Another RiNo warehouse is in the hands of a developer after an HVAC wholesaler sold the structure and bought a larger building in Adams County.
WSM Industries sold its warehouse at 3201 Walnut St. and a nearby parking lot to Denver-based Parkhill Development last week for $5.575 million – cash the company immediately pumped into a new location on Broadway in Adams County.
“This building is too small; we can’t fit everything in, and so we needed a little bit bigger one,” WSM spokeswoman Karen Goldsworthy said. “The new building can accommodate us for hopefully years to come.”
Included in the deal is a 50,000-square-foot warehouse and 0.3-acre parking lot at the opposite corner of 32nd and Walnut streets. WSM bought the two parcels in 1998 for a combined $670,000, according to Denver property records.
Just days after the Walnut Street deal closed, WSM Industries paid $4.475 for its new location at 5925 N. Broadway.
Parkhill Development’s William T. Parkhill, who signed the deed on behalf of buyer RiNo 3201 LLC, said he plans to develop the Walnut Street warehouse and is currently evaluating potential plans.
WSM Industries is based in Wichita, Kansas, and has six locations between Iowa, Nebraska, Kansas and Colorado. The company is continuing to operate out of the Walnut Street warehouse for now, and Goldsworthy estimated it might be another six months before WSM will move out.
3201 Walnut St. makes at least the second RiNo industrial building sold by an owner-operator to a Denver developer in the last few months. Jeff Oberg, acting as SilveRino LLC, bought a property stretching the entire 3300 block of Walnut Street from Kasel Industries head Ray Kasel and Ray Kasel LLC. That row of warehouses sold for $4.65 million, county records show.