A Boulder investment group that paid $54.19 per square foot for MainStreet at FlatIron in Broomfield says the center’s vacant space already is drawing good activity.
The group led by Scott Pudalov paid $5.08 million, or $54.19 per square foot, for the 93,657-sf office/retail center at 520 and 549 Zang St., across from FlatIron Crossing mall. MainStreet’s two multitenant buildings were 56.3 percent leased.
“We felt it was underperforming vis-à-vis the market,” said Pudalov. Pudalov said the property was attractive for its quality and “the price at which they were prepared to sell it,” and that it could be turned around with “the proper capital, focus and strategy.”
MainStreet at FlatIron currently has 10 tenants, including Jason’s Deli and CorePower Yoga. The vacancy is spread throughout the retail and office space.
“We have four leases that are being actively worked on,” said Pudalov. “In many, many years I’ve never seen such a pent-up demand and excitement for product. I’m really pleasantly surprised how active it is.
“We are very well capitalized and excited to aggressively lease up the property as soon as possible.”
The center traded free and clear of debt, according to the Holliday Fenoglio Fowler team, led by Managing Director Jules Sherwood, that handled the transaction. A trio of limited liability companies sold the property.
MainStreet at FlatIron was built in 2002. It is adjacent to Interlocken Advanced Technology Environment. and a mile from U.S. Highway 36. Within a 5-mile radius, there are more than 135,100 people with an average household income exceeding $112,000.
