A receiver has been appointed for the Highland Place II office building at 9110 E. Nichols Ave. in Centennial. (Google Maps)
The local owner of an office building in Centennial has defaulted on its loan and a receiver has been appointed to oversee the property.
The 140,000-square-foot Highland Place II building at 9110 E. Nichols Ave. is owned by HPII Investments LLC, an entity affiliated with Denver-based Centre Point Properties. It bought the property in July 2021 for $14 million, according to public records.
Centre Point financed the deal with a loan that was more than the purchase price — $17 million given by Mcreif Subreit LLC. That entity lists an office address that corresponds to that of California-based M360 Advisors.
In a lawsuit filed last week, the lender said the loan matured on July 31, 2024 — meaning Centre Point needed to pay it off in full by that date.
Centre Point defaulted when it failed to do so, according to the lender.
The lender, represented by attorney William Meyer of Polsinelli, asked Judge Thomas Henderson on Nov. 19 to appoint Judy Duran of CBRE as receiver for the three-story building. Henderson did so on Nov. 25.
Tucker Manion, Centre Point’s founder and president, did not respond to requests for comment.
Centre Point owns a handful of office buildings along the Front Range, including The Forum at 425 S. Cherry St. in Glendale and The Logan at 899 Logan St. in Denver’s Cap Hill. The company also owns apartment buildings and retail space along the Front Range, according to its website.
Highland Place II is located close to IKEA and next to three office buildings that were recently purchased on the cheap by Glendale-based Westside Investment Partners.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
A receiver has been appointed for the Highland Place II office building at 9110 E. Nichols Ave. in Centennial. (Google Maps)
The local owner of an office building in Centennial has defaulted on its loan and a receiver has been appointed to oversee the property.
The 140,000-square-foot Highland Place II building at 9110 E. Nichols Ave. is owned by HPII Investments LLC, an entity affiliated with Denver-based Centre Point Properties. It bought the property in July 2021 for $14 million, according to public records.
Centre Point financed the deal with a loan that was more than the purchase price — $17 million given by Mcreif Subreit LLC. That entity lists an office address that corresponds to that of California-based M360 Advisors.
In a lawsuit filed last week, the lender said the loan matured on July 31, 2024 — meaning Centre Point needed to pay it off in full by that date.
Centre Point defaulted when it failed to do so, according to the lender.
The lender, represented by attorney William Meyer of Polsinelli, asked Judge Thomas Henderson on Nov. 19 to appoint Judy Duran of CBRE as receiver for the three-story building. Henderson did so on Nov. 25.
Tucker Manion, Centre Point’s founder and president, did not respond to requests for comment.
Centre Point owns a handful of office buildings along the Front Range, including The Forum at 425 S. Cherry St. in Glendale and The Logan at 899 Logan St. in Denver’s Cap Hill. The company also owns apartment buildings and retail space along the Front Range, according to its website.
Highland Place II is located close to IKEA and next to three office buildings that were recently purchased on the cheap by Glendale-based Westside Investment Partners.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
