The Denver District Court appointed CBRE’s Judy Duran as receiver for the iconic Cash Register Building after the co-owner, Brookfield Properties, defaulted on its loan, the Denver Business Journal reported.
Duran’s appointment makes CBRE the day-to-day operations manager for the more than 1.2M SF building that is a fixture of Denver’s skyline.
Loan originator Morgan Stanley filed the complaint this week “to preserve, protect and manage the property pending foreclosure or other disposition of the property,” according to a court filing.
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LEASES
Biker Jim’s hot dogs leased a 5,200 SF industrial building at 4350 Broadway in Denver. Gruber Commercial Real Estate’s Steve Fletcher and Russell Gruber represented the landlord.
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GrowPack LLC leased 9,900 SF at 5098 Paris St. in Denver. Gruber Commercial Real Estate’s Russell Gruber represented the landlord, while Unique Properties’ Tom Myers represented the tenant.
SALES
Colorado Public Radio purchased a more than 72K SF office in Denver’s Capitol Hill neighborhood for $8.34M, with all funds coming from a single donor, the news station reported.
The office will be home to CPR’s newsroom as well as the Indie 102.3 radio station, Denverite, Audio Innovations and the company’s production businesses. The space also has an auditorium for live events.
THIS AND THAT
Brookfield Properties pledged its future profits to lenders as it seeks to retain ownership of Denver’s Republic Plaza, according to the DBJ. The company had allowed a more than $234M mortgage on the building to mature in December.
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