Page 16 —
COLORADO REAL ESTATE JOURNAL
— April 6-April 19, 2016
PearlWest in Boulder.
The prototype for future JA
jewelry gallery boutiques, the
space was designed by
Sem-
ple Brown Design
to reflect
Boulder’s lifestyle and sense
of community. It is John Aten-
cio’s seventh jewelry boutique
in Colorado.
“When I first got started as a
jewelry artist in 1973, I sold my
designs on the Hill at Pat Peter-
son’s in Boulder,” said Atencio.
“It is my great privilege to bring
my original wearable jewelry art
back to a city so close to my
heart,” he said in an announce-
ment.
“The unique elements of the
new John Atencio Gallery are
a perfect fit for our collection
of tenants at PearlWest,” said
Lynda Gibbons
of
Gibbons-
White Inc.,
one of the devel-
opers of the site along with
The Nichols Partnership.
“He
joins an exceptional group of
office tenants, including Crest-
one Capital Advisors LLC, Solid
Fire and Galvanize at our LEED
Platinum building and a strong
lineup of retailers, including
Alpine Modern, Eureka! Restau-
rant Group and others to be
announced soon,” she said.
PearlWest is a four-story com-
mercial office and retail building
with a rooftop restaurant and
public plazas on the roof and
at the pedestrian level, which
connects with Pearl Street. The
project will be completed this
spring.
s
the sale.
“Boulder View is a great exam-
ple of the tremendous demand
for multifamily investment in
the city of
B o u l d e r , ”
saidMatt Bar-
nett, first vice
p r e s i d e n t
in
CBRE’s
Denver Mul-
t i f a m i l y
Inves tment
P r o p e r t i e s
group. “After
finding deep
buyer pools for several value-
add properties in Boulder over
the past year, such as Cavalier,
Osage, Thunderbird and Eagles
Nest, the appetite for new prop-
erty was just as strong,” he said.
“At $320,000 per unit and
$403 per square foot, the per-
bed price of $262,857 is the
highest paid in the market even
among several high-profile stu-
dent housing sales,” said Bar-
nett.
While Two Nine North in
Boulder still holds the record
for the highest per-unit price
for an apartment community,
at $392,857, the per-bed price
is another metric apartment
experts consider in markets
with a high percentage of stu-
dent housing.
Boulder View consists of
three three-story buildings
that include a mix of studio,
one- and two-bedroom apart-
ments with an average size of
795 sf. First Range Management
developed the property with a
focus on high-quality construc-
tion and amenities, according
to CBRE.
The apartments feature sound-
resistant windows and flooring,
an on-demand hot-water sys-
tem, built-in wine racks, recre-
ational storage with bike and ski
racks, and full-size washers and
dryers. Community amenities
include an elevated swim spa
and hot tub, outdoor kitchen
and fire pits, a dog park and
electric vehicle charging sta-
tions.
Boulder has some of the high-
est land prices and impact fees
in the Denver region, which
make new apartment develop-
ment challenging, according to
CBRE. But as home prices con-
tinue to escalate, demand for
rental options has grown, and
new high-quality apartments
like Boulder View have been
readily absorbed.
“The buyer appreciated the
combination of legacy quality
construction and high barriers
to entry within the Boulder mar-
ket,” said Dave Potarf, senior
vice president, CBRE Denver
Multifamily Investment Proper-
ties. “Boulder Viewwill prove to
be an excellent long-term invest-
ment for the buyer as the market
continues to strengthen.”
According to Barnett, there
were seven or eight offers for
the property, and LandBank
Investments stood out.
“They were in an exchange
and they had a short due dili-
gence period,” he said, adding
the company also was under
contract on Arterra Place in
Aurora, which it since acquired.
“We felt confident with their
offer and ability to execute,”
Barnett said.
Barnett said the property,
which would be small for insti-
tutional investors, was perfect
for investors such as LandBank.
“It really was ideally suited
to an exchange buyer, a private
capital buyer, that had a need to
place capital with a look toward
long-term capital preservation,”
he said.
