HFF Arranges $12.1M Financing for Boulder Industrial Flex Building
Boulder, CO – Holliday Fenoglio Fowler, L.P. (HFF) arranged $12.1 million in acquisition financing for a 152,002-square-foot industrial and office building in Boulder, Colorado.
HFF worked on behalf of Manchester Capital Management to place the three-year, fixed-rate loan with a regional bank.
Situated on 12.33 acres at 6265 Gunbarrel Avenue, the building is within the Gunbarrel Business Park, which is home to notable companies including Lockheed Martin, Celestial Seasonings, Qualcomm, Northrop Grumman and Avery Brewing Company. Approximately 33 miles from downtown Denver, the property is in the Northwest submarket, one of Denver’s largest suburban markets, and is 43 miles from Denver International Airport. Completed in 1969 and expanded in 2003, the property is 60 percent leased to BI Inc., one of the nation’s leading manufacturers of offender-monitoring products and services. The two-story building features 74,000 square feet of office space, ceiling heights up to 24’ and eight grade-level overhead doors with loading docks.
HFF’s debt placement team was led by director John Churchward, associate director Leon McBroom and associate Zachary Kersten.
“On behalf of one of our client families, we are very excited to acquire this highly attractive asset in one of the most supply-constrained and desirable markets in the country,” said Corbin Rich, an asset manager for Manchester Capital Management. “Boulder’s industrial/flex market vacancy is currently less than five percent, and we anticipate robust demand for the vacant space, which underperformed the market during a recent foreclosure process.”
“This lender delivered a strong loan option that provides Manchester Capital Management with tremendous flexibility to execute a thoughtful value-add business plan while also eliminating interest rate risk with a fixed coupon,” Churchward added. “The transaction not only featured this uniquely-competitive financing solution but also a smooth execution from both sides. We anticipate this is the start of a valuable relationship.”
Image courtesy of HFF