Mill Village apartments break ground
The 220-unit luxury complex will be located at the southeast corner of Third Avenue and Ken Pratt Boulevard on Longmont’s southeastern edge. The first units are scheduled to be ready for leasing in May, with the entire project slated for completion by October 2014.
FirstBank of Longmont provided a $22.1 million construction loan. Neil Littman and Scott Reichenberg of Signature Partners managed an $11.9 million equity raise from local investors. And Denver-based Shaw Construction is the builder.
The Mill Village apartments join the Roosevelt Park mixed-use project downtown as the second upscale apartment complex under construction in town.
The Mill Village apartments will include 144 one-bedroom units measuring 706 square feet each, 66 two-bedroom units measuring 1,088 square feet and 10 two-bedroom townhouse units measuring 1,250 square feet. Finishes will include plank floors, granite countertops, stainless steel appliances, walk-in closets, full-sized washers and dryers, and decks. Rents will range from $1,025 for one-bedroom units to $1,395 for the townhouse units.
The complex also will include a 4,200-square-foot clubhouse that includes a fitness center, theater and media/conference room, hospitality lounge, business center, dining/kitchen area and management offices.
SEARS AT PARKWAY: Sears Hometown and Outlet Stores Inc. has leased 9,500 square feet of retail space at the Parkway Promenade shopping center in Longmont, where it will open a Sears Hometown Store.
The Parkway Promenade, a 125,000-square-foot center owned by Actis LLC’s subsidiary Blackfox Parkway Associates, has been undergoing a $3 million to $5 million renovation near the intersection of Ken Pratt Boulevard and Main Street.
Sears Hometown’s arrival in Longmont comes after Sears closed a store at Twin Peaks Mall last year. Sears Hometown is a scaled-down version of Sears’ conventional stores, focusing on home appliances, hardware, tools and lawn and garden equipment.
Actis owner Richard Groves said the Sears Hometown Store will occupy the space that previously housed Corral West Ranchwear next to Big Lots. The store joins Lucky’s Market, which is slated to open Aug. 14. Restaurant chain Modmarket also will open a location at Parkway Promenade.
Groves said Modmarket is shooting for a Nov. 1 opening date, and he’s hoping Sears Hometown also will open sometime in November.
Michael DePalma and Sean Kulzer of SullivanHayes represented the landlord in the lease deal with Sears Hometown.
PRICEY HYGIENE HOME: A bank-owned home outside Hygiene was the most expensive sale in the Denver metro area in June as luxury home sales in the area increased yet again.
The figures, released in a report by Coldwell Banker Residential Brokerage, are based on Multiple Listing Service data of all homes sold for more than $1 million last month.
The 10,821-square-foot home on 40 acres at 6880 St. Vrain Road sold for $4.25 million on June 24. The Boulder County assessor’s website shows the previous owner as First Western Trust Bank in Denver.
3 BUILDINGS: $5.6 MILLION: Walnut Offices LLC, an investment group managed by Niwot-based Burden Inc., has closed on a $5.6 million purchase of three office buildings near the intersection of Folsom and Pearl streets in Boulder.
Walnut Offices bought 2501, 2503 and 2505 Walnut St., from Formosa LLC. The three buildings, built from 1996 to 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, including mobile app creator Innovo LLC, snack-food company Snikiddy LLC, and Boulder Sol Chiropractic Love.
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.
APARTMENT VACANCY UP: The apartment vacancy rate for Boulder and Broomfield counties increased slightly in the second quarter of this year, according a report released by the Colorado Division of Housing and the Apartment Association of Metro Denver.
The local vacancy rate of 3.8 percent is lower than the rate for Colorado – 4.2 percent, a 13-year low.
The rate for Boulder and Broomfield counties increased from 3.6 percent for the second quarter of 2012, up from 3.2 percent in the first quarter of this year.
The average price to rent an apartment in Boulder and Broomfield counties was $1,194.57 for the second quarter.
VISTA OPENS 2ND OFFICE: Broomfield-based Vista Commercial Advisors Inc., a real estate brokerage specializing in office, retail and industrial leasing as well as development, has opened an office in Boulder at 1701 15th St.
Kevin Hart and Michael Ruiz, who joined Vista’s roster of six brokers in March, will staff the office, with president Chris Jensen floating between Broomfield and Boulder.
Vista opened in 2009 in Broomfield. The new office at 15th Street and Arapahoe Avenue in Boulder is about 1,000 square feet and is part of a larger creative work space called Capital that includes about seven other small companies, including a financial consulting firm and a web-development and marketing firm. The space is owned by Work Places Ltd., of which Hart is a partner.
Vista recently was involved in the deal that brought Jammin Java Corp.’s headquarters to Colorado from California. Jammin Java, which does business as Marley Coffee, is owned by the late reggae singer Bob Marley’s family. The wholesale and online coffee retailer leased 4,284 square feet of space at 4730 Tejon St., in Denver from Gelman Group LLC for its headquarters and a small storefront. Jenkins represented Jammin Java in the deal.
Joshua Lindenstein can be reached at 303-630-1943 or email@example.com.
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