Colorado Real Estate Journal - November 19, 2014
An Anchorage, Alaska-based commercial real estate investment and management company bought a three-building industrial property in Boulder. Carr Gottstein Properties paid $7.15 million for Twin Lakes Business Park, which consists of 71,447 square feet of office/warehouse space in three buildings in Gunbarrel Business Park. WLA Investments sold the property, which is located at 4695, 4697 and 4699 Nautilus Court. Twin Lakes Business Park was 100 percent leased to 19 tenants, including Asher Brewing Co. “We had great activity,” said Patrick Devereaux of JLL, who represented the seller with JLL’s Jason Schmidt. “The property was in excellent capital condition. The existing ownership had done significant improvements to the asset over the last three years,” he said. “It’s a good piece of real estate.” Average rents are about $1 per sf below market, according to Devereaux. “Twin Lakes Business Park will provide the buyer with very durable long-term cash flow and significant upside potential as the market in Boulder continues to tighten,” he said. According to CoStar Group, the industrial vacancy rate in Boulder has been dropping since 2009 and currently stands at less than 2 percent. Twin Lakes Business Park averages approximately 30 percent office build-out, with 70 percent warehouse space. It was built in 1983. Brian Bair, Dax Gitcho and Trent Rice of NAI Shames Makovsky represented the buyer in the transaction.