Page 14 —
COLORADO REAL ESTATE JOURNAL
— September 21-October 4, 2016
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
A boutique real estate devel-
oper has assembled a string of
properties across from Village
at the Peaks in Longmont, most
recently with the $3.06 million
purchase of Plaza Convention
Center.
“We are a small, family devel-
opment group and we’re very
excited about the prospect of
where Longmont is going,” said
Seth Chernoff of Chernoff Boul-
der Properites.
Plaza Hotel Corp. signed a
lease with the new owner and
will continue to operate the con-
vention center, as it has since it
was built in the early 1980s. It
is affiliated with Pratt Manage-
ment Co., which developed the
approximately 37,000-square-
foot center.
Hunter Barto and Dryden
Dunsmore of Dean Callan &
Co. represented Chernoff in the
transaction.
In April, Chernoff Boulder
Properties purchased three
office/flex buildings directly
south of the convention center at
1860 and 1880 Industrial Circle,
and 1960 Ken Pratt Blvd. It paid
$4.4 million for the buildings,
which are 90 percent leased to
a mix of office and medical ten-
ants. Discussions with tenants
for two availabilities in those
buildings are underway, Cher-
noff said.
“We want to improve the
properties along Industrial Cir-
cle – all four of them – and we
are currently in planning with
our architectural team to see
what we could do to make them
great,” he said.
PlazaConventionCenter hosts
about 35,000 people per year
for weddings, parties, corporate
meetings and other events. It
is located on the west side of
Industrial Circle. In addition to
operating the center, Plaza Hotel
Corp. operates the Best Western
Plus Plaza Hotel and Smokin’
Daves BBQ & Taphouse on the
east side of Industrial Circle.
Chernoff Boulder Properties
owns approximately 150,000
sf of commercial real estate in
Boulder County.
s
by Jill Jamieson-Nichols
Baywood Hotels has acquired
a 2.01-acre site in Longmont to
develop a four-story, 108-room
Home2Suites by Hilton hotel.
The company is waiting for
final approvals from the city
and hopes to break ground
by early October, according to
Naik Keyur, vice president of
development.
The Home2Suites will be
located at 1319 Grand Ave.,
just off Ken Pratt Boulevard in
southwest Longmont. It will
be Baywood’s first hotel in the
city.
The company purchased the
property for $1.2 million, or
$13.77 per square foot. Sherman
Village I LLLP was the seller,
according to public records.
“This transaction was a really
fun deal to market. The growth
of Longmont and the story the
municipality has to tell was a
great driver for the demand on
this land and the subsequent
development,” said Brandon
Kramer of Marcus & Milli-
chap, who represented the sell-
er with Marcus & Millichap’s
Bob Kaplan. “To see this parcel
attract national attention from
the hotel industry was really
exciting.”
“Through our national net-
work of agents, we were able to
identify multiple hotel develop-
ers with significant interest in
the Longmont market,” added
Kramer. “After several rounds
of offers, we ultimately settled
on this buyer, an experienced
developer that was able to suc-
cessfully navigate the city’s
requirements to win approval
for their project.”
Neville Rustomjee, senior
hospitality specialist in Marcus
& Millichap’s Denver office,
represented the buyer. “I have
been working with this national
hotel group for a couple years,
trying to find them a suitable
hotel site. It is nice to have
found them a parcel that meets
their investment criteria,” said
Rustomjee.
Construction of the hotel
will take an estimated 12 to 16
months.
Home2Suites hotels offer in-
suite kitchens, free breakfasts,
fitness centers, laundry areas,
business centers and outdoor
patios. They are pet friendly.
In addition to launching the
Longmont project, Maryland-
based Baywood Hotels, which
has an office in Denver, is com-
pleting a Home2Suites and
Residence Inn by Marriott on
Tower Road near Denver Inter-
national Airport and is under
construction on a Hampton Inn
in Centennial.
Other News
n
A Houston group plans to
build a 6,500-square-foot emer-
gency center on a 1.5-acre site
at Black Diamond Center in
Lafayette.
RKMS Lafayette LLC
recently
purchased the property at 569
N. Highway 287 from
Branch
Ventures Inc.
for $815,000.
Eric Rutherford
and
Tom
Hill
of
Wright Kingdom Real
Estate
represented the seller.
Jarod Pate
of
DePaul Real
Estate Investment Group Inc.
represented the buyer.
RKMS Lafayette, which is
affiliated with Read King Com-
mercial Real Estate, will devel-
op the single-story Neighbors
Emergency Center, according
to documents filed with the city.
Neighbors Emergency Center,
part of Neighbors Health, pro-
vides 24-hour, seven-days-a-
week emergency medical care.
According to its website, it also
will open centers in Aurora,
Greeley and Pueblo.
s
Plaza Convention Center was built in the early 1980s and later
expanded.
