The developers behind a marquee Union Station office building are charging into RiNo.
An entity managed by Haselden Construction head Ed Haselden and Rob Cohen, CEO of IMA Financial Group, bought 0.86 acres at 36th Street and Brighton Boulevard last week for $3.75 million.
It’s a small industrial site that houses machine shop Industrial Motors & Machining, and a property the shop’s owner has held for nearly 30 years.
The site stretches northeast along Brighton Boulevard from 36th Street and hosts a single industrial building that city records show was built in 1954. Industrial Motors will move off of Brighton Boulevard and relocate its shop to a property off of Washington Street in Adams County in the next few months, a company employee said Monday.
Industrial Motors owner Mark Paulson sold the Brighton Boulevard real estate to Cohen and Haselden’s firm. He bought the property for $248,800 in two deals in 1988 and 1989, city records show.
Neither Cohen nor Haselden returned phone messages seeking comment on the deal on Monday. Their Brighton Boulevard property is zoned for five stories’ worth of industrial development. The duo, acting as 3600 Brighton Blvd., LLC, financed the acquisition with a loan from Collegiate Peaks Bank.
Haselden and Cohen previously teamed up to develop IMA’s Union Station office building at 18th and Wynkoop streets. The pair built that 100,000-square-foot building in 2012 and sold it for $67 million in 2014 to GLL Properties.
Haselden and Cohen also developed the Millennium Financial Center at 1550 17th St., where IMA kept its Denver office before moving to Union Station.
The Industrial Motors site is at least the third property on the block to sell to real estate developers in the past year.
Tributary Real Estate bought a 0.36-acre lot across the street at 3655 Brighton Blvd. for $1.2 million in November, with plans for a retail development.
Equity Ventures Commercial paid $3.75 million for one acre at 3741 Brighton last September.