Colorado Real Estate Journal - October 21, 2015
A pair of industrial properties in one of Denver’s hottest neighborhoods sold in separate deals to a user and an investor. The city and county of Denver bought the former FedEx building at 2100 31st St. in River North for $5.3 million. It will use the property for fleet maintenance and warehousing. Nearly an acre of land at 3715, 3741 and 3757 Brighton Blvd. in RiNo sold for $3.75 million, or $87.17 per sf. The property contains two buildings, 3,083 and 6,000 sf. The new owner, which wasn’t identified, reportedly plans to redevelop the property, but details haven’t been disclosed. The price was one of the highest paid for a property on Brighton Boulevard, according to Murray Platt of CBRE, who has handled 40 deals in RiNo over the last 15 years. Tim Palermo sold the property, which had been in his family for 50 years. It formerly housed a tire shop, said Platt, who represented Palermo with CBRE’s Daniel Close. Ryan Arnold of JLL represented the buyer. The site is one of the few located at a signalized, hard corner in RiNo. “We had all kinds of activity, right up until the day of closing,” said Platt. The former FedEx building also received a great deal of activity because of its Brighton Boulevard location, according to listing broker Trevor Brown of Cushman & Wakefield. The building was 68,924 sf, but the Regional Transportation District took a portion of the property for expanded rail service, leaving 49,404 sf on 99,308 sf of land. Belle Haven Realty sold the property to the city and county, which was represented by Dennis McLin of McLin Commercial.