Pathfinder Partners Sells Creative Office / Commercial Project in Heart of Denver’s RiNo District for $14.85 Million
Newly Renovated Complex an Innovative Example of Adaptive Reuse.
- San Diego, CA (1888PressRelease) May 09, 2018 - Pathfinder Partners, LLC, a San Diego-based firm specializing in value-add real estate investments, announced today the sale of the historic Gold Star Sausage Factory building – now a completely modernized office and commercial complex – to an undisclosed buyer for $14.85 million.
A former factory in the heart of Denver’s emerging River North (RiNo) district, the Gold Star building is located at the corner of 28th and Walnut St. The property’s origins date back to the 1930s, when it was the site of Puritan Pie Company. Gold Star Sausage Company moved there in the 1950s, and, together with several adjacent structures, operated its factory at the location until 2015. In October 2015 Pathfinder partnered with Denver-based Winfield Partners, LLC – whose principals are Trent Rice and Brian Bair – to purchase the vacant property, which included five connected buildings spanning 48,000 square feet.
Pathfinder and Winfield soon embarked on a multi-million-dollar renovation – designed by Colorado-based OZ Architecture – transforming the sausage plant into a contemporary creative office and commercial space, while preserving the buildings’ vintage character and iconic signage.
The renovated complex now features unique architectural features including sky-lit bow-truss roof systems, soaring 18- to 25-foot ceilings and a rugged brick façade accented by expansive steel-framed windows. Additionally, a large exterior loading dock was repurposed to serve as an outdoor plaza. Current tenants include Design Wright Studios, Artisan Rug Gallery and Boffi Studios Denver.
According to Lorne Polger, senior managing director of Pathfinder Partners, “The Gold Star building exemplifies the best that RiNo has to offer in an adaptive reuse development project. Our revival and renovation of this 1930’s-era building was focused on staying true to the neighborhood’s roots while creating a truly unique and marquee property for the area.”
Pathfinder has been active in Colorado with 19 acquisitions and 14 dispositions since 2010. The company acquired three Colorado properties in 2017 – Via Del Prado/Chateau, an 82-unit apartment property in Boulder; the independent living portion of the Shalom Park Campus in Aurora; and Quail Ridge Apartments, a 140-unit property in Thornton.
The sale of the Gold Star building was brokered by Trent Rice, who represented the seller and Todd Snyder, who represented the buyer, both of Shames Makovsky.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic and value-add real estate investments. Pathfinder has acquired or sold $1 billion of properties since inception. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information on the firm or Pathfinder Partners Opportunity Fund VII, L.P., visit www.pathfinderfunds.com or contact Mitch Siegler at msiegler ( @ ) pathfinderfunds dot com or 858-875-4455 dot
About Winfield Partners, LLC
Headquartered in Denver, Winfield Partners was founded by Brian Bair and Trent Rice in 2012. Winfield is an owner representative and sponsor specializing in orchestrating the planning, design and coordination between owner, architect and contractor throughout the construction process. Winfield is a new breed of project partner that combines the role of trusted advisor from the beginning of the due diligence stage through an asset’s lease-up, stabilization and disposition.
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