October 19, 2012

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Denver Real Estate Team Helps Sell Frisco Mall

Special to the Summit Daily

By Miles F. Porter IV

Like a long-suffering, slumbering giant, the Frisco Mall is awakening — hopefully.

Having languished in foreclosure since earlier this year, after a longer period of stagnation, the downtown Denver law firm of Ryley Carlock and Applewhite, represented by Lawrence "Lonny" Donovan Jr., helped Denver and Copper resident Kim Koehn get Vectra Bank off the hook under the name Beaver Frisco Mall LLC.

The price, according to public records, was $3.025 million.

Talking on Thursday with the new owner, who represents a group of 12 East Coast investors, it was learned that Kim has been in Frisco weekly, guiding the purchase of the mall, which will undergo needed refurbishment and renewed leasing activity.

Kim, 56, has owned at Copper since 2000.

Currently, the three-story structure, painted black and chartreuse, which pleases some and others not so much, is home to The Next Page, Jonny G's, Omni Real Estate, Himalayan Cuisine and Flying Crane on the front side, among others on the interior.

Built in early '80s by John Muirhead, and later purchased by Frisco Station developer Tom Seabrook Sr., and managed by Tom Jr., the mall was bought by motorcycling Michael Hilbert, who lived in Water Dance.

Michael had a collection of sport bikes and was part of the Denver-based Western Capital Partners. That group had been part of loaning the now-defunct Yellowstone Club Ski Resort some $32 million along with Credit Suisse, which threw in a couple of hundred million. The club fell into foreclosure, and apparently — indirectly — put the hurts on Michael.

He had renovated the retail, restaurant and office location, with hopes of having a music venue on the second floor, behind the massive opening windows, but the tightening economy prevented a completion of the plan.

When Michael made the mall purchase in 2008, he also bought the adjacent to-the-east building for a total of $4.56 million. That portion now houses Cornflower Boutique, Hunter-Douglas Windowscapes and A Garden of Eden floral shop. Like the mall, that building was taken back by Vectra and included in the purchase this week.

Initially, the real winner is the town of Frisco, which, via its 1 percent property transfer fee, picked up $30,250, according to town hall tax guy Chad Most.