Retail building and parking lot in Rino sell for $19.6 million

A development firm that repurposed a former manufacturing facility in Rino has sold it, along with the parking lot next to it.

Denver-based Formativ sold its Lot Twenty Eight building and the adjacent lot at 2743-2823 Blake St. this month for $19.6 million, according to public records.

The buyer was Lot 28 Owner LLC, which is affiliated with Lagniappe Capital Partners. Academy Bank provided financing for the deal.

Lagniappe, which says on its website that it invests in leisure and entertainment operating concepts, did not respond to a request for comment.

Formativ paid $13.84 million for the property in April 2017, records show, and proceeded to renovate the existing connected structures for office or retail use. It completed the work last year, according to the company’s website, which says the project has 45,000 square feet of interior space.

“This adaptive-reuse project was intricate given the varying ages of the buildings,” the company said in a statement on Tuesday. “We can’t wait to see the project flourish, with tenants that are in place and working towards their buildout/opening strategies. As we pass the torch to LCP we wish them all the best.”

Gym chain AKT leases part of Lot Twenty Eight. Formativ didn’t disclose any additional tenants when asked. A winery previously planned to take a large chunk of the project, but confirmed to Businessden earlier this year it had pulled out.

In early August, plans were submitted to the city calling for a five-story, 110-unit apartment building to be constructed on the parking lot next to Lot Twenty Eight. Logos for both Formativ and Lagniappe were included on those plans.

Formativ still owns a lot across the street at 2750 Blake St. It and Chicago-based Golub & Co. also own land by Rino’s 38th and Blake station, as well as in the Denargo Market section of Rino.