A receiver has been appointed for the Highland Place II office building at 9110 E. Nichols Ave. in Centennial. (Google Maps)
A local firm’s Centennial office building is hitting the auction block after a loan default.
The Highland Place II building at 9110 E. Nichols Ave. is scheduled for a two-day online auction starting June 23, according to auction website Ten-X. The starting bid is $1.25 million.
The three-story building is 144,000 square feet and 62% leased, according to Ten-X.
The property is owned by an affiliate of Denver-based CentrePoint Properties, which bought it in July 2021 for $14 million, according to public records. It financed the deal with a $17 million loan from an affiliate of California-based M360 Advisors.
CentrePoint defaulted on the loan when it failed to pay it off by July 2024, according to the lender, which requested a receiver be appointed to oversee the building. Judy Duran of CBRE was given that job last November.
According to Duran’s most recent report filed in court, Highland Place II lost $18,281 off revenue of $172,000 in March.
Another local distressed office building, Aurora Corporate Plaza, hit the auction block earlier this month.
CentrePoint has bought both Edgewater Public Market and Gold’s Marketplace in Wheat Ridge in the past six months.
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)
A local firm’s Centennial office building is hitting the auction block after a loan default.
The Highland Place II building at 9110 E. Nichols Ave. is scheduled for a two-day online auction starting June 23, according to auction website Ten-X. The starting bid is $1.25 million.
The three-story building is 144,000 square feet and 62% leased, according to Ten-X.
The property is owned by an affiliate of Denver-based CentrePoint Properties, which bought it in July 2021 for $14 million, according to public records. It financed the deal with a $17 million loan from an affiliate of California-based M360 Advisors.
CentrePoint defaulted on the loan when it failed to pay it off by July 2024, according to the lender, which requested a receiver be appointed to oversee the building. Judy Duran of CBRE was given that job last November.
According to Duran’s most recent report filed in court, Highland Place II lost $18,281 off revenue of $172,000 in March.
Another local distressed office building, Aurora Corporate Plaza, hit the auction block earlier this month.
CentrePoint has bought both Edgewater Public Market and Gold’s Marketplace in Wheat Ridge in the past six months.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
