James Travel building ownership changes
Last Updated: 17:30 October 12, 2013
The James family, whose late patriarch Donald James started James Travelpoints International in 1957, sold the building and the three-quarter-acre parcel on which it sits to Element Properties for $3.7 million at the end of August. Element then sold the building to B&H LLC, an entity formed by Brian Biffle and Hansen Rada.
Biffle is the president of 20/20, and Rada is president of Tax Guard. Biffle said Friday that the intent is to move Tax Guard to Boulder from the 22,000-square-foot office the two companies share now at 11800 Ridge Parkway in Broomfield.
Tax Guard is a four-year-old company that helps lenders assess potential clients' tax risks, and employs 50 people. The 15-year-old 20/20 is a tax resolution service for businesses and individuals who owe back taxes. It employs 110.
"Tax Guard's growing," Biffle said. "We were potentially going to rent some space here in Broomfield, but we thought it was a better idea to buy. It's a great spot, great location, nice building. We're pretty excited about it."
Biffle noted relief that the building was undamaged during last month's flooding despite its proximity to Boulder Creek.
The move to the 10,000-square-foot building at 1750 14th St. could be gradual. Frosch International Travel - which purchased James Travel in 2010 - and International Data Corp. both lease office space in the building. EarthvisionZ LLC recently moved out of the building to 1731 15th St., Suite 101, in Boulder.
Biffle said the vacant space, about 5,000 square feet, is being renovated for move-in by Tax Guard by the end of the year. He said there won't likely be space for Tax Guard's full staff initially. More could move later depending on how things shake out when the Frosch and IDC leases expire over the next 12 months.
As for Element Properties, a real estate management, development and consulting firm, principal Chris Jacobs said the company plans to continue operating the parking lot for now. However, the parcel presents a significant development opportunity as the city of Boulder continues crafting a civic area master plan for the area. Jacobs said the site's zoning accepts both residential and commercial uses.
"It provides some income," Jacobs said of the parking. "I think it's a land bank for a year or two. We believe in the civic area, and we want to own land by the civic area.
"It's a piece of property that could be developed, but there's absolutely no plan right now."
Brokers B. Scot Smith and C. Wade Arnold of The Colorado Group represented XYZ Corp., the James family's entity, in the initial sale of the property. Element was represented internally and brokered the deal with B&H LLC.
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