Colorado Real Estate Journal - May 4, 2016
Etkin Johnson Real Estate Partners bought back the former Qualcomm Inc. building in Boulder with plans to renovate and reposition the asset. Etkin Johnson owned and managed 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 parcels: a parking lot at 5150 Lookout, and vacant 3.7- and 2.3-acre land parcels at 6100 and 6201 Spine Road, respectively. The transactions totaled $5.4 million. “This is a rare instance in which a 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 property was acquired at a significant discount to replacement cost in an environment with rising construction prices. We see this as a great opportunity to institute an extensive renovation and repositioning plan for the well-located asset.” Plans for the property include removing offices to provide an open, flexible floor plan, new interior and exterior paint, installation of glass overhead doors and other improvements aimed at attracting breweries, research-and-development and lab users, and other tenants. “With its superior access to the Diagonal Highway and proximity to greater Boulder, Lookout Business Center is an ideal location 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 leasing and management team has the opportunity to realize significant value creation in a market it knows intimately.” Etkin Johnson already sold the 3.7-acre land parcel to W.W. Reynolds 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 Friends’ School Inc. purchased the former Jewish Community Center building in Boulder for $1.34 million, or $88.59 per square foot. The 16,126-sf building is located at 3800 Kalmia Ave. B. Scot Smith, Gary Aboussie and Neil Littmann of The Colorado Group represented the seller in the transaction. Chris Jensen of Vista Commercial Advisors represented the buyer. Friends’ School will take possession of the building June 1 and will remodel the space throughout the summer to create a new middle 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 building also will house some administrative 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 strategizing about a middle school as unique as our existing program. It has been the dream of many families 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 program and healthy fiscal position, the time for this move was right. We did look at some other locations for our school, but when this property came on the market, we knew it was the best place to make our vision a reality,” she said. JCC will move into its new building on Cherryvale Road and Arapahoe Avenue late this month. 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 University of Colorado,” said Navin Dimond, founder, president and CEO of Stonebrige Cos. “This Residence Inn will meet the needs of our guests by providing modern comfort and convenience along with our unique brand of Distinguished 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. ChromaDex Analytics recently leased 10,052 sf of flex/ research-and-development space at 1751 S. Fordham St. in Longmont. 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. 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 Commercial Real Estate represented the buyer. Carabello Properties represented the seller. 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 Mountain States is the landlord.