Colorado Real Estate Journal - August 5, 2015
A multitenant office building at 75 Manhattan Drive was a hot commodity and indicative of activity in the Boulder market. The 23,178-square-foot building was placed under contract at the asking price of $2.95 million, but fell out of contract and sold to a backup buyer for $3 million, or $129.43 per sf. There was yet another offer at that same price, according to Jessica Cashmore of The Colorado Group, who represented the seller with Colorado Group brokers Gary Aboussie, Neil Littmann and W. Scott Reichenberg. “I think it’s a testament to the market right now,” said Cashmore. Manhattan Fortress LLC purchased the property from Manhattan Plaza LLC, which had updated the 1973 building. “This was an excellent transaction for the buyer, seller and the market,” said Cashmore. “During the time the sellers owned the property, they reinvested in the building by improving common areas and individual suites. As a result, they attracted a wide range of loyal tenants, most of which have been in the building for years. The buyer recognized the value of the building improvements and the current leases in place. They were able to acquire a strong, long-term investment, which was a win-win for both parties.” The building is 100 percent leased to more than a dozen tenants. Emily Greenberg of Redefy Realty represented the buyer in the transaction. Other News A user recently paid $1.65 million for 325 Interlocken, Building C, in Broomfield. BN Investments bought the 21,794-square-foot building from Morgan Nields. BN Investments is affiliated with VSI Parylene, which was a tenant in the building at the time of the sale and will occupy the entire space. Some internal modifications are planned, according to Chad Kollar of Cresa Denver. Kollar represented the seller with Cresa Denver’s Brendan Fisher and Charlie Lutz.