Denver-based Sidford Capital bought the defaulted loan for the 53,000-square-foot building at 2301 Blake St. in Denver and then took ownership last week through a deed of foreclosure, public records show.
Records show Sidford paid $7.5 million. The company took out a $6 million loan from MidFirst Bank.
Sidford managing director Dan Grooters said the building is 66% let to International Workplace Group (formerly Regus), which operates its Spaces coworking concept there. The rest, formerly home to the sports bar Blake Street Tavern, which closed in 2023 after two decades, is vacant.
The 1.2 hectare estate also includes two parking spaces.
Sidford took over ownership from Seattle-based Urban Renaissance Group, which bought the property in July 2016 for $21.2 million, records show.
Records show URG took out a $12.5 million loan from Sun Life Assurance Co. in October 2016. from Canada, which was due to expire in November 2026. But in October this year, with $10.3 million still owed, the loan “went non-performing due to a default,” according to a JLL listing.URG no longer has holdings in Denver. This year, the company surrendered 2399 Blake St. to a lender, lost LoDo’s Market Center to foreclosure and sold the Fox31 broadcast building at 100 E. Speer Blvd. to the station’s parent company. The company also sold an office building in Broomfield in November at a big loss.
Sidford, meanwhile, also closed on a deal last week in Denver’s Athmar Park neighborhood, adding the fully leased 59,500-square-foot Athmar Park Shopping Center at 1901 W. Mississippi Ave. was sold for $8.2 million.
Grooters said Sidford renovated the center after purchasing it for $4.6 million in January 2024 and bringing in Planet Fitness as an anchor tenant. The company also fenced off a portion of the property’s parking lot and sold it separately for $400,000.
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