Group buys 4 tracts near 30th and Pearl
Last Updated: 14:53 July 2, 2013
BOULDER - A group led by Denver developers Darren Fisk and Dan Otis has purchased four properties near the intersection of 30th and Pearl streets in Boulder for a total of $11.2 million.
Pearl Place Associates LLC, led by Fisk's Forum Real Estate Group and Otis' Brickstone Partners, partnered with Peregrine Ridge LLC of Denver to purchase Aspen Plaza at 2095 30th St. and Landmark Center at 2111 30th St. from 16th Street Offices LLC for $6.9 million. The developers bought 2920 Pearl St. from the HB Woodsongs music store for $1.1 million and 2930 Pearl St. from 2930 Pearl St. LLC for $3.2 million.
Terry Kruegel of Kruegel Commercial Real Estate represented the purchasers and confirmed the deal, which closed Monday. Becky Callan Gamble and Dryden Dunsmore of Dean Callan and Co. represented 16th Street Offices. Woodsongs and 2930 Pearl St. LLC were represented by their attorneys.
The purchasers are expected to close on a fifth piece of land within the next couple of months for a total of 4.5 to 5 acres, Kruegel said. All five pieces of land are contiguous, sitting south of Pearl Street and west of 30th, wrapping around the Chase Bank property at the southwest corner of 30th and Pearl.
Kruegel said the owners are planning a mixed-use development for the site, although it would likely be a year and a half or more before ground is broken. Several businesses are located on the four properties, including Woodsongs and D & K Printing.
"There are so many companies in Boulder that want a Pearl address," Kruegel said. "Pearl Street is 'the' street. They've already got some big tenants that are wanting to look at it."
Both Fisk and Otis have been active in Boulder. Perhaps most notably, Fisk partnered with local developer Lou DellaCava on Two Nine North, an upscale apartment complex. That development is just to the south of the newly purchased parcels of land along 30th Street. Forum was also involved with Lofts on College, a redevelopment of the former Jones General Store, and Lofts on the Hill near the University of Colorado campus.
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