Industrial Flex Building in Boulder Refinanced
Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $17 million refinancing for a fully leased 152,692-square-foot industrial and office building in Boulder.
HFF worked on behalf of the borrower’s asset manager, Manchester Capital Management (MCM), to place the 10-year, interest-only, fixed-rate CMBS loan. Loan proceeds are being used to refinance the acquisition loan HFF secured for the borrower when they acquired the property in 2017.
Situated on approximately 12.33 acres at 6265 Gunbarrel Avenue, the building is within the Gunbarrel Business Park. 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 100 percent leased to BI Inc., one of the nation’s leading manufacturers of offender-monitoring products and services, and Tecostar Holdings, Inc., which provides manufacturing solutions for the medical device and aerospace and defense markets. The building features 152,692 square feet of office, warehouse and manufacturing space with ceiling heights up to 24 feet and eight grade-level overhead doors with loading docks.
HFF’s debt placement team was led by Director Zachary Kersten, Managing Director Jordan Angel and Senior Director Leon McBroom.
“MCM stabilized the asset ahead of schedule, and we are very pleased to be able to provide competitive fixed-rate financing options for the borrower that complements their business plan,” Kersten added.