Two Office/Flex Buildings in Boulder Sell for $7.9M
According to Avison Young, two office/flex building located at 7077 Winchester Circle and 5735 Arapahoe Avenue, both in Boulder, have sold for a combined $7.93 million. Winchester Circle is a 22,473-square-foot flex/industrial property and Arapahoe Avenue is 26,418-square-foot industrial property.
Jaimee Keene, Rick Egitto and Taylor Doyle of Avison Young’s Capital Markets Group in Denver represented the seller in the transactions. Each of the properties were separately acquired by different private investors.
“Jaimee Keene and the Avison Young Denver team used creative sales techniques and we reached a more than satisfactory deal with two different private buyers — one local and one out-of-state,” says Scott Kiere, manager of the two properties.
At the time of the sale, the 5735 Arapahoe Avenue property was 100 percent leased to five tenants while the 7077 Winchester Circle property was 84.4 percent leased to one tenant.
The Boulder location attracted interest from many local and out-of-state investors. The two-building portfolio included cannabis-related tenancy in each property. The tenant mix proved to be pandemic resistant as rent collections remained strong and two tenants renewed leases during the marketing period.
Avison Young started marketing the assets in July, during the pandemic, and successfully sold both within four months. “The successful sale of both assets on behalf of the client showcases the advantage of a brokerage team that is tapped into the local market. Keene’s knowledge of Boulder allows the team to develop marketing strategies which attracted motivated buyers and helped our client secure premium prices for the assets,” Egitto says.