The owner of the Northglenn Marketplace shopping center at 104th Avenue and Interstate 25 has put the property on the market.
Jordon Perlmutter & Co. is seeking offers for the center on the site of the former Northglenn Mall. The center includes a mix of chain stores such as Borders, Old Navy and Bed, Bath & Beyond, smaller retailers and a handful of restaurants.
“There has been a lot of interest in it,” company founder and president Jordon Perlmutter said.
The company has received 17 offers and narrowed the field to the four top bids. The top offer came in at $87 million, more than double the center’s construction cost, said a person familiar with the deal.
Perlmutter’s company developed North glenn Mall in 1968. In 1998, the company bought the struggling center back from an investment group with the aim of scrapping the mall and redeveloping. The city provided $12 million in sales-tax refunds from the project.
Next month, Perlmutter’s company will open the first phase of the Larkridge shopping center 8 miles to the north in Thornton. City officials in Northglenn have predicted that sales-tax revenues from Northglenn Marketplace may drop as much as 10 percent when Larkridge opens.
Also, the center will lose one large tenant early next year when Mervyn’s closes its store as part of a plan to pull out of the Front Range. Mervyn’s and Lowe’s own their sites, while the remaining tenants lease from the company, Perlmutter said.
Northglenn city officials were unavailable for comment Tuesday. Northglenn Mayor Kathleen Novak has previously said the city is exploring ways to keep the center viable, including hosting a farmer’s market or other event on the site to attract shoppers.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
