Colorado Real Estate Journal - September 21, 2016

Chernoff buys fourth property across from Village at Peaks

A boutique real estate developer has assembled a string of properties across from Village at the Peaks in Longmont, most recently with the $3.06 million purchase of Plaza Convention Center.

“We are a small, family development group and we’re very excited about the prospect of where Longmont is going,” said Seth Chernoff of Chernoff Boulder Properites.

Plaza Hotel Corp. signed a lease with the new owner and will continue to operate the convention center, as it has since it was built in the early 1980s. It is affiliated with Pratt Management Co., which developed the approximately 37,000-square foot center.

Hunter Barto and Dryden Dunsmore of Dean Callan & Co. represented Chernoff in the transaction.

In April, Chernoff Boulder Properties purchased three office/flex buildings directly south of the convention center at 1860 and 1880 Industrial Circle, and 1960 Ken Pratt Blvd. It paid $4.4 million for the buildings, which are 90 percent leased to a mix of office and medical tenants. Discussions with tenants for two availabilities in those buildings are underway, Chernoff said.

“We want to improve the properties along Industrial Circle – all four of them – and we are currently in planning with our architectural team to see what we could do to make them great,” he said.

Plaza Convention Center hosts about 35,000 people per year for weddings, parties, corporate meetings and other events. It is located on the west side of Industrial Circle. In addition to operating the center, Plaza Hotel Corp. operates the Best Western Plus Plaza Hotel and Smokin’ Daves BBQ & Taphouse on the east side of Industrial Circle.

Chernoff Boulder Properties owns approximately 150,000 sf of commercial real estate in Boulder County.