A Greenwich, Connecticut, company completed its second acquisition in East Boulder with the $2.25 million purchase of an office/warehouse building.
Ivy 2981 Sterling Property LLC, an Ivy Equities affiliate, bought the 13,720-square-foot building at 2981-2985 Sterling Court from Ceres Holdings LLC. The price was approximately $164 per sf.
Built in 1981, the building is 100 percent leased to three tenants, including a large technology company. It received interest from a variety of prospective buyers, according to Michael Hastings, president of Flatiron Commercial LLC.
“We had showings all the time, from all sorts of people – potential owner-users, investors – just really all over the map. Industrial buildings in Boulder don’t often come up for sale, so the interest level was actually really good,” said Hastings, who worked as a transaction broker on the deal.
Ivy Equities entered the Boulder market late last year with the $23.46 million acquisition of three nearby buildings: 5330 and 5360 Sterling, and 6000 Spine Road.
“It’s been a good experience so far in Boulder, and we’re excited to continue to grow the portfolio in the market,” said Drew DeWitt, Ivy senior vice president of investments.
“It was a small acquisition, but it’s was an interesting opportunity close to Google’s new campus,” he said.
Located off Valmont Road, the building is about half office and half high-bay warehouse. It’s close to Boulder Beer Co., food and entertainment venue Rayback Collective and Foothills Parkway. Tenants have storefront and monument signage.
The seller was affiliated with a company that previously occupied space in the building. It sold the company and retenanted the space prior to the sale, said Hastings.
“I think it was a good deal for both sides. I was very impressed with how everyone worked together to make the deal happen,” he commented.
While three of the four buildings Ivy Equities has acquired in Boulder are fully leased, the company bought 5360 Sterling vacant. Working with OZ Architecture, it is transforming the building into creative office space with exposed ceilings, polished concrete floors, and a new entrance and lobby to appeal to a tech tenant.
DeWitt said Ivy continues to look to grow its presence in Boulder and the Denver metro area in general.