Located along the Diagonal
Highway, Boulder View is close
to major employers including
IBM, Qualcomm and Covidien.
Barnett and Potarf represented
the seller with Dan Woodward,
also of CBRE Denver Multifam-
ily Investment Properties.
s
Matt Barnett
John Atencio jewelers will occupy 1,350 square feet at PearlWest.
ing to Platt. That will continue
with reconstruction of Interstate
70 and redevelopment of the
National Western Stock Show
complex in north Denver.
Manyusers in that vicinityhave
outside storage, which already
is in exceedingly short supply,
noted Daniel Close, CBRE senior
associate.
Close said difficulty finding
spaces for tenants “is an every-
day story.”
“We’re working with two cli-
ents right now that need 30,000
to 50,000 square feet for purchase
and we have two choices for
them,” neither of which is ideal,
he said.
“They end up settling for space
that doesn't have all the features
they’re looking for and they end
up paying more for space that
doesn’t fit their business,” said
Kluck. “A lot of compromise is
going on in this market,” Platt
added.
Rental rates have increased as
much as 17 to 20 percent in the
course of three years, and that
also will slow activity among the
numerous smaller users. “It’s
going to slowbecause it’s going to
become unaffordable,” Platt said.
Other factors weighing on Den-
ver’s industrial market include a
slowdown in the energy industry
and completion of public spend-
ing on projects including Fas-
Tracks, Interstate 225, the Veterans
Affairs hospital in Aurora and
others. “That ripples through the
economy and it ripples through
the industrial market,” Platt said.
Newmark Grubb Knight Frank
Senior Managing Director Tim
D’Angelo agreed that Class B and
C industrial product has peaked,
but he believes the ClassAmarket
still has legs because of scarcity
of and demand for that product
type.
Rates for Class B and C build-
ings escalatedquicklyover the last
couple of years. “I think there’s a
ceiling on that, but I think the ceil-
ing on ClassArates still has room
to go,” he said.
s
equipment to turn it into a
school campus for apprentice-
ship training for aspiring elec-
tricians.
Classes will begin in August,
with the capacity to accommo-
date more than 250 students
per evening.
“The city is very pleased towel-
come IECRM and their students
to Northglenn. We appreciate
the investment they are making
in assuring a healthy workforce
and look forward to building a
good working relationship with
them,” said
Northglenn
Mayor
Joyce Downing.
Given a shortage of skilled
trade workers, “The training
program IECRM is offering is
invaluable and necessary to
sustain economic growth in
the metro area,” said
Debbie
Tuttle,
Northglenn economic
development manager. “The
program will provide job skills
that will last a lifetime and
help people earn a living wage
while simultaneously increas-
ing the supply of electricians
needed. It’s truly win-win.”
IECRM has been in Adams
County for more than 18 years.
The organization represents
more than 200 member com-
panies and educates more than
1,100 electrical apprentices and
licensed electricians annually.
s
Steve Kawulok
of
SVN/Denver
Commercial
was the listingbroker.
n
MJL Properties Inc.
pur-
chased an 8,072-sf office building
at 3705 W. 12th St. in Greeley for
$580,000, or $71.93 per sf.
Bruce Campbell
and
Patrick
O’Donnell
of
Realtec-Greeley
rep-
resented the buyer.
Bruce Willard
of
Austin & Austin Real Estate
represented the seller,
Parkview
Professional Partnership LLP.
n
Steven D. Chmielowiec
pur-
chased15.5 acres of landonNeigh-
borsWay inLoveland for $265,000,
or 39 cents per sf.
Larry Melton
of
Realtec-Love-
land
represented the buyer.
Don
Mackey
of
Re/Max Alliance
rep-
resented the seller,
The Russell Liv-
ing Trust.
n
Tra Mar Mechanical Inc.
leased3,000 sf of industrial space at
317 Lincoln Court in Fort Collins.
Terri Hanna
of
WWR Real
Estate Services
was the listing
broker.
s
