A Texas real estate firm this week closed on a $6.3 million deal to plug a hole in its RiNo land holdings.
Denargo Market developer Cypress Real Estate Advisors bought the American Medical Response (AMR) building at 2901 Broadway. The acquisition fills in a 1½-acre gap in the Texas-based company’s assemblage at Denargo.
The deal closed Tuesday and the sale price came to about $100 per square foot of land. The site has a 29,000-square-foot warehouse building that houses AMR, a private ambulance operator.
Blake Polk, property manager at AMR, said the company is under lease at the property and has no immediate plans to move out or relocate.
The site is virtually surrounded by land that Cypress either currently or formerly owned. North on the other side of Wewatta Way is the Marq at RiNo, a 300-unit apartment complex Cypress developed, then sold for $72.5 million last year. Cypress has another, larger complex under construction right next door.
Cypress sold a small parcel just east of the AMR building to a group managed by Brue Capital Partners last year as part of a deal that includes a cluster of larger Denargo Market parcels. Cypress still owns a 2½-acre parking lot west of the AMR building.
Denargo Market is a former marketplace just off of the Union Pacific Railway, roughly bounded by Brighton Boulevard, 29th Street, Arkins Court and Denargo Street. According to the Denver Library’s website, Denargo boasted upwards of 500 merchants at its height.
Cypress is the master redeveloper at the site and has been buying, developing and selling chunks of Denargo Market for the better part of a decade. The River North complex could hold more than 2,000 residential units as well as office and retail space.