Denver Pavilions goes on market
By John Rebchook, Rocky Mountain News (Contact)
Published January 11, 2008 at 12:05 a.m.
The developers of the Denver Pavilions are putting the downtown retail development on the market.
The sale of the 350,000- square-foot center at 500 16th St. is being driven by the majority owner, German-based Rosche Finanz, Bob Murray of Entertainment Development Group said Thursday.
Pavilions, which is celebrating its 10th anniversary, was developed by Denhill Denver LLC, a joint venture of Entertainment Development Group and Arthur Hill of Chicago.
Bill Denton and Murray, principals of Entertainment Development, and Hill own less than 25 percent of the center, along the 16th Street Mall between Tremont Place and Welton Street.
Danny Seraphine, the former drummer for the rock group Chicago and one of Denton's close friends, also has a small ownership interest as a passive partner, and Greeley-based Hensel Phelps, which built the center, is an equity investor.
"This is not exactly flattering, but it is the truth. To Rosche, Pavilions is just a line item on a balance sheet, and they want to sell it to get a return on their investment," Murray said.
"To Bill, Art and I, who put our blood, sweat and tears into building this, it's very emotional and we don't want to sell it," Murray said.
But, as the majority owner, Rosche calls the shots.
Murray and Denton have hired Mike Winn and Tim Richey of Cushman & Wakefield to list the property.
The first investment offers are basically due at the end of the month and will be reviewed by Rosche, he said.
As is fairly standard with large income-producing properties, no asking price has been set. The center cost about $110 million to build.
Murray said he and Denton would love to remain as partial owners, but that will depend on the buyer.
Winn said prospective buyers like Pavilions because it is in the heart of Denver's central business district.
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