Colorado Real Estate Journal - December 3, 2014

Office/retail building on Pearl Street trades for $2.12 million

by Jill Jamieson-Nichol

An office/retail building on Pearl Street in Boulder sold to a local investor for $2.12 million, or approximately $326 per square foot.

West Wind Colorado LLC bought the 6,500-sf building at 1537 Pearl from BCKC LLC.

The three-story brick building was constructed in the early 1900s and houses three tenants: Element Properties, Trill Alternatives and Voodoo Hair Lounge, a hair salon that plans to relocate this month.

Voodoo’s subleased its space to a home furnishings company.

Terry Kruegel of Kruegel Commercial Real Estate represented the seller in the transaction. Scott Crabtree of The Colorado Group represented the buyer.

Other News

A four-unit apartment building in Boulder recently sold for $14,320 more than the asking price, an indication of how hot the market is for rental properties in that city.

“I believe we’re seeing a resurgence in these types of properties because, one, the multiresidential rental properties have been undervalued in this market for a long time and, two, the strong economy is allowing buyers to invest greater sums than we have seen since 2008,” said The Colorado Group broker Todd Walsh, who represented the seller with The Colorado Group’s Scott Crabtree.

The 2,503-square-foot building at 985 30th St. in the Aurora Terrace subdivision was listed for $850,000 and sold for $864,320.

Built in 1960, it was on the market for 35 days and went under contract within seven days.

Logan Altman sold the property to James Tyrell. Amy LaBorde of Re/Max Alliance on Walnut represented the buyer.

Walsh also was the listing broker on two other multifamily properties in Boulder that sold within a short time frame. A six-unit, 2,048-sf property at 654 Pearl St. went under contract at $1.35 million within 11 days on the market, and a 12-unit, 4,193-sf property at 298 Arapahoe Ave. sold for $1.85 million after 52 days on the market.

CBRE has opened a satellite office at 1600 Range St., No. 200, in Boulder.

“Boulder has a bright future and tremendous potential.

The amount of proposed new construction and renovations of existing properties reflects this. We are excited because we know the area will benefit from having the resources and expertise of the world’s leading real estate services firm,” said Chris Phenicie, senior vice president with CBRE’s Office Brokerage team.

“Boulder has always had a strong tech presence with companies like IBM, Ball Aerospace and StorageTek, but over the last seven years it has become one of the top emerging tech and advertising markets in the country. Having an office in Boulder increases our ability to serve the marketplace as our clients expand within the area,” added Senior Associate Wade Wimmer.