CREJ - Journal

12 / 88

Page 12 — COLORADO REAL ESTATE JOURNAL — June 17-June 30, 2015
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Boulder investors paid $2.8
million for an office/retail
building on the busy Arapahoe
Avenue corridor.
The 14,000-square-foot prop-
erty at 3300-3380 Arapahoe in
Boulder is 100 percent leased.
Tebo-Walsh LLC, a partner-
ship of Stephen Tebo and Todd
Walsh, purchased the property
from 3300 Cardiac Investments
LLC. The selling partnership
included a group of doctors
who relocated several years ago
to the Boulder Community Hos-
pital area, according to Walsh.
“It’s a great location. It has
great visibility, and the office as
well as retail market is pretty
strong in Boulder,” said Walsh,
adding some of the tenants have
been in the property for years.
The first floor is leased to retail
tenants, including Jimmy John’s,
Fat Kitty Cycles and Lai’s Alter-
ations, while a variety of office
tenants occupy the second floor.
“With a pretty diverse mix of
tenants, there was low risk of
a large amount of vacancy,”
said Walsh, adding there also is
future upside in the rents.
“We think it’s got some good
long-term upside potential,”
Tebo commented.
The center was built in 1972.
“The property is in good condi-
tion,” Walsh said.
Other News
n Archer DX, formerly Enzy-
matics, signed a lease for an
additional 23,464 square feet of
office/research-and-develop-
ment space at 2477 55th St. in
Flatiron Park West in Boulder.
The biotechnology company
will occupy a total of 36,785 sf
and will move into the addition-
al space over the next couple of
months, said Hunter Barto of
Dean Callan & Co.
Barto and Scott Garel of
Newmark Grubb Knight Frank
represented the landlord, Wash-
ington Capital.s
The property at 3300-3380 Arapahoe Ave. in Boulder sold for $200 per square foot.
by Jill Jamieson-Nichols
A local partnership that
paid $2.2 million for a single-
tenant industrial building in
Longmont is repositioning the
property as multitenant flex/
warehouse space.
Bowen LLC, managed
by Dave Waldner of RMCS
LLC, bought the vacant
61,792-square-foot building at
20 Bowen St. and already has
a tenant for 17,000 sf. Hickey
& Hickey LLC, an affiliate of
MetalTech, sold the property.
Waldner said the buy-
ers knew there was demand
for industrial space based on
his own company’s experi-
ence in Longmont. RMCS had
acquired a building on Sun-
set Street that had some shop
space in back, and it expected
that space might be vacant “for
a long time.”
“We were able to lease that
up literally overnight with zero
advertising, so we knew the
demand was there. When the
opportunity to buy the MetalT-
ech building came up, we were
pretty sure that the underlying
market for that sort of ware-
house/light-industrial space
was very strong in Longmont,”
he said.
Pet360 Inc., which is associ-
ated with a natural pet food
company, signed a lease for
17,000 sf and will relocate from
Boulder.
The building’s repositioning
will include installing demis-
ing walls, redoing the office
space, upgrading the heating
and electrical systems and
reskinning the exterior, Wald-
ner said. OZ Architecture is
doing the design. The work is
expected to be completed in
mid-July.
“Activity on the building has
been very good as the vacan-
cy rate for true warehouse in
Longmont is very low – less
than 5 percent – and especially
for buildings with 20-foot-clear
(ceilings), dock-high doors and
extra yard space,” said Brian
Bair of NAI Shames Makovsky,
who is marketing the property
with Shames Makovsky’s Dax
Gitcho.
Jason Kruse of The Colorado
Group represented Hickey &
Hickey in the sale of the build-
ing, which was built in 1990. “It
sat vacant for a long period of
time during the downturn, and
all of the sudden there was a
flurry of activity,” he said.
The newly renovated build-
ing will have individual pri-
vate entrances with common
restrooms. Asking rates are $9
to $12 per sf triple net, and
space is available from 5,000 to
45,000 sf.s