Page 16 —
COLORADO REAL ESTATE JOURNAL
— May 18-May 31, 2016
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Etkin Johnson Real Estate Part-
ners bought back the formerQual-
comm Inc. building in Boulder
with plans to renovate and reposi-
tion the asset.
Etkin Johnson owned and man-
aged the property at 6150 Lookout
Road in Gunbarrel Business Park
for 16 years prior to selling it to
Qualcomm in 2014. Qualcomm
has consolidated its operations
into adjacent properties and was
marketing the building for sale.
In addition to the 51,082-square-
foot office/flex building, known
as Lookout Business Center, Etkin
Johnson acquired three land par-
cels: a parking lot at 5150 Lookout,
and vacant 3.7- and 2.3-acre land
parcels at 6100 and 6201 Spine
Road, respectively. The transac-
tions totaled $5.4 million.
“This isarare instance inwhicha
prime, value-add property comes
available in or around the Boulder
core,” said Derek Conn, director
of acquisitions for Etkin Johnson
Real Estate Partners. “The prop-
erty was acquired at a significant
discount to replacement cost in an
environment with rising construc-
tion prices. We see this as a great
opportunity to institute an exten-
sive renovation and repositioning
plan for the well-located asset.”
Plans for the property include
removing offices to provide an
open, flexible floor plan, new inte-
rior and exterior paint, installation
of glass overhead doors and other
improvements aimed at attracting
breweries, research-and-develop-
ment and lab users, and other
tenants.
“With its superior access to the
Diagonal Highway and proxim-
ity to greater Boulder, Lookout
Business Center is an ideal loca-
tion for a wide range of users,”
said Conn. “Boulder continually
proves itself to be one of the most
desired markets in the area, and
Etkin Johnson’s best-in-class leas-
ing and management team has
the opportunity to realize signifi-
cant value creation in a market it
knows intimately.”
Etkin Johnson already sold the
3.7-acre land parcel toW.W. Reyn-
olds Cos. It has no immediate
plans for the land at 6201 Spine,
but said it views it as a strategic
opportunity for tenant amenities.
Other News
n
Friends’ School Inc.
pur-
chased the former Jewish Com-
munity Center building in Boul-
der for $1.34 million, or $88.59 per
square foot.
The 16,126-sf building is located
at 3800 KalmiaAve.
B. Scot Smith, Gary Aboussie
and
Neil Littmann
of
The Colo-
rado Group
represented the seller
in the transcation.
Chris Jensen
of
Vista Commercial Advisors
rep-
resented the buyer.
Friends’ School will take pos-
session of the building June 1 and
will remodel the space throughout
the summer to create a new mid-
dle school for approximately 120
students. The school will feature
outdoor learning spaces, a state-
of-the-art maker space, bike shop
and collaborative areas. The build-
ing also will house some adminis-
trative staff.
The school’s current campus
on Pennsylvania Avenue will
continue to house preschool and
elementary programs.
“For the last 15 years, Friends’
has been considering and strat-
egizing about a middle school as
unique as our existing program. It
has been the dreamof many fami-
lies that their children could have
a middle-school education in the
Friends’ School philosophy,” said
Shelby Pawlina,
middle-school
director.
“Due to the strength of our pro-
gram and healthy fiscal position,
the time for this move was right.
We did look at some other loca-
tions for our school, but when this
property came on the market, we
knew itwas the best place tomake
our vision a reality,” she said.
JCC will move into its new
building on Cherryvale Road and
ArapahoeAvenue late thismonth.
n
Stonebridge Cos.
announced
its 155-room Residence Inn in
Boulder will open in late 2017.
The hotel is being built at 2550
Canyon Blvd., next to the Village
Shopping Center. It will be a mile
from the University of Colorado
and 2 miles from restaurants and
retail on the Pearl Street Mall.
“There is a great demand for
this type of accommodation in the
center of Boulder near the Uni-
versity of Colorado,” said
Navin
Dimond,
founder, president and
CEOof Stonebrige Cos. “This Res-
idence Inn will meet the needs of
our guests by providing modern
comfort and convenience along
with our unique brand of Distin-
guished Hospitality.”
The hotel will offer a mix of
studio, one- and two-bedroom
suites; complimentary breakfast;
full kitchens; a fitness center and
pool; on-site laundry; and grocery
delivery service.
n
ChromaDex Analytics
recently leased 10,052 sf of flex/
research-and-development space
at 1751 S. Fordham St. in Long-
mont.
Hunter Barto
of
Dean Callan
& Co.
represented the landlord,
Goff Capital,
with
Becky Gamble
and
Dryden Dunsmore
of Dean
Callan, along with
Scott Garel
of
Newmark Grubb Knight Frank.
Tom Grotewold
of
Rare Space
represented the tenant.
n
David Fan
purchased a 2,772-
sf restaurant space at 4550 N.
Broadway, Suite C-3E, in Boulder
for $1.03 million.
Treerun Enterprises
was the
seller.
Ashley Overton
and
Mike
Hastings
of
Flatiron Commer-
cial Real Estate
represented the
buyer.
