Colorado Real Estate Journal - February 18, 2015

CTC building to be upgraded following $3.8M purchase

by Jill Jamieson-Nichols

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A partnership controlled by Boulder-based Freeman Capital Management has acquired an industrial building in the Colorado Tech Center with plans to spend more than $1 million improving the property.

The group paid $3.8 million for the 74,000-square-foot building at 740 S. Pierce Ave.

in Louisville. The building was just over 75 percent leased at the time of closing to three tenants: Kryptane Systems, The Hanson Group and Great Trango Holdings. Turbo-K LLC was the seller.

“The seller had owned it for a long time and I think was ready to move on. This fit really well into my industrial management portfolio,” said Andrew Freeman of Freeman Capital Management and managing broker of Freeman Myre Inc.

“It’s a good building. It just needs some work to fix it up,” he said. Improvements will include new front entrances, and roof, parking lot, window and landscaping upgrades.

“It will be a real nice flex/ industrial building once we complete the improvements,” Freeman said. Between 40,000 and 50,000 sf of space is available.

The two-story building, located near the south entrance to the tech center, offers 18-foot ceiling clearance and dock-high loading.

Other News

Whittier Square LLC, led by Dan Hendrick of Irwin & Hendrick, paid $3.4 million for the Whittier Square Office building at 2299 Pearl St. in Boulder. Hendrick has owned and occupied the property with a partner for 20 years and acquired his partner’s interest in the 24,100-sf building.

The four-story multitenant building is approximately 95 percent occupied.

The Village at the Peaks in Longmont has added six new retailers for 29,840 sf of leasing activity. They include Party City, T-Mobile, VisionWorks, SuperCuts, Chuck & Don’s Pet Food and Supplies, and Fuzzy’s Taco Shop. NewMark Merrill Mountain States is developing the 490,000-sf center, which now has nearly 75 percent of its space committed.

Located at South Hover Road and Ken Pratt Boulevard, Village at the Peaks will feature a National Parks theme with an open-air environment offering mountain views, fountains, lakes, fireplaces, pocket parks and play areas.

“We are excited to announce these six new retailers, which supplement our current tenant list with more new, quality dining and shopping options for the Longmont community,” said Allen Ginsborg, managing director and principal of NewMark Merrill Mountain States.

“We are also very pleased that, with these latest retailers and leasing activity in the pipeline, the property is almost 75 percent leased and clearly on its way to becoming the dominant retail destination in the region.” Village at the Peaks is scheduled to open next fall, representing almost $90 million in local investment.