Industrial Takeover in RiNo
The epicenter of Denver's new industrial boom is the emerging RiNo neighborhood, Newmark Grubb Knight Frank's Russell Gruber tells us. Along with colleague Pete Staab, Russell recently repped the seller of the 33k SF Gold Star Sausage Co manufacturing facility at 2800 Walnut St, and he says the building received intense interest from investors—and ultimately sold for $3.2M, or $97.26/SF, well above the sales average for Central submarket industrial of $62.88/SF last year.
According to NGKF Research, the Central submarket boasts one of the lowest industrial vacancy rates in the metro area, at just 2.7%. Gold Star Sausage, a major producer of private-label sausages and hot dogs, is keeping its HQ in Denver, but is relocating its processing to Nebraska, to be closer to suppliers. The purchaser, 1425 Market LLC, hasn't specified its plans for the asset yet.