Boulder-based Element Properties made two long-term strategic acquisitions on Pearl Street for $4.6 million.
The company paid $3 million for 2116 Pearl St., a 4,634-square foot building on 19,600 sf of land, and $1.6 million for 2126 Pearl, which comprises 3,972 sf on a 10,000-sf site.
Espressoria and Alchemy Face Bar occupy the building at 2116 Pearl. Mark Michaels was the seller. Terry Kruegel of Kruegel Commercial represented Michaels in the transaction; Susan Soklin of Accent Properties was the listing broker.
Snarf’s is located at 2126 Pearl, which also has a vacant 3,000-sf dance studio. Folk Dancers Investor Group LLC sold the property. Kruegel represented the buyer.
“We’ve created a lot of successful projects over the last several years within one or two blocks of these addresses and assemblages this large on Pearl Street are rare, so it just made sense to get involved,” said Scott Holton, Element Properties principal.
“We’ve built or renovated seven projects in that neighborhood, creating micro-lofts, boutique apartments and for-sale townhomes and condos, so we love that area are really proud to be a part of it,” he said.
Element Properties has been working to acquire the property at 2116 Pearl for about eight years. “We just happened to catch the seller on the right day,” Holton commented.
