The 2724 Walnut St. property sold for less than it fetched in 2019. (Thomas Gounley/BusinessDen)
A firm that brought a Scottish brewery, a Sonder hotel and a Mexican restaurant to RiNo in recent years has something new in the works for the neighborhood.
Denver-based Magnetic Capital, led by Dan Huml and Chris Carroll, bought the vacant building at 2734 Walnut St. last week in partnership with Trinity Investors, a Texas-based alternative asset management firm.
The firms paid $5.25 million, records show. The structure on the 0.43-acre lot is about 15,700 square feet, which translates to $334 a square foot.
Huml said the firms plan to “convert the existing office space to accommodate food and beverage,” then lease to a “experiential retail concept” he declined to identify.
Dan Huml, left, and Chris Carroll
“It’s a Main-and-Main location in RiNo,” Huml said.
The property — really three connected buildings, Huml said, with a small parking lot — sold at a loss. It was purchased in 2019 for $5.97 million by two development firms, Chicago-based Golub & Co. and Denver-based Formativ. At the time, the firms planned to build a World Trade Center office building near RTD’s 38th and Blake station.
Those plans fizzled out. But Golub and Formativ are now working together on an even bigger project — the redevelopment of 17 acres in the Denargo Market section of RiNo. Infrastructure and amenity work began there last fall ahead of expected ground-up development.
Golub had its Denver office in part of the Walnut Street building, but moved out last week, Huml said. Another tenant, software company AgentSync, moved elsewhere in RiNo last year.
Laura Newman, a local Golub executive, declined to discuss the sale. Formativ also had its office in the building for a time, but the firm has since moved to LoDo. Formativ executives didn’t respond to a voicemail and email.
The property was sold by an affiliate of Golub & Co., a development firm that recently moved out of its office there. (Thomas Gounley/BusinessDen)
Huml told BusinessDen that the property was being shopped off-market when his firm was approached. Magnetic went under contract and then set out to identify a concept that would use the space.
Trinity, meanwhile, has an office in Denver and says its portfolio consists of 160 commercial real estate assets and 19 operating companies.
“Despite a challenging economic environment, we are still finding compelling opportunities to invest alongside experienced real estate operators like the team at Magnetic,” Trinity Vice President Kevin Carringer said in a statement.
This is Magnetic’s fourth project in RiNo. The firm redeveloped the 3950 Wynkoop St. building in RiNo, where BrewDog opened in April. Its Sonder hotel at 3354 Larimer St. was developed in partnership with Denver-based Narrate Cos. And Magnetic was the development partner on the Mexican restaurant Federales, which opened at 2901 Larimer St. in 2021.
“We strongly believe in the future of RiNo as a neighborhood … We are still looking to do more there,” Huml said.
Magnetic also recently pushed into a new neighborhood: Cherry Creek. The firm held a groundbreaking ceremony on Friday for a new office building at the corner of 2nd Avenue and Adams Street.
The 2724 Walnut St. property sold for less than it fetched in 2019. (Thomas Gounley/BusinessDen)
A firm that brought a Scottish brewery, a Sonder hotel and a Mexican restaurant to RiNo in recent years has something new in the works for the neighborhood.
Denver-based Magnetic Capital, led by Dan Huml and Chris Carroll, bought the vacant building at 2734 Walnut St. last week in partnership with Trinity Investors, a Texas-based alternative asset management firm.
The firms paid $5.25 million, records show. The structure on the 0.43-acre lot is about 15,700 square feet, which translates to $334 a square foot.
Huml said the firms plan to “convert the existing office space to accommodate food and beverage,” then lease to a “experiential retail concept” he declined to identify.
Dan Huml, left, and Chris Carroll
“It’s a Main-and-Main location in RiNo,” Huml said.
The property — really three connected buildings, Huml said, with a small parking lot — sold at a loss. It was purchased in 2019 for $5.97 million by two development firms, Chicago-based Golub & Co. and Denver-based Formativ. At the time, the firms planned to build a World Trade Center office building near RTD’s 38th and Blake station.
Those plans fizzled out. But Golub and Formativ are now working together on an even bigger project — the redevelopment of 17 acres in the Denargo Market section of RiNo. Infrastructure and amenity work began there last fall ahead of expected ground-up development.
Golub had its Denver office in part of the Walnut Street building, but moved out last week, Huml said. Another tenant, software company AgentSync, moved elsewhere in RiNo last year.
Laura Newman, a local Golub executive, declined to discuss the sale. Formativ also had its office in the building for a time, but the firm has since moved to LoDo. Formativ executives didn’t respond to a voicemail and email.
The property was sold by an affiliate of Golub & Co., a development firm that recently moved out of its office there. (Thomas Gounley/BusinessDen)
Huml told BusinessDen that the property was being shopped off-market when his firm was approached. Magnetic went under contract and then set out to identify a concept that would use the space.
Trinity, meanwhile, has an office in Denver and says its portfolio consists of 160 commercial real estate assets and 19 operating companies.
“Despite a challenging economic environment, we are still finding compelling opportunities to invest alongside experienced real estate operators like the team at Magnetic,” Trinity Vice President Kevin Carringer said in a statement.
This is Magnetic’s fourth project in RiNo. The firm redeveloped the 3950 Wynkoop St. building in RiNo, where BrewDog opened in April. Its Sonder hotel at 3354 Larimer St. was developed in partnership with Denver-based Narrate Cos. And Magnetic was the development partner on the Mexican restaurant Federales, which opened at 2901 Larimer St. in 2021.
“We strongly believe in the future of RiNo as a neighborhood … We are still looking to do more there,” Huml said.
Magnetic also recently pushed into a new neighborhood: Cherry Creek. The firm held a groundbreaking ceremony on Friday for a new office building at the corner of 2nd Avenue and Adams Street.
