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DECEMBER 7-DECEMBER 20, 2016
by Jill Jamieson-Nichols
An approximately 80,000-
square-foot “communal”
office building is being
planned for 2½ acres in East
Boulder.
Sagebrush Cos. recently
purchased the site at 5125
Pearl Parkway for $4 mil-
lion. It is working with Bill
Holicky of Boulder-based
Coburn to design Boulder
Industry & Arts Center, a
working environment simi-
lar to Industry in Denver’s
River North neighborhood.
“It’s really designed to be
an Industry concept where
you have a lot of different
companies, but you can
still have your own private
offices,” said Don Caster,
principal and president
of asset management and
development for Denver-
based Sagebrush Cos. By
code, the largest user will
be 5,000 sf, “So you can rent
a 100-square-foot office all
the way up to 5,000 square
feet,” he said.
People will be able to lease
out a desk for a day or a
month, “But the majority
of it, we’ve found, will be
private offices,” said Caster,
adding there also will be
restaurant offerings on the
ground floor.
With Google’s new cam-
pus being constructed less
than 1½ miles away at Pearl
and 30th streets and employ-
ing up to 1,500 workers over
time, Caster said Boulder
Industry & Arts Center is
likely to appeal to technol-
ogy companies following
Google. However, “I don’t
believe it’s going to be 100
percent tech-driven,” he
said, adding there definitely
will be interest from artists,
whether they be dance stu-
dios, painters, sculptors, etc.
The development is among
Sagebrush Cos.’ first proj-
ects in Boulder. It also is
building for-rent rowhomes
and planning a boutique
hotel in Boulder Junction.
“Boulder is a good mar-
ket. There’s a lot of demand.
It’s obviously high barrier
to entry. It’s a beautiful area
– great people, great eco-
nomics. I don’t think there’s
anything not to like about
it,” Caster said.
Because the uses proposed
for Boulder Industry & Arts
Center are allowed under
current zoning, he antici-
pates Sagebrush Cos. will be
in position to break ground
in about a year. The project
will take approximately 12
months to complete.
by John Rebchook
Pembrooke on the Green
has everything going for it
as an apartment community
– size, location and its value-
add opportunity.
With 959 units, it is one of
the largest apartment com-
munities near the Denver
Tech Center.
“And it has got a pretty
irreplaceable location next to
(Kennedy) golf course. It is
three minutes from the Den-
ver Tech Center and all of
those jobs. And it’s already
on a light-rail station that is
now going to go the other
way and connect to the air-
port, as well as downtown,”
said Dave Potarf of CBRE,
who listed and marketed the
apartment community with
fellow CBRE brokers Dan
Woodward andMatt Barnett.
Los Angeles-based Oak
Coast Properties, according
to public records, recently
paid $128.35 million for the
apartment community in
Denver.
Oak Coast bought Pem-
brooke on The Green from
Bridge Realty Capital, based
in Murray, Utah.
“It’s a big one,” Potarf said.
Bridge Realty acquired the
community on 29.23 acres
at 10700 E. Dartmouth Ave.
in 2012 for $50.2 million,
according to public records.
In other words, Bridge
Realty more than doubled
its investment in four years.
That appears to be one of
the largest percentage gains
of any institutionally sized
property that recently sold in
the Denver area’s hot multi-
family market.
“If the same investor
would have put $50.2 mil-
lion in the bank at today’s
rates, roughly 1 percent for
passbook savings account, to
achieve the rate of growth,
it would take 95 years to
accomplish this,” noted John
Winslow.
“The rate of growth per
month for this property since
the last sales price was 2.06
percent, or a total of 155.77
percent appreciation since
Dec. 31, 2012,” added Win-
slow, principal of Winslow
Property Consultants.
Winslow was not involved
Barcelona-based Sanzpont Arquitectura created the conceptual drawings for Boulder Industry & Arts
Center, which is being designed by Boulder-based Coburn.
Pembrooke on the Green, with 959 units, is one of the largest
apartment communities near the Denver Tech Center.
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