March 16-April 5, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 15
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Centennial-based Stonebridge
Cos. is set to break ground on
Boulder’s newest hotel.
The Residence Inn by Marriott
will occupy a 1.65-acre site at the
southwest corner of 26th Street
and Canyon Boulevard, within
the Village Shopping Center.
The four-story hotel will feature
155 guest rooms, along with a
swimming pool, lounge, fitness
center and business center. It will
be Stonebridge Cos.’ first property
in the city of Boulder.
“They really have a strong belief
in the Boulder market. They felt
like this was an opportunity to
provide something new to the
market,which continues togrow,”
said Stonebridge spokesman
Andy Boian of Dovetail Solutions.
The Residence Inn will be built
by general contractor RVC Con-
struction. Newman Architecture
is the architect.
Stonebridge acquired the site
earlier this year fromGart Proper-
ties for $4.35 million.
The hotel will join two other
hotels going up in the vicinity:
a 204-room Embassy Suites and
a Hilton Garden Inn, which will
have 172 rooms, both at the north-
west corner of 28th Street and
Canyon.
Boulder has added very little
hotel inventory over the last
decade. Many of its existing hotel
rooms are in older limited- and
select-service properties. An
exception is the Hyatt Place in
Boulder Junction, which sold well
in advance of its opening in early
2015.
An extended-stay product, Res-
idence Inn offers studio, one- and
two-bedroom suites with fully
equipped kitchens and ameni-
ties including daily hot breakfast.
There is an existing Residence Inn
at 3030 Center Green Drive in
Boulder that was built in the mid-
1980s.
s
by Jill Jamieson-Nichols
Jax Mercantile recently pur-
chased the vacant Kmart build-
ing at Broomfield Plaza for $5.59
million and expects a soft open-
ing of its newest store there in
June.
Kmart vacated the 93,927-
square-foot building in 2012.
There have been some temporary
users in the space, but it has been
largely vacant since that time.
Lone Ranger LLC sold the
property, which is located at 5005
W. 120th Ave.
Headquartered in Larimer
County, Jax has stores in Fort
Collins, Loveland, Lafayette and
Ames, Iowa.
“This … building offers a great
opportunity to house much of
our outdoor gear, and ranch and
home merchandise all under
one roof,” company President
Jim Quinlan said in a recent
announcement.
“The City Council and I are
pleased that Jax Mercantile Co.
has decided to acquire the vacant
Kmart building and open its Out-
door Gear, Farm and Ranch store
in Broomfield,” added Broom-
field Mayor Randy Ahrens. “I
first learned of Jax while attend-
ing college and have always
enjoyed the uniqueness of the
store. Jax has a great reputation
throughout the communities
they serve, and we look forward
to a long and successful partner-
ship.”
The store will feature a broad
array of outdoor gear prod-
ucts, including footwear; out-
door apparel; camping, climb-
ing, hunting, fishing, boating,
military surplus and athletic
equipment; and travel acces-
sories. In addition, it will offer
a variety of home and garden
products, including pet, poultry
and equine supplies, hardware,
paint, western wear, ranching
and fencing supplies, and lawn,
garden and landscaping supplies
and equipment.
It expects a grand opening in
mid-September.
Kelly Fisher of Herman Group
represented Jax in the transac-
tion. Cushman & Wakefield
brokers David Fried and Robert
Hudgins represented the seller.
Broomfield Plaza, owned by
NewMark Merrill Mountain
States, is located at the northeast
corner of 120th and Sheridan
Boulevard. The city and county
hopes the Jax announcement will
spur interest in a 57,000-sf former
Hobby Lobby that also is vacant.
“Our hope is that with an
anchor coming into the center,
that’s going to revitalize that cor-
ner,” said Mike Van Den Bosch,
Broomfield senior economic
development specialist.
Aside from the Hobby Lobby,
the center has only one vacancy,
1,200 sf.
s
Velocis, which paid $8.6 million
for the property, renovated and
upgraded the lobby, resealed the
exterior and refinished common
areas. The building offers covered
parking for 100 percent of the ten-
ants, Velocis said, a rare amenity
for a building of its size in Denver.
Transwestern Property Co. han-
dled leasing and management.
Devereaux said Landmark
Centre has “tremendous access
to Denver’s strongest executive
housing base”without necessarily
having to use Interstate 25.
“With the population increasing
and the continued congestion on
the highway system, it’s great for
the employees and executives that
live just west of the property to be
able to drive there and not have to
use the interstate,”he commented.
Englewood Mortgage, Glacier
Construction Co. and Puckett
Energy Co. are the largest tenants
in the building.
“You’ve got a great historical
occupancy there. Of the existing
tenants, probably more than 50
percent of the rent roll has been
in the building more than seven
years,” said Devereaux.
The building looks over resi-
dential development to the west,
providing unobstructed moun-
tain views.
Brandon Basham of Basham &
Associates represented the buyer
in the transaction.
Dallas-based Velocis has invest-
ed in real estate since 2011, pur-
chasing 20 assets in Texas, Colo-
rado and other states.
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Velocis
