BOULDER - Tebo Development Co. paid nearly $1.3 million recently for the 10,000-square-foot commercial building at 3130 Valmont Road in Boulder that houses a Kwal paint store.

Boulder-based Tebo Development purchased the property, which includes about two-thirds of an acre, from the Myron F. and Cynthia Seeberg Trust.

Tebo Development's owner Stephen Tebo said his company recently renewed the lease with the paint store for a couple of more years, and said there are no immediate plans to redevelop the property despite its proximity to the planned Spark mixed-use development. Tebo also owns the commercial building at 3200 Valmont Road, which includes a mix of tenants and sits adjacent to part of the Spark development.

Developers submitted plans to the city in January for Spark, a $180 million development that includes the site of the former Sutherlands lumberyard and hardware store at 3390 Valmont Road.

Spark and Tebo's properties are located within Boulder's Transit Village Area Plan that is undergoing redevelopment.

"We don't have plans for it, but that's not out of the question," Tebo said of redeveloping his properties on Valmont. "As things evolve in Boulder, you never know."