent. A company executive did not respond to requests for comment on Monday.
The court filings do not detail the expected sale price.
Receiver appointed for Denver Mart ahead of expected sale
Courtesy of Google Maps)
A receiver has been appointed to oversee the Denver Mart property north of the city, ahead of its expected sale.
Greenwood Village-based Cordes & Co. was named receiver last week by a district court judge in Adams County, where Denver Mart a sprawling complex that often hosts trade shows and similar events is located.
Deutsche Bank Trust Company Americas, acting as a trustee on behalf of holders of certain Citigroup securities, requested a receiver be named on March 2, according to court filings.
Citigroup made a $27 million loan in August 2014 to Denver Mart LLC, which owns the property at 451 E. 58th Ave. That entity last made its monthly payments in March 2020, according to the filings, a period that corresponds to the start of the coronavirus pandemic.
Denver Mart to be shuttered, sold
The high-profile location off 58th Avenue and I-25 offered an 807,000-square foot facility on 34 acres to some 100 trade shows annually. Author: Dennis Huspeni (Denver Gazette) Published: 9:15 PM MST February 21, 2021 Updated: 6:55 AM MST February 22, 2021
DENVER The 54-year-old Denver Mart – which was supposed to enjoy a second life after new owners came in 2013 promising millions in upgrades – closes its doors March 31 mired in debt and at least one breach of contract lawsuit.
Retail tenants and show producers were notified abruptly Feb. 12 with a letter stating “The property since March 2020 has been default with its lender, is now being placed into receivership proceeding, and will be sold through this receivership process by the end of March 2021.”
For nineteen years running, the Fly Fishing Show has lured more than 12,000 fly-fishing fanatics to the Denver Mart, bringing business to hundreds of exhibitors and generating upwards of $1 million for the local economy, estimates Ben Furimsky, the show s president.
But after the Denver Mart announced that it will close at the end of March, Furimsky and other event organizers were left without a venue for their 2021 shows. Under current COVID-19 restrictions, those shows would have been able to host no more than 100 visitors at a time, anyway but Furimsky worries the closure may affect not only events in 2021, but in 2022 and beyond.
Fri, February 26th, 2021 Denver Mart, Denver, USA This fair is over. For any assistance, please write to inquiry@fibre2fashion.com
In lieu of the ongoing Global Health Emergency due to COVID-19 & travel restrictions imposed on various countries, we request you to check the actual status of the event directly with the organisers first.
About the Fair
26th Feb, 2021 to 28th Feb, 2021 at Denver Mart, Denver, USA The Denver Apparel & Accessory Market offers the best women s, men s and children s apparel and accessories. The show provides an ideal platform for buyers from all over the Rocky Mountain Region and presents a prospect for hands on experience with merchandise from over one thousand manufacturers all under one roof.