Industrial buildings and lot near RiNo rail station sell for $11M

The industrial buildings and lot at 3609 Wazee St., seen here from a bridge over the adjacent railroad tracks, sold for $10.7 million. (Thomas Gounley photo)

A set of industrial buildings on a large lot near RTD’s 38th and Blake Station — a redevelopment hotspot — have changed hands.

The 3609 Wazee St. parcel sold last week for $10.7 million to 3609 Wazee Investors LLC, according to public records. That entity is affiliated with Denver-based Tributary Real Estate and Charles Street Investment Partners.

The industrial space at the site is currently leased to Foodmaven Corp. and Bellissimo Distribution, sale documents show. Signage at the site also lists Giambrocco Food Service and Greco & Sons. The buildings sit on 2.06 acres.

The lot was sold by an entity affiliated with the estate of Gary Giambrocco, who died in 2018. His father started Giambrocco Food Service in the 1930s, according to the Arvada Press.

The sale works out to $118 a square foot based on the land. City property records don’t list the square footage of the buildings.

Tributary partner Bill Parkhill described the buy on Monday as “the final land purchase in the Giambrocco master plan.” The companies have previously said that plan will create “a vibrant and walkable neighborhood on the west side of the 38th and Blake transit stop.”

“This vision began in 2011 originally w/14 individual projects, like Rev360, Natural Grocers, Collegiate Peaks Bank and others,” Parkhill said in a text message, referring to several projects within a few blocks that have already been completed.

No redevelopment plans have been submitted to the city for the 3609 Wazee St. lot. The site is zoned for up to five stories, but an area zoning overlay district allows developers to build higher than that if they meet certain requirements regarding income-restricted housing.

“We continue to formulate our next steps for this neighborhood,” Parkhill said.

A block away, a former art gallery building sold earlier this year. Numerous new developments are either underway or have been proposed within walking distance of RTD’s station.

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