Element Properties to Renovate and Reposition Boulder Flex Property
Element Properties, a Boulder-based full-service real estate development and investment company, has acquired two single-story flex buildings in Boulder. Element plans to renovate and reposition the properties from flex space into Class A creative office or life science space.
The buildings, located at 2865 and 2885 Wilderness Place, total 45,345 square feet and are located in the heart of Boulder’s Transit Village on 2.8 acres. The property benefits from immediate access to the Goose Creek Path, providing a range of options for dining and shopping at The Boulder Commons and the 29th Street Mall.
The properties will feature high ceilings and an above market 2.8 per 1,000-square-foot parking ratio. Element Properties also developed the nearby S’PARK project, which includes approximately 350 residential units, 100,000 square feet of Class A office space and 40,000 square feet of retail and restaurant space.
JLL worked on behalf of Element Properties, to secure the three-year, non-recourse, interest only, acquisition/bridge loan with a national bridge lender. Loan proceeds were used to acquire the property and fund a planned renovation and repositioning.
“Boulder remains a competitive destination for office tenants seeking a high-profile address with access to Boulder’s major demand drivers, amenity base and the University of Colorado, a world-renowned research campus,” said JLL Senior Director Leon McBroom.
Photo courtesy of JLL