A newly renovated industrial building in Denver’s Central Park neighborhood is now in the hands of a lender.
Bridge Investment Group took ownership of the 140,000-square-foot building at 8000 E. 40th Ave. and a parking lot across the street through a foreclosure auction on Thursday.
The property had been owned by Oregon-based developer ScanlanKemperBard Cos., which bought the property in March 2022 and took out a loan from Bridge for up to $23.75 million at the same time.
As of this spring, when Bridge initiated the foreclosure process, SKB owed $18 million in principal.
Speaking to BusinessDen in April, SKB President Todd Gooding blamed the situation on renovation delays stemming from Denver’s permitting process, which he called “by far and away the worst in the western U.S.”
Gooding said SKB expected to spend a year renovating the property, but the work took twice as long. As a result, he said, “we kind of missed our leasing window.” No tenants meant no income to make the payments on Bridge’s loan, which hadn’t been set to mature until 2026.
SKB also owns York Street Yards in the Clayton neighborhood, a string of former warehouses attracting retail users. Tenants include Rivian, a dog park bar and e-bike firm Rad Power Bikes.
Bridge, which didn’t respond to a request for comment, also co-owns the Denver West Business Park in Lakewood. That property is in receivership.
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