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April 1-April 14, 2015 — COLORADO REAL ESTATE JOURNAL — Page 5AA
Industrial
by Jill Jamieson-Nichols
An industrial building that’s
been part of the River North
landscape for decades drew a
voracious appetite from buyers
hungry for a piece of RiNo.
“We had so many offers, it was
frightening,” listing broker Rus-
sell Gruber of Newmark Grubb
Knight Frank said of the Gold
Star Sausage
Co. property
at 2800 Wal-
nut St.
A local
i n v e s t o r
bought the
32,900-square-
foot build-
ing for $3.2
million, or
$97.26 per sf,
through 1425 Market LLC. “At
a sale price of $97.26 per square
foot, 3200 Walnut St. achieved a
price higher than the 2014 indus-
trial average for both the central
submarket ($62.88 per sf) and
the overall Denver metro mar-
ket ($63.77),” said Gruber, who
represented the seller with Pete
Staab, also of Newmark Grubb
Knight Frank.
The buyer reportedly plans
to repurpose the building after
Gold Star relocates production
to a new facility in Nebraska two
months fromnow. Gold Star Sau-
sage Co., which has operated in
RiNo since 1936, will maintain
its headquarters in Denver but is
moving its processing operation
in order to expand and be closer
to its suppliers.
Gruber called the Gold Star
property “a staple in RiNo.” The
industrial facility was built in
1952 and offers heavy power, as
well as freezer and cooler space.
The 0.86-acre site has mixed-use
zoning that allows for buildings
up to five stories.
“I think this saw a lot of
activity because people want to
be in RiNo right now. That area
is really on fire,” Gruber said.
Other News
n Avery Holdings purchased
an 8,630-square-foot indus-
trial property at 1770 E. 69th
Ave. in Denver from Bennett
Real Estate Partnership for
$985,000.
DTZ brokers Aaron Valdez,
Alec Rhodes and Tyler Smith
represented the buyer. Nick
Steitz and Bill Thompson of
CBRE represented the seller.
n A 9,555-sf office/ware-
house at 1498 S. Lipan St. in
Denver sold to RKDJT LLC for
$725,000, or $75 per sf.
The buyer is affiliated with
Denver Electric, which plans
to use the building for its busi-
ness, according to Greg Knott
of Unique Properties LLC-TCN
Worldwide, who handled the
transaction with Unique Prop-
erties’ Zach Smith.
The property is located next
to Ruby Hill Park, off South
Platte River Drive and West
Florida Avenue. GM Group
LLC was the seller.
n American Sign & Strip-
ing Co. purchased 1.14 acres
of land at 7173 S. Dillon Court
in Englewood, where it plans
to build an office/warehouse
building.
The company purchased the
property from Sierra LLC for
$192,000, or $3.87 per sf.
Greg Knott of Unique Proper-
ties LLC-TCN Worldwide was
the listing broker.s
The Gold Star Sausage Co. has been a “staple” in Denver’s burgeoning
River North area for decades.
Russell Gruber
1800 Larimer Street, Suite 1700, Denver, CO 80202 T 303.892.1111
Leasing Advisory  Global Corporate Services  Investment Sales and Capital Markets  Consulting
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CONGRATULATIONS,
UNITED PROPERTIES.
LEASING & MARKETING BY
MIKE WAFER AND TIM D’ANGELO
On Enterprise Business Center being named
“2014 Industrial Development of the Year”
- NAIOP award
OWNED AND DEVELOPED BY
by Jill Jamieson-Nichols
Acraft brewery staved off com-
petition to secure a 21,600-square-
foot industrial space in Denver.
Crooked Stave CO Distrib-
uting Co. signed a seven-year
lease for the space at 14185 E.
42nd Ave. following an “intense
bidding war,” according to Kirk
Vanino, director of industrial bro-
kerage at Cushman & Wakefield
of Colorado Inc. The tenant took
the space as is.
“There is
just no prod-
uct in this
size range,
so we had
three to four
groups sub-
mitting letters
of intent at
once,” Vanino
said.
Crooked Stave, which has a
taproom in River North, will use
the space for beer distribution
andstorage.Obermeyer owns the
approximately 100,000-sf build-
ing and occupies the remainder
of the space.
While no tenant improvement
allowance was included, “It’s
clean space. It’s functional space,”
said Vanino, who represented the
landlordwith Cushman &Wake-
Crooked Stave leased space in Obermeyer’s building in Denver.
Kirk Vanino