The developer of Denver Central Market has unloaded that building and five nearby properties totaling 104,700 square feet for $50 million, or $486 per square foot.
The buildings are home to businesses including Il Posto, Park Burger, First Draft Taproom & Kitchen and Sushi-Rama.
The properties all were purchased in cash by Edens, a real estate firm that focuses on retail sites.
Edens’ website does not list any other Colorado holdings. It paid a total of $50.86 million for the six RiNo properties, according to county records. An executive did not respond for comment.
The properties were owned by various LLCs, but developer Ken Wolf said he was the controlling partner of them all. He said he purchased and gradually redeveloped the properties starting in 1995.
Wolf said he wasn’t really looking to sell when Edens approached him with an offer in January. He said he agreed for two reasons.
“I liked the organization,” Wolf said. “After having spent the last 20 years redeveloping the properties, it was important the people taking over be the type that would appreciate the work that had been done.”
Wolf said Edens “made me an offer that allowed me to sell it,” and that it was an all-cash offer with a short due-diligence period.
He said there are two 3,000-square-foot spaces in the portfolio that are vacant.
Wolf will now transition from landlord to tenant.
Wolf’s Downtown Property Services has its office at 2660 Walnut. And as operator of the Denver Central Market, he’ll pay rent to Edens for that space. Wolf is also an owner of several businesses that operate in the portfolio: Osaka Ramen, Sushi-Rama, Gerard’s Pool Hall, and Honey, a small elixir bar slated to open in the rear of the 2644 Walnut building.
Wolf bought his first property in RiNo, 2601 Blake St., in 1991, selling it eight years later. With the sale this week, he’s down to two.
The first — 2620 Walnut St., home of 10 Barrel Brewing Co. — is under contract to be sold to Edens, he said. The deal is expected to close in December. Wolf said he’s looking to redevelop the second property, which he declined to specify.
Wolf also hopes to replicate his industrial-to-commercial success outside of RiNo. He said he and partner Ari Stutz control about 500,000 square feet of warehouse space northwest of the intersection of Steele Street and 38th Avenue.
Redevelopment efforts began about a year ago, he said.
“My hope is to do the same thing over there as I did here.”
Here are details on the parcels that sold this week:
1336 27th St.
- Sale price: $11.55M
- Building square feet: 22,345
- Tenants: Site of food hall Denver Central Market
2631 Larimer St.
- Sale price: $1 million
- Land square feet: 10,951
- Notes: Parking lot adjacent to Denver Central Market
2601 Larimer St.
- Sale price: $11.3 million
- Building square feet: 19,536
- Tenants: Include Il Posto, First Draft Taproom & Kitchen, SHEA Clothing Boutique, Gerard’s Pool Hall
2636 Walnut St.
- Sale price: $6 million
- Building square feet: 12,500
- Tenants: Include Matthew Morris Salon and Skincare
2660 Walnut St.
- Sale price: $8.85 million
- Building square feet: 15,072
- Tenants: Include Jiberish Flagship Boutique and FICE Gallery
2601 Walnut St.
- Sale price: $12.16 million
- Building square feet: 24,282
- Tenants: Include Park Burger RiNo, Biju’s Little Curry Shop, Osaka Ramen