Real Estate
California developer buys 20 acres at CTC 09/03/2008 Source: Boulder County Business Report Author: David Clucas LOUISVILLE - A California-based developer has purchased 20 acres on the southeast corner of the Colorado Technology Center business park along Dillon Road. PASSCO Companies LLC purchased the property from California-based Hill Properties LLC for $3,813,000, according to Boulder County public records. The new owner plans to build two new flex buildings on the property in the first phases of development. Andrew Freeman with Freeman Myre helped broker the land sale and will help market the two new buildings - the 84,000-square-foot One Technology Center and an 104,000-square-foot Two Technology Center near 734 CTC Blvd. Completion of the first building is expected in spring 2009, and completion of the second building is expected in fall 2009. Both buildings will seek the U.S. Green Building Council's Leadership in Energy and Environmental Design, or LEED, certification. PASSCO also has preliminary plans for two smaller 40,000-square-foot office/flex buildings on the properties. LONGMONT SCHOOL BUYS BUILDING: The Flagstaff Academy has purchased a 62,200-square-foot building at 2040 Miller Drive with plans to relocate its charter school in Longmont by fall 2009. The kindergarten through eighth-grade school purchased the building for $4,979,700 from Circle Capital Longmont LLC, which operates The Campus at Longmont business park. Becky Gamble, Hunter Barto and Dryden Dunsmore with Dean Callan & Co. and Scott Garel with Frederick Ross Co. helped broker the deal. The new building will double the Flagstaff Academy's current space at 1841 Lefthand Circle, which it leases from Circle Capital. "We initially wanted to build a new school from the ground up, but we found that by refurbishing the building at 2040 Miller Drive we could get more out of our dollar per-square-foot," said Margaret Cummings, Flagstaff Academy's business manager. With 490 students, Cummings said the school is growing and needed more room. It plans to eventually add extra tracks of grades and a pre-school. On the selling end, Circle Capital has reduced its ownership stake in its business park since acquiring the original 2 million-square-foot portfolio for $142 million from Pratt Properties in April 2005. In the summer of 2006, Circle Capital sold about 528,000 square feet for $66.8 million. The latest sale brings the total portfolio to about 1.44 million square feet. Circle Capital is also looking to sell its two industrial buildings at 1800 and 1844 Nelson Road, each with about 152,000 square feet. Kory Cash with Circle Capital said the company doesn't plan on selling any more buildings. BROOMFIELD NEW FIRSTBANK: Colorado-based FirstBank has purchased a retail parcel at The Shops at Quail Creek development in Broomfield for $1.8 million, according the Broomfield public records. The bank plans to build a 3,797-square-foot branch. A 99,844-square King Soopers will anchor the 19-acre retail center on the northeast corner of 136th Avenue and Zuni Street. The grocery and bank are expected to open during by first quarter 2009. Three outlying retail parcels remain available, along with retail space for lease in a
14,000-square-foot and 18,000-square-foot building. Jacksonville, Fla.-based Regency Centers is developing the project. Contact David Clucas at 303-440-4950 or dclucas@bcbr.com.