BROOMFIELD - The Summit at Flatirons, a 500-unit luxury apartment community in Broomfield, has changed part of its ownership, recapitalizing the property at $76.3 million.
The original builder, Charleston, S.C.-based Greystar Real Estate Partners, said it is adding a new undisclosed institutional investor, after its previous partner, Morgan Stanley, sold its share of the development.
"Morgan Stanley wanted to sell, but Greystar wanted to stay in, so we recapitalized the project at a new price and brought in a new investor," said Kris Woolley, a principal with Greystar Investment Group, the investment arm of Greystar.
Broomfield public records lists the new $76.3 million price. Woolley declined to reveal the ownership share of each group.
The 500-unit apartment complex, with luxury one- and two-bedroom apartments, was built in 2005 and sits on 13.2 acres. It features a swimming pool, gym, elevators and a parking garage. Greystar's management service arm will manage the apartments. Occupancy is above 90 percent.
"We believe in that U.S. 36 Corridor," Woolley said. "We think there will continue to be an influx of quality, high-paying jobs to that area. The ConocoPhillips news (to build a new global training center along U.S. 36) is the latest endorsement by a large company about how great that area is."
Greystar owns or manages about 4,600 apartment units throughout Colorado, Woolley said.
BOULDER
RAYBACK PROPERTY SOLD: Local developer Stephen Tebo has purchased the former Rayback Plumbing Supply property at 2775 Valmont Road for $1,784,300.
Tebo plans to eventually renovate the site near the northwest corner of Valmont Road and 28th Street for retail use. He owns the retail properties to the east and north of the property, including Tebo Plaza along 28th St.
The Rayback property has a 10,516-square-foot commercial building and a 4,730-square-foot storage building that is available for lease.
The 58-year-old Rayback Plumbing business closed in January, and owner Marion Rayback put the property into a family partnership before the sale to Tebo, according to Boulder County public records.
Rayback decided not to sell the business after closing it last summer. He preferred to just close up shop, his daughter said. Rayback was at the Valmont location for 30 years. He had a shop on 14th Street for 28 years prior.
MUSICAL MOVE: Robb's Boulder Music has found a new location at 30th and Bluff streets in Boulder, after selling its former building at 1580 Canyon Blvd.
The musical instrument store signed a lease for 7,453 square feet of space at 2691 30th St., across from the Boulder Steel Yards. Darrin Harris Frisby with Avanti Commercial Real Estate helped broker the deal.
Robb's Music President Seth Goodman expects to complete the move to the new location by late spring.
The former location of Robb's at 1580 Canyon is being redeveloped into a mixed-use building, which will include a new location for the Boulder Map Gallery.
NEW SPACE: LogRythm Inc., a data-log management software company, has signed a lease to move and expand its offices in Boulder.
The company signed a lease for 9,000 square feet of office space at 3195 Sterling Circle. The new building is nearing construction completion, and the company expects to move in April. Westland Development Services Inc., partly owned by the Aweida family, owns the building.
The new lease more than doubles LogRythm's space at 3005 Center Green Drive, Suite 130.
Andrew Freeman with Freeman Myre Inc. and Stephanie Vaughn with Prudential Commercial Real Estate helped broker the deal.
NONPROFIT EXPANDING: The I Have A Dream Foundation, a local nonprofit that provides academic support for disadvantaged youth, will be breaking ground on a new community center in Boulder.
The new center at 3114 Broadway is scheduled to be complete in the summer of 2008.
The city's housing authority, Boulder Housing Partners, is funding the project, and Boulder-based Stephen Sparn Architects PC is designing the building.
The new community center will allow I Have A Dream to expand its program to 50 additional low-income children. IBM will be donating 15 new computers to the center through its Teaming For Technology Program for a computer lab. The center will have a kitchen to provide snacks for the kids and classrooms for teaching and tutoring.
NEW NIGHTCLUB: The owners of the Purple Martini bar at Twenty Ninth Street have opened a new nightclub called Elixir at 1915 Broadway, just south of the Pearl Street Mall.
