LOUISVILLE — Bancroft Capital’s deal to purchase the long-dormant Phillips 66 property in Louisville apparently has fallen through, with the property being marketed once again.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
The property is listed on CBRE’s Denver land service group page. Listing brokers include senior vice presidents Eric Roth, Martin Roth and Frank Kelley.
Dennis Nuss, spokesman for Phillips 66, confirmed that the property is once again being marketed.
“We can confirm that the transaction that you inquired about did not close and that we continue to market the property,” Nuss told BizWest. “We’re marketing the full 432-acre tract as one site.”
Bancroft contracted to purchase the 432-acre property, located along U.S. Highway 36 adjacent to Northwest Parkway, in September 2017, with the deal expected to close in the first quarter of 2018. Bancroft is headquartered in Manhattan Beach, Calif., with offices in Denver, Golden and Highlands Ranch.
The property originally housed Storage Technology Corp. before that company’s acquisition by Sun Microsystems Inc. in 2005 for $4.1 billion. Sun announced that it would close the Louisville facility in 2006 and move the workers to Broomfield, and the property was acquired by ConocoPhillips in January 2008 for $55.6 million.
ConocoPhillips had envisioned a grand plan to create a clean-energy research complex that could have created 7,000 jobs. But, as ConocoPhillips split Phillips 66 off into a separate company, the new managers abandoned the plan and put the property on the market.
Bancroft then contracted to purchase the property, and their plans gained widespread attention as a potential site for the Amazon HQ2 project, which could employ 50,000 workers over time.
Colorado submitted eight featured sites to Amazon, and the Phillips 66 property was believed to be among them. Amazon whittled proposals from 238 communities down to 20 finalists, with Denver among them. The company is expected to announce its decision — or perhaps a narrowed list of finalists — sometime this year.