Prime parking lots in RiNo under contract

A drone shot of Pepsi’s lots. Drone photography by Blake Rubenstein, of Guerilla Capturing.

The deal’s not quite in the can, but it’s getting there.

Pepsi has put the parking lots across the street from its RiNo bottling facility on the market, and Carmel Partners, a San Francisco-based apartment developer, is under contract to buy them, multiple sources tell BusinessDen.

The parking lots are at 3800 and 3900 Brighton Blvd., within walking distance of the 38th and Blake commuter rail station — an area poised for intense redevelopment in the coming years. The lots, a combined 3.77 acres, have incentive zoning that allows up to 16 stories.

The lots are across the street from the Pepsi bottling facility. (Thomas Gounley)

A listing brochure obtained by BusinessDen doesn’t list an asking price, but the sources said Carmel is prepared to pay about $235 a square foot.

A local Carmel executive did not respond to a request for comment.

CBRE brokers Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick are marketing the property, according to the brochure. Reached last week, Bolt declined to comment.

Carmel Partners already controls another huge chunk of land in RiNo. The company dropped $30 million in early 2018 for 3301 Brighton Blvd. and 3400 Arkins Court; it has proposed a six-story apartment complex with 403 units.

A drone shot of Pepsi’s lots. Drone photography by Blake Rubenstein, of Guerilla Capturing.

The deal’s not quite in the can, but it’s getting there.

Pepsi has put the parking lots across the street from its RiNo bottling facility on the…

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Todd
Todd
2 years ago

If those parking lots are developed, they better do something about 38th from the freeway to the train tracks. This very busy thoroughfare narrows from two lanes to one as it goes under the tracks, something that needs to change if there is even more traffic than there is today.