Industrial site seen as future ‘extension of RiNo’ sells for $77M

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Credit: BusinessDen

DENVER — Two of the early forces behind RiNo’s transformation have sold the project they moved on to.

Developers Ken Wolf and Ari Stutz, who renovated the Denver Central Market building and others in the former warehouse district before selling them in 2018, last week unloaded a 482,700-square-foot industrial facility they owned in the Clayton neighborhood.

ScanlanKemperBard Cos., a Portland-based real estate investment firm, and Harbert Management Corp. said they paid $76.6 million Friday for the property in the 3800 block of Steele St., which was built in the 1940s as a medical supply depot for the U.S. Army. Wolf and Stutz retained a minority stake in the site.

In spring 2018, when Wolf sold the bulk of his RiNo holdings to Washington, D.C.-based Edens for approximately $50 million, he said of the Clayton site, “My hope is to do the same thing over there as I did here.”

He and Stutz paid $23.35 million for the Clayton site in three transactions, according to public records. The first sale took place in November 2013, and the last in October 2018.

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