Evermore Partners Acquires Boulder Office Building and Secures Leaseback with Local Startup
A 22,240-square-foot office building located at 6840 Winchester Circle in Boulder has been puchased by Evermore Partners, a newly formed real estate investment company focusing on high-impact, value creation activities. Evermore has also executed a 15-year lease with Boulder-born startup Meati Foods. The acquisition represents the company’s first of a planned $250 million in acquisitions in the Rocky Mountain Region during the next three to five years.
“Our purchase and leaseback of this property is a solid first step for our company and its acquisition goals,” said founder and CEO Seth Wolkov. “The building is located in one of the most desirable real estate markets in the country and will serve as the corporate headquarters. This investment aligns with Evermore’s focus on acquiring commercial real estate assets located in key urban, college and core mountain communities within the Rocky Mountain region and at the intersection of ‘Eds, Meds and Technology’. Top-tier demographics, quality of life, and a robust employment market in and around Boulder create enduring value and make this property a very valuable first asset to our portfolio.”
The Evermore team has acquired over $1 billion worth of assets through multiple economic cycles, in all product types, and has specific experience with value-add and distressed and opportunistic investing. Evermore’s goal of acquiring a $250 million real estate portfolio in the Rocky Mountain Region within five years will be accomplished with assets sized between $5 million and $50 million across five key product types located within urban, college and core mountain communities.
Evermore focuses on markets located at the intersection of “Eds, Meds and Technology” that continue to experience above-average net migration, wage and employment growth, helping to drive investment returns. The company seeks double-digit total returns generated from a combination of current cash yield and capital appreciation that provide significant spreads to 10-year treasury yields, money funds and publicly traded REITs.
Meati Foods produces sustainable plant-based products that mimic the appearance, texture, and taste of actual meat, but without the environmental and health consequences. The company is in rapid growth mode, having closed a $50 million Series B round of investment in mid-2021 to help build out a large production facility in Thornton and advance product development efforts.