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JANUARY 2-JANUARY 15, 2013

by Jill Jamieson-Nichols

A team led by Denver-based

Nichols Partnership will devel-

op 11th & Pearl, an $80 million

mixed-use development on the

former Daily Camera site in

downtown Boulder.

Ten Eleven Pearl LLC pur-

chased the 60,000-square-foot

site for $13.5 million from Kar-

lin Real Estate, which spent

the last two years planning the

development.

The one-of-a-kind project

will include 125,000 sf of large

floor-plate office space, and

50,000 sf of retail, restaurants

and specialty uses, including

an art house theater and a “liv-

ing roof” with a restaurant. It

also will feature an active plaza

and an automated, 300-space

below-grade parking garage.

“There is just nothing like

this, and it’s Main and Main in

downtown Boulder. So it’s just

hard to beat,” said Lynda Gib-

bons of Gibbons-White Inc.,

who brokered the sale and is

marketing 11th & Pearl.

“The big advantage of this

deal is it provides much-need-

ed office space for companies

that want to be in downtown

Boulder,” said Nichols Partner-

ship President Randy Nichols.

“Boulder has a history of creat-

ing and incubating some great

companies, and it seems like

when they become successful,

they have to move out. This

will put a big chunk of Class A

office space right where every-

body wants to be, which is

right in the middle of down-

town.”

The developer of Clayton

Lane in Denver’s Cherry Creek

neighborhood, the Nichols

Partnership concentrates on

mixed-use urban infill develop-

ments in areas with high barri-

ers to entry. “We work well

with active communities to cre-

ate buildings that enhance their

neighborhoods. We recognize

the long-term impact our activ-

ities have on a city and strive

to develop great buildings that

will contribute to their com-

munities for many generations.

The 11th & Pearl site fits this

profile exactly,” Nichols said.

The project has been through

the city of Boulder’s site review

process, winning approvals

from the planning board, land-

marks board and City Coun-

cil. Ten Eleven Pearl LLC now

enters the technical documents

phase of the entitlement pro-

cess, which will take most of

the year. It hopes to start con-

struction, which will take 18

months, in late 2013.

“The level of interest has just

been really great,” said Gib-

bons. “It’s right in the center of

downtown Boulder and it will

be truly large floor plate, Class

A office space. You just can’t

find that sort of thing at all in

Boulder.”

The Nichols Partnership was

among groups that looked at

buying the site prior to the

$9 million sale to Karlin Real

Estate in 2010. When it came

time to seek a vertical develop-

er, Gibbons said she immedi-

ately approached the company

because of its history of devel-

oping quality projects in urban

environments. “This team is a

spectacular choice for carrying

out the community’s vision for

the site,” she said.

The original architect, Shears

Adkins Rockmore, and engi-

neer, JVA, will continue to pro-

vide design services. Gibbons

also will continue her involve-

ment as part of the develop-

ment team, in addition to pro-

viding leasing and manage-

ment services for the project.

s

Nichols takes on 11th & Pearl in Boulder

Construction of 11th & Pearl is targeted for fourth quarter 2013.

by John Rebchook

When Chuck Sweeney first

arrived in Denver in 1979, he

would be enjoying a couple

of “brewskies” at Governor’s

Park with other single, young

brokers and he would see the

14-story Penn VII out of the

corner of his eye and would

imagine he would sell the

all-brick apartment building

someday.

“It was on my bucket list to

sell it,” said Sweeney, partner

in the Denver office of Hen-

dricks & Partners.

He finally got his wish in

late 2012, when he brokered

the $8.65 million sale of the

62-unit building that provides

panoramic views of the entire

Front Range from its pent-

house.

Indeed, the parapet wall

surrounding the first floor of

the penthouse has an etching

of each mountain peak that

can be viewed, along with the

name of each peak.

Its address at the northeast

corner of Seventh Avenue and

Pennsylvania Street is equally

as majestic, sitting across the

street from the Governor’s

mansion and next to the Grant

Humphries mansion and just

around the corner from his

old watering hole, the Gov-

ernor’s Park restaurant and

lounge.

Penn VII was constructed

in 1963 and is in the heart of

the East Seventh Avenue His-

toric District, a neighborhood

it shares with many grand

buildings constructed during

the silver boom in Denver.

A Denver physician first

developed the building,

Sweeney said.

When he sold it, almost a

half century ago, he kept the

penthouse as his home, lead-

ing many people to think that

the doctor still owned it.

However, in the 1960s it was

purchased by a woman who

was a pioneer in Chicago-

area real estate circles, said

Sweeney, who hailed from

the Windy City himself before

moving to Denver.

The owner of record was a

trust at a major bank.

For years, Sweeney would

Penn VII was on Sweeney’s ‘bucket list’

Chuck Sweeney recently sold Penn VII to Alden Brown & Co. for

$8.65 million.

Please see Penn VII, Page 25

CONTENTS

Greater Denver 4

Boulder County

9

Larimer & Weld Counties 10 Colorado Springs 11 Colorado 12 Who’s News 13 Finance 14 Law &Accounting 16

Property Management

18

CDE

26

Office 39 Industrial 40 Multifamily 41 Retail 46

Inside

It’s all good

The $90.75 million the sale

of The Metro is ‘all good for

Denver,’ broker says

Heybidderbidder

The certainty of closing draws

more sellers to auctions

Triple play

A Chicago investor pays $25.35

million for The Triad Office Park

Growing to Arvada

Griffis/Blessing buys

Aspen Point, its first apartment

community in Arvada

4 8 39 41 See Page 32