- Location: Boulder, CO
- Client: Urban Green
- Type of Project: Industrial / Office Flex
- Service Type: Capital Markets Group
Avison Young Negotiates $7.93 million Sale of Two Office/Flex Buildings in Boulder County
- 7077 Winchester Circle in Boulder, CO
- 5735 Arapahoe Avenue in Boulder, CO
Jaimee Keene, Rick Egitto and Taylor Doyle of Avison Young’s Capital Markets Group in Denver represented the seller in the transactions. Each of the properties were separately acquired by different private investors for a combined total of $7.93 million.
At the time of the sale, the 5735 Arapahoe Avenue property was 100% leased to five tenants while the 7077 Winchester Circle property was 84.4% leased to one tenant. The Boulder location attracted interest from many local and out-of-state investors.
There is no one-size-fits-all approach for Avison Young client
- Avison Young started marketing the assets in July 2020, during the pandemic, and successfully sold both within four months.
- The two-building portfolio included cannabis-related tenancy in each property. The tenant mix proved to be pandemic resistant as rent collections remained strong and two tenants renewed leases during the marketing period. Cannabis real estate values are likely to continue rising due to the supply-demand imbalance and recession resistant industry..
“Jaimee Keene and the Avison Young Denver team used creative sales techniques and we reached a more than satisfactory deal with two different private buyers—one local and one out-of-state,” says Scott Kiere, Manager of the two Properties.
7077 WINCHESTER CIRCLE is a 2-story suburban industrial flex building comprised of 22,473 rentable square feet. Completed in 1979, the property features office/R&D space, heavy power, drive-in and dock doors on a 3.04-acre site located in a business park setting in Gunbarrel, within the Boulder city limits.
- Long term marijuana tenant executed 5-year renewal
- Attractive 3.04-acre site in Gunbarrel neighborhood of Boulder
- 84.4% leased; Basement space available for lease – offering upside to NOI
5735 ARAPAHOE AVENUE is an industrial warehouse building with high-bay warehouse units on the north side with both drive-up and dock high doors, and a two-story office buildout.
- 100% leased multi-tenant including marijuana related tenancy (54% of rent roll)
- Legally subdivided into commercial condominiums – allowing for conventional financing on non-cannabis space
- Below market leases allow for future upside
- New roof, solar, and lighting upgrades
Keene is a long-time resident of Boulder with a focus on investment-grade commercial properties in and around the Boulder market. The successful sale of both assets on behalf of the client showcases the advantage of a brokerage team that is tapped into the local market. Keene’s knowledge of Boulder allows the team to develop marketing strategies which attracted motivated buyers and helped our client secure premium prices for the assets.