Page 12 —
COLORADO REAL ESTATE JOURNAL
— November 4-November 17, 2015
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Whether a model for infill
development or an example of
too much density, Boulder Junc-
tion is a community-changing
project for Boulder.
The 160-acre transit-oriented
development represents many
years of complex planning and
collaboration by public agen-
cies, the community and pri-
vate developers. Yet much has
happened since Depot Square
– a pivotal part of the project –
broke ground two years ago.
How Boulder Junction came
to be and where it is headed
was the subject of an Oct. 21
Urban Land Institute Colorado
program on site.
“The transformation that’s
taken place here in a short
amount of time is pretty amaz-
ing,” Charles Ferro, city devel-
opment review manager, said at
the ULI event.
Depot Square includes a new,
underground Regional Trans-
portation District bus rapid
transit station that will ramp
up in January. It is covered by
71 affordable apartments that
wrap around a four-story park-
ing structure and connect to a
Hyatt Place Hotel that opened
in May. Developed by Peder-
sen Development, Depot Square
includes a renovated, historic
train depot that will house a
restaurant operated by the Den-
ver-based owners of Spanky’s
Urban Roadhouse.
Solana 3100 Pearl, a 319-unit
market-rate apartment commu-
nity with street-level retail, is
complete and occupied. Pearl
Parkway from 30th Street to
Foothills Parkway was trans-
formed into a “multiway bou-
levard” with room for bikes
and pedestrians on either side.
Junction Place – a street shared
by pedestrians, bikes and cars
– and a new bridge over Goose
Creek were completed.
Coburn Development just
received its certificate of occu-
pancy for Nickel Flats, a 16-unit
building with mostly one- and
two-bedroom condos that pre-
sold at an average $375,000 per
unit.
But with some of Boulder
Junction’s larger projects and a
second phase of development
still to come, “It’s very much a
work in progress,” said Ferro.
Upcoming mixed-use devel-
opments include S’PARK, an
11-acre project with a wide
variety of housing product, as
well as commercial and pub-
Element Properties’ S’PARK, a mixed-use project within Boulder Junction, will be under construction next year.
by Jill Jamieson-Nichols
AWendy’s restaurant building
on West South Boulder Road in
Lafayette got a lot of attention
from California investors before
selling to one of them for $817.14
per square foot.
“Cap rates have compressed so
low in California that we’re see-
ing a lot of investors moving out
into other states, chasing yield,”
said Eric Roy of CBRE’s down-
town Los Angeles office. While
the cap rate wasn’t disclosed,
Roy said it was aggressive, but
could have been 100 basis points
lower if the property were in
California and not Colorado.
The Harry Vamos 2012 Irrevo-
cable Gift Trust paid $2.78 mil-
lion cash for the 3,396-sf restau-
rant at 455 W. South Boulder
Road. Beverly Hills, California-
based StarPoint Capital sold the
property.
Wendy’s has 20 years remain-
ing on its lease.
The location, cap rate, term
of the lease and the fact that it
is an absolute net lease resulted
in multiple offers for the prop-
erty, said Roy. “There’s really no
reason to have to visit the store
because the tenant takes care
of everything. For that reason
it was particularly attractive to
California owners,” he said, add-
ing the property sold very close
to its listed price of $2.8 million.
Roy represented the seller with
CBRE Los Angeles brokers Alex
Kozakov and Patrick Wade, who
also are selling a Wendy’s in
Westminster.
s
The Wendy’s property at 455 W. South Boulder Road in Lafayette gener-
ated a great deal of competition, according to the listing team.