Carabello Properties
rep-
resented the seller.
n
Concept 32,
a closet and
storage concept, leased 1,318 sf of
retail space at Village at the Peaks
in Longmont.
Mike DePalma
of
Sullivan-
Hayes Brokerage
represented the
tenant.
NewMark Merrill Moun-
tain States
is the landlord.
s
Stantec
Etkin Johnson will reposition the vacant office/flex building at 6150
Lookout Road in Boulder.
Stonebridge Cos. will open the Residence Inn at 2550 Canyon Blvd. (See
Other News)
less competition, so the ultimate
buyer typically purchases it for
a little less per unit.
“You are buying the property
at a lower cost basis, so when
you sell it, especially in a mar-
ket like this that is appreciating
so fast, you get a bigger pop
when you sell it,” Ozment said.
Other News
n
Hamilton Zanze
paid $23
million for the 156-unit BelleCreek
Apartments in Henderson.
Belle Creek, at 10754 Belle Creek
Blvd., includes 6,256 square feet of
retail on the ground floor.
The seller, a real estate invest-
ment trust, was represented by
Jordan Robbins
and
Jeff Haaf
of the Denver office of
Holliday
Fenoglio Fowler LP.
HFF’s Houston office also
arranged $18.2 million in financ-
ing on behalf of the buyer.
n
Embrey Partners Ltd.
pur-
chased a 15.22-acre site at 6200
Castlegate Drive in Castle Rock,
where it plans to develop a 312-
unit apartment community.
The sales price was not released,
but records show San Antonio-
based Embrey paid $7.48 million,
or $11.29 per sf, for the 662,995-sf
site.
The sellers,
Alberta Develop-
ment Partners LLC
and
Forum
Real Estate Group,
were repre-
sented by
Steve O’Dell
and
Chris
Cowan
of
ARA Newmark.
The site iswithin thePromenade
at Castle Rock, a mixed-use devel-
opment.
The new community will be
called the Ledges at the Prom-
enade.
“The Ledges at the Promenade
is set for a core Castle Rock loca-
tion which will become a one-of-
a-kind destination due toAlberta's
efforts to bring quality retailers
and shopping previously nonexis-
tent in the area,” Cowan said.
“Embrey was quick to identify
and pursue this special opportu-
nity,” Cowan added. “Together,
they’re creating a dynamic and
unique place to live,” he said.
Community amenities will
include a 9,000-sf club, fitness and
recreation facility, a dog park with
a heated dog wash station, a bike
and ski repair shop and a resort-
style pool and deck area.
“The Embrey Partners team
is honored to be selected as
part of Alberta Development
Partners’newest project in Castle
Rock to create a top-notch devel-
opment for future residents,” said
Jeff Booth,
executive vice presi-
dent at Embrey.
“The Ledges at the Promenade
will offer convenient walkability
to more than 1 million square feet
of adjacent shops and retail, which
will significantly increase the qual-
ity of life for future residents,”
Booth said.
n
An unidentified buyer paid
$1.53 million, or $84,722 per unit
and $131.18 per sf, for the 18-unit
Kendall Street Apartments in
Wheat Ridge.
Kendall Street was built in 1947
and is located at 4265, 4275, and
4295 Kendall St.
Both sides of the transaction
were handled by
Joe Hornstein
and
Scott Fetter
of
Pinnacle Real
Estate Advisors.
“The buyer intends to update
apartments and increase rental
rates,” Hornstein said.
n
An unidentified buyer paid
$1.44 million, or $239,167 per unit
and $274.45 per sf, for a six-unit
apartment building at 2464-2480E.
14thAve. in Denver.
Joe Hornstein
and
Scott Fetter
of
Pinnacle Real Estate Advisors
represented the seller in the trans-
action.
“This was probably one of the
nicest converted mansion invest-
ment properties I have sold,”
Hornstein said. “The buyers rec-
ognized the outstanding loca-
tion and the quality of the fin-
ishes, and were willing to pay a
premium for it.”
s
ARA
Embrey plans this 313-unit apartment community in Castle Rock.
design that we do for outdoor
spaces is the same thing we’re
doing here,” said Hupf.
Denver owner/developer Evan
Makovsky owns property to the
west, and the city of Denver has a
housing project to the north.
“The joke of this building is
they call it the catfish. It’s an ugly
building if you look at it from the
outside,” Hupf said. The “cat-
fish” has great bones, however;
“This building is truly all con-
crete and steel,” he said.
The new owners have stripped
carpeting out of the church and
are polishing the concrete floors
to give the interior a Lower
Downtown-type industrial feel.
The 700-seat sanctuary will func-
tion as Lifescape’s new design
center. Denver’s oldest high-end
design-build landscape main-
tenance company, Lifescape is
moving in right away and will
complete a major renovation,
including a rooftop garden, in
approximately two years.
Hupf said he has no qualms
about moving into an emerging
area. “We moved into RiNo in
late 2007, and we got our win-
dows shot out three times. We
lived through the transformation
that happened in RiNo,” he said.
“We are absolutely thrilled to
be here because we know the
potential.”
Tom
Mathews, Andrew
Lagerborg and Marty Knape
of CBRE Inc. represented Red
Rocks Community Church in the
transaction.
s
Lifescape
