Colorado Real Estate Journal - August 17, 2016
A multitenant flex/office building on the U.S. Highway 36 corridor in Broomfield sold to an investment group for $6.92 million. The transaction included the 60,437-square-foot building at 3400 Industrial Lane and approximately nine acres for additional development. The building is 100 percent leased to tenants including Harvest Bible Chapel, Warrior Challenge Arena, Sundew Technologies, Just Results, Lilliput Designs and others. The stone and block building was built in 1969 and recently renovated. It features 12-foot ceilings, dock high and drive-in doors, and a parking ratio of 1.8 per 1,000 sf. “It was a great project,” said Matt Kulbe of NavPoint Real Estate Group, who represented seller 36 Properties LLC with NavPoint’s Matt Call. “It was an older building. It had a lot of vacancy, but our owner had the creativity to come in there, spend some money, renovate the entire building and get it filled up with good tenants,” he said, noting there was significant interest in the property, which sold at an 8 percent-plus cap rate. Eric Rutherford of Wright Kingdom Real Estate, who represented the buyers with Tom Hill, also of Wright Kingdom, was among a group of investors that acquired the property. Rutherford said the occupancy, cap rate and location on Highway 36, with good highway signage and access to bus rapid transit, were part of the property’s appeal. The investors, led by Canaima Outdoors Inc. CEO and Slackline Industries founder Ricardo Bottome, also was attracted by the opportunity for additional development on a build-to-suit basis, something they are evaluating.