Co-owner Will Coleman said the nightclub will offer a high-end atmosphere with 10 private booths available for reservation, each featuring a flat-screen TV. The booths sit above a central dance floor. The second floor features a lounge atmosphere for drinks and happy hour.
Elixir is leasing the 4,000-square-foot space from building owner Stephen Tebo. The space has housed several martini bars in the past. Coleman said he completely gutted and renovated the inside with a high-end finish, granite tabletops and better lighting.
THAT SMELLS GOOD: Scent Chips Colorado, an Estes Park-based fragrance company, is opening a new store on the Pearl Street Mall.
The company signed a lease for 1,352 square feet of retail space at 1970 13th St.
Tebo Development Co. owns the property. Chris Hansen with The Colorado Group helped broker the deal.
LONGMONT
LAND NEGOTIATIONS: The city of Longmont will allow Boulder County to negotiate the possible purchase of 258 acres of land north of the city for open space.
The land, along Colorado 66 and west of U.S. 287, is owed by PUMA 66 Investors LLLP. The parcel had received conditional annexation approval into the city of Longmont as part of a larger mixed-use development master plan, said Planning Director Brad Schol.
PUMA has since changed its mind on the future for the land, also known as the Beauprez Farm. It approached Boulder County to sell the land as open space. Because of intergovernmental agreements the county needed Longmont's approval to begin negotiations.
Even if a deal is reached between PUMA and Boulder County it would require another vote by Longmont city council to allow the transaction to go through.
"They could accept it, not accept it, or accept it with some conditions," Schol said.
Some officials and residents are concerned that the switch to open space could hurt the mixed-use plans for the surrounding properties. Schol said the master plan would need to be adjusted if the deal went through.
Schol said there is no specific timeline for the negotiations or a final decision.
"We've been told by PUMA that they'd like to move as quickly as possible," he said. "And if the deal with the county falls through, or they can't come to terms, then PUMA wants to move ahead to finalize the annexation into the city."
PUMA bought the property for $5 million in 2003, according to Boulder County public records.
WAREHOUSE SOLD: Local developer Stephen Tebo has purchased a 73,454-square-foot industrial building in the Weaver Business Park for $2,768,500.
Tebo Partnership LLLP purchased the building at 455 Weaver Park Road from Actis LLC, headed up by local investor Richard Groves. Ashley Overton with Freeman Myre Inc. helped broker the deal.
The warehouse and manufacturing building has 20,437 square feet available for lease at rates from $4.25 to $5.50 per square-foot, triple net, according to Tebo Development Co.
The building with 14- to 18-foot clearances also includes 167 parking spaces.
LOUISVILLE
CTC BUILDING SALE: The owners of a cleaning service company have purchased a 15,010-square-foot building in the Colorado Technology Center in Louisville.
Harry and Sylvie Price with ServiceMaster of Boulder County purchased the building at 270 S. Taylor Ave. for $1.21 million, according to Boulder County public records. The sellers were Jerry and Ann Raisch.
ServiceMaster of Boulder County plans to occupy about 9,400 square feet of space in the building and lease the remainder of the space to two existing tenants, said Audrey Berne with The Colorado Group, who helped broker the deal with Mathias Thurmer and Michael Ruiz of Coldwell Banker Commercial NRT.
ServiceMaster provides emergency water/fire restoration services and carpet, upholstery, rug/floor and air duct cleaning to homes and businesses throughout Boulder County.
It currently is located at 1630 N. 63rd St. in Boulder and plans to move to the new location.
LAFAYETTE
A GOOD RAW DEAL: Two Moms in the Raw, a Lafayette-based granola and natural foods company, signed a lease for 2,400 square feet of space at 1370 Miners Drive, Suite 108. Chris Boston and Lynda Gibbons with Gibbons-White Inc. helped broker the deal.
Contact David Clucas at 303-440-4950 or dclucas@bcbr.com.
