Thomas Gounley

Denver

Editor and Reporter at BusinessDen

@Business_Den editor/reporter. Real estate, mostly. Ex-@springfieldNL, @UofNH. Found Jazz cup designer. Juggled Boston Marathon. Cycled across USA. 37/58 14ers

Articles

Distressed hotel near DIA to be sold for $15M

1 week ago | businessden.com | Thomas Gounley

A buyer has been found for a distressed hotel near the airport. The Hampton Inn Denver International Airport at 6290 Tower Road is under contract to be sold for $15.2 million, according to a court-appointed receiver that has overseen the property since November. Colorado Hospitality Services LLC was selected as the buyer after a call for bids was made in January, according to court documents.
Denver’s reluctant landlords: Lenders taking growing number of office buildings

1 week ago | businessden.com | Thomas Gounley

If you work in a Denver-area office building, it’s increasingly likely that your company’s landlord has reluctantly found itself in that position. As the first quarter drew to a close, at least 25 major office properties across the Denver area were outright owned by a lender, thanks to a foreclosure or deed-in-lieu of foreclosure, or effectively controlled by one, due to the appointment of a receiver.
Westside buys downtown’s Lincoln Crossing at 90% discount

2 weeks ago | businessden.com | Thomas Gounley

Westside Investment Partners has brought its bargain-hunting back downtown. The Glendale-based firm, which has bought a half-dozen major office buildings at deep discounts in recent years, added another on Friday: the Lincoln Crossing complex at 1775 Sherman St. and 1776 Lincoln St. in Denver. Public records show the firm paid $10 million for the complex, which CBRE marketing materials peg at 463,000 square feet. That works out to $21.50 a square foot.
Xcel declined $1M offer for Zuni power plant ahead of landmark application

3 weeks ago | denverpost.com | Thomas Gounley

The nonprofit Historic Denver is seeking to force preservation of a former power plant in central Denver as owner Xcel Energy’s one-month window for potential buyers to step forward apparently draws to a close.
Wheat Ridge hotel property enters foreclosure

3 weeks ago | businessden.com | Thomas Gounley

A hotel along Interstate 70 in Wheat Ridge has entered foreclosure. The owner of the Holiday Inn Express & Suites Wheat Ridge-Denver West at 10101 Interstate 70 Frontage Road South has defaulted on a $9.66 million loan that was issued in June 2018, according to paperwork submitted to Jefferson County. Wilmington Trust, trustee for the loan originally made by JPMorgan Chase, said in foreclosure paperwork this month that $8.85 million is still owed on the loan.
Xcel declined $1M offer for Zuni plant ahead of landmark application

3 weeks ago | businessden.com | Thomas Gounley

The nonprofit Historic Denver is seeking to force preservation of a former power plant in central Denver as owner Xcel Energy’s one-month window for potential buyers to step forward apparently draws to a close.
Industry RiNo Station stops paying on $60M loan

3 weeks ago | businessden.com | Thomas Gounley

Add Industry RiNo Station to the list of local distressed office real estate. The owner of the 150,000-square-foot building at 3827 Lafayette St. hasn’t made payments on its loan since December, according to a report from Trepp, a firm that tracks commercial real estate loans. The property’s $60 million loan was transferred to special servicing earlier this month, according to Trepp. Special servicers are essentially negotiators brought in when a lender gets concerned about an asset.
Heavy machinery dealer files for Chapter 11 bankruptcy

4 weeks ago | businessden.com | Thomas Gounley

A heavy machinery dealer with operations in Commerce City has filed for Chapter 11 bankruptcy. ProSource Machinery said in its Feb. 28 filing that it owes $15.77 million. The firm listed assets of $9.37 million. The Chapter 11 bankruptcy process allows companies to restructure and continue operating. ProSource, which according to its website both rents and sells equipment, operates locally at 4365 E. 74th Ave. in Commerce City. It leases that property.
RiNo Art District leader stepping down amid BID renewal process

1 month ago | businessden.com | Thomas Gounley

One of two top leaders at the RiNo Art District is leaving her role in the middle of a contentious renewal process for the RiNo Business Improvement District. Sarah Cawrse informed the nonprofit of her intent to step down as co-executive director this week. Her last day is April 4. Cawrse didn’t respond to requests for comment on Thursday.
QuikTrip, landowner sue Denver over new gas station restrictions

1 month ago | denverpost.com | Thomas Gounley

QuikTrip has sued Denver over new restrictions on gas stations that were implemented last month. The Tulsa-based convenience store chain, which has four planned locations barred by the new rules, filed the lawsuit on Monday. It asked a judge to prohibit the city from applying the new zoning amendment to development applications submitted before Feb. 18, the day the City Council approved the rules. That would allow the company to build the four stations.