The industrial buildings and lot at 3609 Wazee St., seen here from a bridge over the adjacent railroad tracks in 2021. (BusinessDen file)
A large RiNo industrial site has sold for a loss almost two years to the day it was last purchased.
3609 Wazee Investors LLC, an entity affiliated with Denver-based Tributary Real Estate and Charles Street Investment Partners, bought a set of mainly industrial buildings on a 2.06-acre lot at 3609 Wazee St. for $10.7 million in 2021.
Two weeks ago, the duo sold that property for $9.25 million to Wazee Partners LLC, a $1.45 million loss, records show.
The buying entity was formed by Jason Kaplan, owner of the Kaplan Cos., a development firm. Also associated with the LLC is Anthony Loeffler, partner with Alpental Capital, a real estate investment company that specializes in hospitality properties, per its website.
Neither of the parties responded to a request for comment from BusinessDen.
The warehouses and buildings on site amount to 87,000 square feet, per public records. That means the deal cost $106 a foot, about the same per-foot price using the land’s size. The property sits near the 38th and Blake RTD rail station.
When the site last sold in 2021, Tributary partner Bill Parkhill told BusinessDen that the purchase was part of a larger plan to create “a vibrant and walkable neighborhood on the west side of the 38th and Blake transit stop.”
In the two years Parkhill and his colleagues owned the property, they submitted plans to the city to build a 16-story, 241-unit-apartment building with ground-floor retail space on a small portion of the south side of the lot. They also received a certificate of demolition eligibility for the entire parcel.
The industrial buildings and lot at 3609 Wazee St., seen here from a bridge over the adjacent railroad tracks in 2021. (BusinessDen file)
A large RiNo industrial site has sold for a loss almost two years to the day it was last purchased.
3609 Wazee Investors LLC, an entity affiliated with Denver-based Tributary Real Estate and Charles Street Investment Partners, bought a set of mainly industrial buildings on a 2.06-acre lot at 3609 Wazee St. for $10.7 million in 2021.
Two weeks ago, the duo sold that property for $9.25 million to Wazee Partners LLC, a $1.45 million loss, records show.
The buying entity was formed by Jason Kaplan, owner of the Kaplan Cos., a development firm. Also associated with the LLC is Anthony Loeffler, partner with Alpental Capital, a real estate investment company that specializes in hospitality properties, per its website.
Neither of the parties responded to a request for comment from BusinessDen.
The warehouses and buildings on site amount to 87,000 square feet, per public records. That means the deal cost $106 a foot, about the same per-foot price using the land’s size. The property sits near the 38th and Blake RTD rail station.
When the site last sold in 2021, Tributary partner Bill Parkhill told BusinessDen that the purchase was part of a larger plan to create “a vibrant and walkable neighborhood on the west side of the 38th and Blake transit stop.”
In the two years Parkhill and his colleagues owned the property, they submitted plans to the city to build a 16-story, 241-unit-apartment building with ground-floor retail space on a small portion of the south side of the lot. They also received a certificate of demolition eligibility for the entire parcel.
