Office park in Broomfield sold for $92 million
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New headquarters for Smoker Friendly International Longmont-based Golden Triangle Construction Inc. is building a 19,500-square-foot corporate headquarters at 6700 Wilderness Circle in the Gunbarrel Technical Center for Smoker Friendly International, a family-owned cigarette and tobacco store retailer based in Boulder. It will have a 3,000-square-foot warehouse, 573-square-foot humidor, a gym and workout facility, kitchen, lounge and large patio for hosting parties and events. The architect for the project is RVP Architecture PC of Boulder.
The office park is a four-building, 461,438-square-foot complex in the "Outerlocken" area, which is between Interlocken and Rocky Mountain Metropolitan Airport.
Westfield Co. purchased the buildings and will own them through a limited-liability company it created, Mountain View Acquisition Group LLC. The company owns many properties in the Denver area, including Westmoor Technology Park in Westminster.
The sale was completed May 21, according to Broomfield property records.
Hines VAF Mountain View LP was the seller. The fund is owned by Hines, an international real estate investment and development company that is building a nearby 186,000-square-foot spec office building at 250 Interlocken Blvd. The project, which is nearing completion, is named Eos at Interlocken.
Mountain View Corporate Center has three three-story buildings and one four-story building. All were built from 1999 to 2002. The buildings sit on 27 acres.
The quality of the buildings combined with an increasingly healthy market in the U.S. Highway 36 corridor made the buildings attractive to multiple prospective buyers, said David Tilton, executive managing director of Newmark Knight Frank Capital Group in Denver. Tilton and John Torp, also of Newmark Knight Frank Capital Group, represented Hines.
"It is a large, one-of-a-kind complex with high-quality construction in a very good location," Tilton said.
The buildings were 92 percent leased at the time of sale, and major tenants include WhiteWave Foods Co., TransFirst LLC and Time Warner Cable Inc.
Hines sold the properties as part of its investment strategy, Tilton said.
"It was one of their funds, and funds have a finite life," he said. "It was time to sell."
Hines purchased the corporate center in 2006 for $71.5 million, according to press releases from the company.
Holliday Fenoglio Fowler LP also represented Hines. Westfield Co. did not work with a broker, according to Tilton.
OUTLOOK'S OUTLOOK: The real estate investment trust that owns the Bear Creek Apartments and University Village at Boulder Creek, two large apartment communities for University of Colorado-Boulder students, is under contract to buy Boulder Outlook Hotel and Suites.
American Campus Communities Inc., an Austin, Texas-based REIT (NYSE: ACC), is in its due-diligence period after coming to a preliminary agreement with the owners of the 162-room Boulder Outlook, 800 28th St.
The Boulder Outlook Hotel & Suites is a 162-room hotel near the University of Colorado-Boulder campus.
Dan King, the Boulder Outlook's "ambassador of cool" and co-owner, said he had received several acquisition proposals despite not actively marketing the property.
"We've been sitting here minding our own business," King said, "and we've gotten numerous different approaches."
The acquisition inquiries are from companies interested in a range of uses, including apartments and hotels, King said.
American Campus Communities is one of the nation's largest developers, owners and managers of high-quality student housing communities. If the company buys the property, it will be to develop it into student housing, spokeswoman Gina Cowart said.
"We've got nothing scoped out at this moment," Cowart said, "but if we did (acquire the property) it would become student housing."
Several multifamily-residential buildings catering to students have been built near the University of Colorado-Boulder campus along 28th Street in recent years.
The hotel is formally owned by the Republic of Boulder Hotel Group LLC, which purchased the property for $5 million in late 2002. King and Gregory Hartmann were the lead investors, according to the Boulder Outlook's website.
The Boulder Outlook was built in 1963 and opened as a Holiday Inn, according to its website. Since acquiring the hotel, King and his team have invested $1.5 million in upgrades, which include many green features. The Boulder Outlook claims to be the city's first zero-waste hotel.
BCH WAREHOUSE: Boulder Community Hospital has leased an 8,826-square-foot industrial space in Flatiron Park, according to a real estate company that brokered the deal.
The space is at 2000 Central Ave., which is part of the portfolio owned by Goff Capital Partners.
Boulder Community Hospital will use the space to store equipment as it works on the expansion of the Foothills Campus, which is under way, hospital spokesperson Rich Sheehan said.
Scott Garel of Newmark Knight Frank Fredrick Ross represented the owner, as did Becky Callan Gamble, Hunter Barto and Dryden Dunsmore of Dean Callan & Co.
Wade Arnold, B. Scot Smith and Steven Johnson of The Colorado Group Inc. represented the tenants.
LUXURY HOMES: The market for luxury homes in Boulder and the Denver metro area increased dramatically in May, as the number of homes sold for more than $1 million reached a high not seen for nearly four years.
In the Boulder market, 17 homes sold for more than $1 million, and in the broader area 76 homes sold in that price range, according to the monthly survey conducted by Coldwell Banker Residential Brokerage. The Denver-based firm compiles that data using the Multiple Listing Service.
The area-wide increase was 73 percent from the 44 homes sold in April, and a 61 percent increase from the 47 sold in May 2011.
In April, six homes in Boulder sold for more than $1 million.
May's figure for luxury-home sales in the metropolitan area was the highest since August 2008, when 89 million-dollar properties changed hands.
Prices declined 8.7 percent on a month-to-month basis in the region.
"The Denver area is showing all of the signs of a traditional seller's market with strong buyer demand, a severe shortage of home listings to choose from, and multiple offers on many properties," Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in a press release. "With inventory levels remaining near record lows, I suspect we'll continue to see this scenario play out, at least for the near term."
BROKERAGE MOVES: Fuller Sotheby's International Realty, a residential real estate brokerage that focuses on luxury properties, has opened a new office at 1050 Walnut St. in Boulder.
The 3,500-square-foot office will be the home of 12 brokers.
The move takes the firm from its old office near 28th Street and Arapahoe Avenue. The office had been there since it relocated from Longmont in 2008.
The new office is commensurate with the properties and brand Fuller Sotheby's International represents, James Simpson, managing broker of the Boulder office, said in a press release.
Michael Davidson can be reached at 303-630-1943 or via email at email@example.com.
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