3 buildings in Boulder fetch $5.6 million
Last Updated: 15:49 July 23, 2013
Walnut Offices bought 2501, 2503 and 2505 Walnut St., from Formosa LLC. The three buildings, built between 1996 and 1998, are home to a mix of medical and general office tenants. Two of the buildings are three stories and the third is two stories, with a total of 24,987 square feet between them.
Jason Kruse of The Colorado Group represented the buyers, while Keith Jenkins, a partner in Formosa, represented the seller.
The buildings are 100 percent leased by 13 tenants. The tenant list includes mobile app creator Innovo LLC and snackfood company Snikiddy LLC, as well as Dr. Alan Wasserman's dental practice and Boulder Sol Chiropractic Love, among others.
Managing broker Keith Burden of Burden Inc., which is developing the Roosevelt Park mixed-use project in Longmont, said there were no redevelopment plans for the buildings. Given the buildings' central location, the investment group simply liked them as a long-term addition to its portfolio as the office market continues to improve in Boulder following the recession.
"Right now I think we're just going to continue to operate it as is," Burden said. "They're nice, well-located buildings that were taken care of over the years. ... I think the future of the Boulder office market looks good right now."
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