Avison Young Negotiates Sale of Two Office/Flex Buildings in Boulder County
There is no one-size-fits-all approach for Avison Young client
Denver, CO –Avison Young announces the sale of 7077 Winchester Circle and 5735 Arapahoe Avenue, both located in Boulder County, Colorado. 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 for a combined total of $7.93 million.
“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% leased to five tenants while the 7077 Winchester Circle property was 84.4% 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.
“Our local, hands-on approach combined with the great Boulder location allows us to maintain occupancy during the pandemic. We are excited to hand off the assets to the new owners who will benefit from the steady pandemic-resistant income stream,” Kiere says.
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. Keene is a long-time resident of Boulder with a focus on investment-grade commercial properties in and around the Boulder market.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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