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Page 16 — COLORADO REAL ESTATE JOURNAL — May 6-May 19, 2015
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
The transformation of a high-
ly visible corner in Boulder has
begun with the groundbreaking
for a pair of hotels and a four-
story office/retail building.
NAI Shames Makovsky and
Sage Hospitality will build some
of the first new hotel rooms in
the city in many years on the
former Golden Buff property
at the northwest corner of 28th
Street and Canyon Boulevard,
right across from the Twenty
Ninth Street shopping district.
The Embassy Suites and Hilton
Garden Inn hotels will share a
two-level underground parking
garage with C28, a 43,280-square-
foot office/retail building being
developed by Lou DellaCava of
LJD Enterprises Inc.
“We have been looking for a
project in
Boulder of this
type for an
extended peri-
od of time,”
Michael Ever-
ett, Sage Hos-
pitality’s chief
i nve s tmen t
officer, said
of the hotels.
“The diversity
and predictability of demand in
that market is pretty special and
pretty unique. You could regard
it as one of the most predictable,
dynamic submarkets in all of Col-
orado,” he said, citing demand
associated with the University of
Colorado, existing businesses and
new generators like the planned
Google campus.
The five-story hotels will have
a combined 375 guest rooms. The
Embassy Suites will offer 203
rooms with 7,000 sf of meeting
space and a full-service restau-
rant, while the Hilton Garden Inn
will comprise the remaining 172
rooms.
“They are two distinct brands,
and they are two distinct build-
ings. At the same time, we want-
ed to have every efficiency we
possibly could of operating the
hotels together,” said Everett,
explaining there will be some
shared operations and amenities,
such as a swimming pool.
The hotels and office building
also will share a plaza that will
serve as a commonoutdoor space.
“Boulder wanted us to have an
open space that was reflective
of the local community,” Everett
said. There will be a pedestrian
access point off of 28th Street
between the office building and
Hilton Garden Inn that creates a
connection through the property.
Besides the high-end St. Julien
Hotel & Spa, Everett said most
of Boulder’s existing hotel rooms
are in older select-service proper-
ties. “What they don’t have much
of is higher-quality, newer hotels
that serve the select-service and
upper upscale segments,” he said.
“It’s really hard to get anything
built there. Land is expensive.
The entitlement process can be
challenging,” Everett said, not-
ing those barriers to entry make
projects that are completed
very attractive. The partnership
intends to own the hotels “for a
long period of time.”
Milender White Construction
Co. is building the hotels, which
were designed by JG Johnson
Architects.
DellaCava has owned the office
development site since 2002.
Shames Makovsky approached
him about buying it, but he was
not interested in selling. “It’s a
hard corner. It’s a legacy corner.
It’s a good asset to keep in my
portfolio,” said DellaCava. They
are partnering to develop the
two-level parking garage, which
will have 418 spaces, 107 of which
will serve the office/retail build-
ing.
DellaCava, who co-owns Can-
yon Gate Plaza at the southwest
corner of 28th and Canyon, said
C28, named for Canyon and
28th, will offer retail space, but is
likely to draw financial services,
insurance and real estate com-
panies because the parking will
be underground as opposed to
out front. Designed by Erik Har-
tronft, “The building is contem-
porary, but it uses materials (such
as sandstone) that keep it solidly
in the Boulder legacy realm,” he
said.
Wyatt Construction will build
the building, which is expected
to deliver along with the hotels in
the second quarter of 2017. s
JG Johnson Architects designed the new Boulder hotels.
The Embassy Suites will have 203 guest rooms and 7,000 square feet of meeting space.
The C28 office/retail building will occupy the hard corner of Canyon Boulevard and 28th Street.
Michael Everett
by Jill Jamieson-Nichols
A planned 148-acre business
park next to the Vance Brand
Municipal Airport in Long-
mont changed hands in a $3.45
million transaction.
Alan and Dennis Villavicen-
cio bought Mountain View
Business Park as an invest-
ment. They intend to use the
property at 10442 N. 75th St.
for agricultural purposes for a
few years until the commercial
real estate market in Longmont
recovers, according to Mike
Wafer of Newmark Grubb
Knight Frank, who represented
the seller with Bruce Mawhin-
ney, also of NGKF.
Wafer said the site is nearly
ready for development but that
demand for new product in
Longmont “is still quite low.”
Professor’s Fund sold the
property, which is zoned for
business/light-industrial uses
and offers unobstructed moun-
tain views. s
Mountain View Business Park is located next to Vance Brand Municipal
Airport.
by Jill Jamieson-Nichols
A Canadian real estate
company has entered into an
agreement to buy the Supe-
rior Pointe office complex for
$25.8 million, or $173.15 per
square foot.
City Office REIT Inc.
expects to close on the acqui-
sition of Superior Pointe’s
two buildings at 1000 and
1100 S. McCaslin Blvd. in
Superior in June, the com-
pany said in an announce-
ment. The property com-
prises 149,006 sf of Class A
office space that overlooks
the town of Superior.
Sequoia Properties LLLP
has owned the asset, whose
largest tenants are Key Bank
and SDL, for a decade. Key
Bank has been a tenant since
the property was built.
Superior Pointe is 90 per-
cent occupied and is expect-
ed to generate an initial
full-year cash net operating
income of approximately 7.5
percent based on the pur-
chase price and planned cap-
ital improvements, accord-
ing to Vancouver, British
Columbia-based City Office
REIT.
"Superior Pointe represents
a quality acquisition for City
Office REIT with strong in-
place cash flow from cred-
it tenants. The property is
ideally located in Boulder
County, near downtown
Boulder, which continues to
experience unprecedented