Happy Canyon – Legal Wrangling Ensues Regarding Sale

Following up on a previous post on the Denver Post Article about the Happy Canyon Shopping Center,attached (link here:gdadoc)is a filing in Denver District Court, from January 15th, where the receiver, Harvey Sender is seeking an order to authorize the sale of the Happy Canyon Shoppes – AKA the retail strip center, NOT the old Safeway.

According to the filing, Alberta Development (developer of Streets at Southglenn among others: ( https://albdev.com/ ) is trying to purchase the existing retail portion for $23,625,000.  The receiver accepted the bid and is seeking an order from the court to approve the sale.

But not so fast: There was also another bidder who bid $125,000 more. More on that at the bottom.

The filing states that the Alberta offer does not include the Happy Canyon Box  property (the old Safeway/proposed Marketplace).

Both properties are at risk of foreclosure currently.

Apparently, the lender on the Box agreed in December to continue funding construction.

Now the wrinkle:

On January 22, BPI Incorporated, whose president is Bradley (Buzz) H. Calkins, Jr. – (who owns the Dunkins franchise that occupies the corner at Happy Canyon and which is part of The Shoppes) filed an objection to the sale by the receiver to Alberta.  Looks like BPI was the other bidder, and as part of their objection, upped their bid to $24,000,000, with $250k of Earnest Money, which is non-refundable unless the seller defaults. (link here: 20190122-bpi-incs-objection-to-receivers-mtn-

Stay tuned!!

 

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