CREJ - page 12

Page 12 —
COLORADO REAL ESTATE JOURNAL
— August 19-September 1, 2015
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Competition
for
a
37,655-square-foot office build-
ing in Lafayette drove the price
to $5.91 million, $155,000 over
the asking price of $5.75 mil-
lion.
There were multiple offers
for Millennium Plaza, a three-
story, multitenant building
that sold to the Mental Health
Center of Boulder County. The
property is located at 1455
Dixon Ave.
“The build-
ing
was
100 percent
leased, and
what
they
plan to do
is let the
leases and
the options
expire over
time
and
occupy the building as it
vacates,” said Scott Dale of
Scottsdale Properties, who list-
ed the building for seller Oliver
A. McBryan.
Dale said Boulder County
investors competed for the
property because, “It was a
really nice, well-managed
building, and it was 100 percent
leased with a solid rent roll.”
Tenants include CRMCulture,
a software company that occu-
pies 6,793 sf; Adult Care Man-
agement Inc., which has 4,280
sf; and Interim HealthCare, a
3,552-sf tenant.
Chris Boston and Michael-
Ryan McCarty of Gibbons-
White Inc. represented the
buyer in the transaction.
Scottsdale will continue to
manage the building for the
new owner. “We have really
enjoyed working with the
leadership team of the new
ownership group,” Dale
commented.
s
Millennium Plaza in Lafayette sold for $155,000 more than the asking price.
Scott Dale
by Jill Jamieson-Nichols
A 60-unit apartment building
on Canyon Boulevard sold to
a Boulder group that plans an
approximately $2 million mod-
ernization.
A group comprised of Scott
Holton and Chris Jacobs of Ele-
ment Properties, along with Neil
Littmann and Scott Reichenberg
of Signature Partners, paid $9.71
million, or $161,835 per unit, for
the four-story building at 2121
Canyon Blvd. in Boulder. The
apartments were 100 percent
leased.
Village Partnership was the
seller.
Holton said the new owners
will undertake a substantial reno-
vation later this year tomodernize
the apartments, provide greater
energy efficiency to comply with
Boulder’s SmartRegs program,
add bike storage and pet facilities,
and “create a unique and mod-
ern downtown apartment experi-
ence” while maintaining market
rents that serve residents with
incomes of around 80 percent of
area median income.
Holton said, “2121 Canyon rep-
resents a rare opportunity for the
renovation and preservation of
60 existing market-rate affordable
apartments in downtown Boul-
der. We will continue our model
of providing cool apartments in
a walkable location with great
architecture and design that are
also pet-friendly, energy-efficient
and emphasize a walking/biking
lifestyle.
“Current rents are well below
market – approximately $1 per
square foot per month – despite
the apartments being very clean
and well-maintained,” said
Holton. “So we feel that some
modernization of the apartment
finishes and common areas will
go a long way in providing a bet-
ter value for residents in exchange
for bringing rents a little bit more
in line with the market.”
The property currently is called
Canyon Villa, but the name most
likely will be changed. Villa Part-
nership, represented in the trans-
action byDylan Lario of Coldwell
Banker, sold the property, which
is midway between Broadway
and the Boulder Turnpike. The
building was constructed in
1968.
s
The apartments at 2121 Canyon Blvd. will be renovated later this year.
by Jill Jamieson-Nichols
Fresca Foods signed a long-
term lease for 49,570 square feet of
space it occupies near its Louisville
headquarters. The space will be
converted to a food manufactur-
ing facility.
Fresca has subleased the space,
located at 1775 Cherry St. in the
Colorado Tech Center, for the last
five years. It currently uses the
space as a warehouse. With the
sublease expiring, landlord Etkin
Johnson Real Estate Partners
agreed to a new lease that includes
state-of-the-art build-out for food
manufacturing. Fresca Foods will
move out of the building until
the improvements are completed
early next year.
Neil Littmann and Scott
Reichenberg of The Colorado
Group represented the tenant in
the transaction.
Fresca Foods’ headquarters are
located nearby in 69,195 sf at 195
CTC Blvd. The natural foods com-
pany occupies nearly 115,000 sf
in the Colorado Tech Center, plus
158,000 sf at Majestic Commer-
center inAurora.
“The Colorado Group was hon-
ored to continue our long-term
relationship with the incredibly
professional management team
at Fresca Foods. It’s great to see
this company continue to grow
their operations, andwe are proud
to be part of their success,” said
Littmann.
s
Fresca Foods’ space at 1775 Cherry St. will be built out for food manufacturing.
‘It’s great to see this
company continue to grow
their operations, and
we are proud to be part
of their success.’
– Neil Littmann, The Colorado Group
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