Colorado Real Estate Journal - September 2, 2015

Pair of Boulder office buildings trade in $4.5 million transaction

by Jill Jamieson-Nichols

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A local investment group purchased a pair of 15,000-squarefoot office buildings near Boulder Junction in a $4.5 million, offmarket transaction.

Boulder Warehouse Association bought Centennial Creek at 2955 and 2975 Valmont Road in Boulder as part of a 1031 exchange. The multitenant buildings were fully occupied.

Centennial Ventures LLC was the seller.

Listing broker Becky Callan Gamble of Dean Callan & Co. said a buyer for the property came forward before it went to market.

“It was finding the right buyer, the right seller at the right time,” she said.

The three-story buildings were constructed in 1983 and are occupied by multiple small companies. “There’s still some good upside for the new ownership group” in terms of existing lease rates and updating the buildings, said Gamble, who represented the seller with Dean Callan & Co.’s Beau Gamble.

Other News

Boulder-based EMI Sportswear paid $1.53 million for a 16,500-square-foot industrial building at 1650 Skyway Drive in Longmont to accommodate the company’s growing space needs.

EMI is using 10,000 sf of the building for overflow warehouse and storage and leasing out 6,500 sf to The Aqueous Solution Inc., according to Michael Hastings of Flatiron Commercial LLC. Hastings and Ashley Overton, also of Flatiron Commercial, represented the buyer in the transaction.

The seller was White Peaks Properties, which previously occupied the building as AIM Processing and outgrew the space.

Tim Conarro of Longmont Commercial Real Estate represented White Peaks in the sale.

EMI Sportswear, located at 6840 Winchester Circle, No. 1, in Boulder, designs and produces a select line of souvenir resort apparel for men, women and children. Russell Coburn founded the company as Early Man Images in 1985. He owns and operates the company with his wife, LeeAnn Coburn, and partner Mark Reaves.

Soundwall leased 4,600 sf of flex space at 530 Compton St. in Broomfield, where it will relocate its Boulder operations.

Beau Gamble of Dean Callan & Co. represented the tenant.

Eric Rutherford and Tom Hill of Wright Kingdom Real Estate represented the landlord, Lonnsburry Properties LLC.