CREJ

Page 18 - September 16-October 6, 2020 www.crej.com Boulder County & U.S. 36 Corridor REAL ESTATE | ZONING & LAND USE | CONSTRUCTION | FINANCE & BANKING PRACTICE AREAS 360 SOUTH GARFIELD STREET, SUITE 600 | DENVER, CO 1942 BROADWAY, SUITE 408 | BOULDER, CO WWW.FOSTERGRAHAM.COM | 303.333.9810 LARGE ENOUGH TO SERVE YOU. SMALL ENOUGH TO KNOW YOU. DAVID FOSTER RAUL ABAD KEIRSTIN BECK ERIK CARLSON MICHAEL MILSTEIN MICHELLE BERGER BOB GRAHAM by Jenna Walters Abank-leased outparcel of the Superior Marketplace shopping center sold for $2.15 million. According to public records, California-based Washington Street Holdings LLC purchased the 3,532-square-foot Bank of the West at 400 Center Drive in Superior from an unnamed out-of-state family trust. Aldy Damian of Accredas Invest- ments represented the buyer, while Drew Isaac, Ryan Bowlby and James Rassenfoss of Mar- cus & Millichap represented the seller. The property was constructed in 2004 as a build-to-suit for Bank of the West. The tenant has occupied the entire building under an absolute triple-net- lease for the last 16 years and has two years remaining on its primary term. The corporately guaranteed lease includes four five-year renewal options. According to Isaac, the prop- erty was listed in March and received a significant amount of tenant inter- est, which he attributed to its central loca- tion. “We always receive a tre- m e n d o u s amount of demand for deals located in Boulder County and this property was no excep- tion,” Isaac said. The passive nature of the investment, along with the long-term, essential tenant also attracted prospective buyers, he added. The building, complete with a drive-thru for quick-service banking, is situated on a 0.94- acre lot of the Superior Market- place shopping center, which houses several major national retailers, including Costco, Target, T.J. Maxx and Whole Foods, along with other smaller shops and restaurants. Legend Partners handles leasing at the shopping center. Directly off of U.S. Highway 36, Isaac said the property is easily accessible to the popula- tion of more than 995,000 with- in the surrounding 15 miles. According to Legend Partners’ leasing material, the shopping center sees a traffic count of approximately 110,000 vehicles per day. Other News n The Boulder Housing Partners announced a year of unprecedented growth, with 543 affordable and attainable rental units delivered to the market, under construction, renovated or in predevelop- ment planning within the last 12 months. According to BHP Execu- tive Director Jeremy Durham, COVID-19 did not slow down any of the housing projects. He said BHP implemented COVID- 19 safety protocols at all of its construction sites and was able to remain operational over the last few months without expe- riencing any knowable out- breaks. “Affordable housing is vital for the entire community,” said Durham. “We understand that lives and livelihoods are deeply impacted by COVID-19, and we remain committed to creating or preserving affordable homes in Boulder for residents from all backgrounds and wage levels.” “We continue to see a healthy appetite for our pipeline proj- ects from lenders, investors and funders as the need for afford- able housing is stronger than ever,” he added. One of BHP’s projects com- pleted in the last year was the full renovation of Canyon Pointe, an 82-unit apartment complex. Units received new entry flooring, lighting and inte- rior doors. BHP also updated or modernized the property’s community areas, including interior hallways, resident stor- age and elevators. According to project plans on BHP’s website, renova- tions began in June 2019 and wrapped up earlier this year, with all displaced residents moving back in following the onset of COVID-19. The prop- erty is attainable to people earning 60% or less of the area median income. BHP also began an expan- sion of the Red Oak Park com- munity at 2625 Valmont Road, with the addition of Canopy, a 41-unit apartment home com- plex offering one-, two- and three-bedroom units. The units will feature balconies or patios, in-home washers and dryers, energy-efficient heating, air- conditioning and newly fin- ished living spaces. Rent bur- den relief provided to each resi- dent will equal $10,491 annu- ally. Construction is set to finish this fall. n A new Chick-fil-A loca- tion is proposed for the north- west corner of 120th Avenue and Bradburn Boulevard in Broomfield. According to the city of Broomfield’s planning department, the 5,000-square- foot restaurant will feature a drive-thru. The proposed location is adjacent to the Sheridan Cross- ing Shopping Center, which is California-based investor acquires Superior bank for $2M The Bank of the West located at Superior Marketplace sold to an out-of- state buyer. Please see Superior, Page 24 Drew Isaac

RkJQdWJsaXNoZXIy MzEwNTM=