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COLORADO REAL ESTATE JOURNAL
— June 15-July 5, 2016
Metro Denver
by John Rebchook
The River North Art District,
better known as RiNo, has experi-
enced a whirlwind of recent activ-
ity.
For example, ZeppelinDevelop-
ment, headed by RiNo pioneers
Kyle andMickeyZeppelin, recent-
ly announced it had paid $7.3 mil-
lion for the ReadyMixedConcrete
site next to its award-winning,
mixed-use TAXI development on
Ringsby Court.
They plan is to develop as much
as 400,000 square feet on the site.
Another prominent family
owned real estate company, Koel-
bel & Co., plans Catalyst HTI at
35th Street and Brighton Boule-
vard.
That joint venture is expected to
be a game changer in the fledgling,
but fast-growing health-technolo-
gy business.
The area is becoming so trendy
that a husband and wife team,
which calls itself Iselo Investment
Properties, has unveiled plans for
$1 million townhomes as part of
a mixed-use development along
the banks of the SouthPlatte River.
But it is
not just the
big deals that
are
chang-
ing the shape
of a once-for-
gotten, gritty
industrial area.
“If Denver
were a big city
like NewYork,
Union Station
would be Manhattan and RiNo
would be Brooklyn,” said Billy
Riesing, a broker with Pinnacle
Real EstateAdvisors.
Riesing has been spending a lot
of time in RiNo recently.
For example, he recently sold a
14,273-sf parcel at 3423-3433 Blake
St. in RiNo for $1.75 million, or
$122.60 per sf.
The site is adjacent to a new
pedestrian bridge and is less than
four blocks from the 38th & Blake
light-rail station, he said.
“I suspect that is a record-break-
ing price for that type of property,”
Riesing said.
“It’s a great number,” he added.
The buyer was “able to make
the deal pencil out economically”
because he is convinced the RiNo
boom is still in its infancy.
“The buyer probably will take
12 to 24 months before they break
ground on anything,” Riesing
said.
The parcel includes the Blake
Street Glass building, which has
about 2,500 sf, he said. The owners
of Blake Street Glass were the sell-
ers, Riesing said.
“Short term, they will lease it
back” from the new owner, he
said.
Long term, he expects that the
new buyer will develop a mixed-
use development that will have a
retail component on the parcel.
In the near future, the 14,000-sf
building at 324 Walnut St. will be
officially hitting the market.
Riesing received the listing of
the property at 3724 Walnut St.
earlier this month.
The building is zoned C-MX-8,
which would allow an eight-story
building.
“It is a super sexy, two-story,
fully renovated brick beauty that
shows like a museum/restaurant
hybrid,” according to Riesing.
It’s only a couple of blocks from
the new38th&Blake light-rail sta-
tion, he noted.
In another deal, Riesing is listing
a 20,300-sf site at Larimer Street in
RiNo for $3.5 million.
The site includes a 6,039-sf
retail/flex building occupied by
the Kompound Training Center, a
martial arts dojo, and 900-sf single-
family home.
The land is zoned IMX-3, which
would allow a three-story build-
ing.
“This site is about as sexy as it
gets,” Riesing said.
“It is across the street from OZ
Architecture and a lot of sexy stuff
with new restaurants and housing
is going on in the area,” Riesing
said.
He described it this way in his
listing brochure: “Located on the
hottest street in urban Denver’s
most sought-after submarket,
3034 Larimer is a pure reflection of
the RiNo neighborhood’s history,
charm, artistic edge and urban
swagger.”
A buyer may repurpose the
existing brick building, which he
said is “classic RiNo,” with a large
garage door opening to Larimer
Street, high ceilings and concrete
floors.
“This would be a great retail
development,” Riesing said.
“Triple-net leases on existing
buildings are at a record high and
certainly with new construction,
retail leases are in the mid-$30 per
square foot on a triple-net basis,”
Riesing said.
And that is just where they are
today.
“In three or four years, rents
are just going to be going crazy,”
Riesing said.
Typically, when brokers delve
into the demographics of the area
around a building they are selling,
they break it down to a 1-mile,
3-mile and 5-mile radius.
Given the compactness of Den-
ver’s version of Brooklyn, Riesing
broke it into 0.1-mile, 0.5-mile and
1.5-mile tranches.
This listing has “urban swagger,” according to Riesing, who is listing the site.
Billy Riesing is listing this building at 3724 Walnut St. in RiNo.
Billy Riesing
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