Colorado Real Estate Journal - July 1, 2015
New industrial development is on its way to a 20-acre site between U.S. Highways 36 and 287 in Broomfield. Northstar Commercial Partners purchased the former Microsemi Corp. property at 800 Hoyt St. for $2.5 million for development of Broomfield Commerce Center. The seller was International Risk Group, which has spent the last couple of years remediating the site for redevelopment. The property, which is in an urban renewal area, contains an obsolete, 110,000-square-foot manufacturing building that has been vacant for several years and will be demolished. “Our intent is to develop three buildings consisting of 350,000 square feet of state-of-the-art industrial product,” said Brian Watson, Northstar founder and CEO. Northstar Commercial Partners is in the entitlement process with the city of Broomfield. “The vacancy rate in the area is in the low single digits, so there is a tremendous need for this type of product in the area,” said Watson. Chris Stecker of Cushman & Wakefield of Colorado Inc., who represented the seller with Cushman & Wakefield’s Drew McManus, agreed that multitenant industrial space is the highest and best use for the property. Stecker said the property is zoned for industrial uses, and there is a dearth of industrial product available. “There’s very little out there. There are no vacancies. I think it’s a great solution for the site, for the city, for everybody,” said Stecker. Lakewood-based IRG acquired the property with the intent of remediating contamination from the former microprocessing operation, which it has done, and selling it, said Stecker, who represented IRG when it bought the property. The new development will be a boon to the industrial market in the vicinity, he said, adding, “I think Brian Watson (of Northstar) is going to do really well with this site.” Chris Ball and Brandon Ray of DTZ are handling preleasing for Broomfield Commerce Center.