Westfield closes on $31M purchase of Denver Mart real estate

Denver Mart as seen on March 15. A developer plans to demolish the complex and replace it with massive industrial buildings. (BusinessDen file)

Denver Mart has closed, and its real estate is officially under new ownership.

Denver Mart Industrial Partners JV LLLP purchased the 458 E. 58th Ave. parcel on March 31 for $31 million, according to public records. That entity is affiliated with Denver-based development firm Westfield Co.

A Westfield executive did not respond to a request for comment on Friday.

The property is approximately 30 acres, meaning Westfield paid just over $1 million per acre, or $23 a square foot for the land.

The Denver Mart property consists of several large, interconnected buildings, which are surrounded by a sea of parking spaces. The sale did not include a hotel building connected to Denver Mart, which is under separate ownership.

The company plans to demolish the structures it purchased and build several massive industrial buildings, according to plans submitted to Adams County.

Denver Mart opened in 1965. The facility hosted trade shows, as well as a number of wholesale retail tenants.

Those tenants, some of whom were there for decades, were told in February that Denver Mart would close at the end of March. A letter to them stated that the facility’s ownership had fallen behind on loan payments, and that the real estate would be sold through the receivership process. Greenwood Village-based Cordes & Co. was the appointed receiver.

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