Tepuy Properties Sells Golden Property for $6M
Tepuy Properties, a Boulder-based real estate syndicator and property management company, has sold its 26,208-square-foot building at 1150 Catamount Drive to Golden-based Kodiak Real Estate Group for $6.15 million.
Tepuy purchased the office and light manufacturing facility in 2015 for $5 million. Located two miles northwest of downtown Golden, the building boasts quality laboratory and flexible warehouse space, as well as closed office suites, a large cafeteria, conference rooms and cubicle space.
“Kodiak’s office is two blocks away in the same business park, so that’s something they found very desirable about this building,” Tepuy asset manager Ricardo Bottome said. “The views are great; you have North Table Mesa right there, and you have Golden Gate State Park right up the road as well. For anybody who’s active, it’s an awesome location with great accessibility to the outdoors and the restaurants and breweries in downtown Golden.”
The building sold in a reverse 1031 exchange. Tepuy is taking the profits from the sale and investing them into its new acquisition: a large flex/industrial property at 100 Technology Drive in Broomfield. In this case, Bottome said, Tepuy purchased the Broomfield property before securing a seller for the Golden building.
“It’s the first time we’ve done a sale like this, so our investors are really happy about how it worked out,” he said. “We received offers in the first two or three weeks of having the building listed, and then we were under contract for 60 days, so the process was really fast.”
With its advanced clean air filtration, floor drains and antiseptic-friendly surfaces, the facility is a perfect fit for tenants in the medical or laboratory industries, food production or biotechnology. General Electric previously leased the building in order to complete repairs on its ultrasound equipment. When General Electric moved out, Boulder Botanical and Bioscience Labs (BBB
Labs), a manufacturer of food-grade CBD products, leased the space starting in July of 2018 and plans to stay under the building’s new ownership.
“There was zero downtime between tenants,” Bottome said. “When General Electric left, we were able to re-tenant immediately because of the high quality of the interior.”
Eric Rutherford with WK Real Estate represented both Tepuy Properties and Kodiak Real Estate Group in the sale of the building.