A new start.

Af­ter los­ing big-name ten­ants to bank­ruptcy, North­glenn Mar­ket­place is look­ing for a new owner and bet­ter luck.

The Denver Post - - FRONT PAGE - By Em­i­lie Rusch

North­glenn Mar­ket­place hasn’t had the best of luck when it comes to its ten­ants go­ing bank­rupt. First, it was Ben­ni­gan’s and Cir­cuit City. Then came Bor­ders. And last sum­mer, Sports Author­ity called it quits, leav­ing an­other 32,000 square feet empty in the high-pro­file re­tail site at In­ter­state 25 and West 104th Av­enue.

Now, the for­mer North­glenn Mall turned big box power cen­ter is for sale — a move that city of­fi­cials hope could breathe life into a prop­erty that is more than a third va­cant. Re­main­ing ten­ants in­clude Bed Bath & Be­yond, Ross Dress for Less, Pets­mart, Lowe’s and Jo-Ann Fabrics.

“We’re very ex­cited about the po­ten­tial of a new owner to sta­bi­lize the cen­ter and re­vi­tal­ize it, move it into the next chap­ter,” said Deb­bie Tut­tle, North­glenn eco­nomic de­vel­op­ment man­ager.

Cal­i­for­nia-based Faris Lee In­vest­ments is mar­ket­ing the 439,063-square-foot cen­ter on be­half of its owner, HQ8-10410-10450 Melody Lane LLC.

Ini­tial bids are due Wed­nes­day — al­though that dead­line could be pushed out, said Don MacLel­lan, se­nior manag­ing part­ner at Faris Lee. The top three or four bid­ders will then be in­volved in an April auc­tion.

HQ8 has owned North­glenn Mar­ket­place since 2012, when the prop­erty went through fore­clo­sure, ac­cord­ing to Adams County prop­erty records.

“Own­er­ship has been in the hands of a lender struc­ture and there’s lim­i­ta­tions on what they can do,” MacLel­lan said. “That’s why the city is ex­cited — the new owner is go­ing to be a de­vel­oper with a good track record and cap­i­tal and a busi­ness plan for the re­de­vel­op­ment of the prop­erty.

“It bodes very well for the cen­ter and the ten­ants and fu­ture ten­ants.”

Mar­ket­ing ma­te­ri­als sug­gest the site is ripe for repo­si­tion­ing or re­de­vel­op­ment, with “sig­nif­i­cant de­mand from a num­ber of re­tail­ers in­clud­ing mul­ti­plex the­aters, fit­ness, soft goods and sev­eral strong restau­rant con­cepts.”

“It’s the per­fect lo­ca­tion on 104th,” Tut­tle said. “It’s all about lo­ca­tion, lo­ca­tion, lo­ca­tion. We have the hous­ing den­sity, the res­i­den­tial den­sity, that some of the fur­ther north cen­ters don’t quite have.”

North­glenn Mar­ket­place also sits in an ur­ban re­newal area, al­though Tut­tle said city fi­nan­cial as­sis­tance is “not a given.”

The site has been a ma­jor re­tail hub since 1968, when the de­vel­op­ers of North­glenn, Jor­don Perl­mut­ter and Sa­muel Pri­mack’s Per­lMack En­ter­prises, built the North­glenn Mall, one of the first en­closed shop­ping malls in the Den­ver area.

Thirty years later, Jor­don Perl­mut­ter & Co. bought the now-strug­gling mall back, de­mol­ish­ing it in 1998 to make way for the big box-an­chored Mar­ket­place at North­glenn that sits there to­day.

In 2005, Perl­mut­ter sold the power cen­ter for $90.76 mil­lion to ELPF North­glenn LLC, ac­cord­ing to county prop­erty records. ELPF de­faulted on its loan in 2011.

Tut­tle said city of­fi­cials are op­ti­mistic that a new owner will have a more “vested in­ter­est” in see­ing the prop­erty re­vi­tal­ized.

Two of the cen­ter’s build­ings — the Lowe’s store and a mul­ti­tenant store­front that is home to K&G Fash­ion Su­per­store and Wood­ley’s Fine Fur­ni­ture — have sep­a­rate own­er­ship and are not part of the cur­rent sale.

“There’s a great op­por­tu­nity for some­one to pur­chase the prop­erty and make it into a thriv­ing cen­ter,” Tut­tle said. “It will be dif­fer­ent than it was be­fore.”

A hawk flies over the closed Sports Author­ity store at North­glenn Mar­ket­place on Mon­day. The en­tire prop­erty, once known as North­glenn Mall, is more than a third va­cant and is for sale. Ini­tial bids are due Wed­nes­day. Hy­oung Chang, The Den­ver Post

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