Colorado Real Estate Journal - January 3, 2018
A small-tenant industrial/ flex building in Broomfield sold to a Boulder investor for $4.75 million. One Earth Future Foundation Inc. sold the 66,740-square foot building at 555 Alter St. to 3200 LLC. The building was approximately 96 percent leased to tenants that average around 4,000 sf, according to Matt Emmons of NAI Shames Makovsky, who represented the seller. Tenants include auto repair businesses, distributors, a CrossFit gym and doggie day care. The building was constructed in 1967 and expanded in 1990. The property drew good activity from investors, Emmons said. “There aren’t a lot of assets available in that 36 corridor, especially in Broomfield, so we got a lot of interest,” he commented. Other News ¦ CWC Asset Advisors of San Diego purchased North Hover Centre at 1751 N. Hover Road in Longmont for $4.5 million. North Hover LLLP was the seller. The 19,297-square-foot retail center was 100 percent occupied at the time of the sale. Tenants include Massage Heights, Pinocchio’s Italian and Ziggi’s Coffee. Stacey Glenn and Stuart Zall of The Zall Co.and Cobey Wess of SVN/Denver Commercial’s Northern Colorado division handled the transaction. The Zall Co. also handled retail leasing for the center. ¦ Nuckols Holdings LLC paid $1.2 million for an industrial property at 1270 Rock Creek Circle in Lafayette. The property consists of a two-story, 2,375-sf office building and a 4,800-sf office/warehouse on 1.54 acres. An asphalt company plans to relocate the property, which has a large, fenced yard and was vacant at the time of the sale. David Gagliano, Robert Pipkin and Jeff LaForte of Fuller Real Estate handled the transaction. ¦ Sagebrush Cos. chose to help address the city of Boulder’s homelessness strategy when it sold a property at 2691 30th St. to ALR Investments for $4.25 million earlier this year. The 13,200-sf building on 0.94 acres formerly housed Robb’s Boulder Music. It received multiple offers. Sagebrush, which specializes in value-add real estate investments and new development, decided to sell to ALR, led by Don Altman, who has specialized in affordable housing in Boulder. The site will become a hub for homeless services for the next two years and then be redeveloped for approximately 50 units of affordable housing for people earning 60 percent or less of area median income. “We had a variety of offers and opportunities for the site, but we wanted to find a way to help support Boulder’s homelessness and make a contribution to the community in some way, even if short term … and Don Altman was the right buyer considering his desire to provide future affordable housing,” said Robert “Jake” Jacobsen, CEO and founder of Sagebrush Cos. Boulder nonprofit Bridge House will operate its Path to Home program on the property for the next two years. The program provides on-site services including case management and meals, and offers a safe place to be out of the elements.