BOULDER, Colo., Jan.10, 2022 /PRNewswire-PRWeb/ -- The Crabtree Team of The Colorado Group, a leader in commercial real estate services, is pleased to announce the off-market sale of 2865-2885 Wilderness Place. The 45,345 SF building, which sits at the northern boundary of the Boulder Transit Village, closed on December 15, 2021.
The property, which is comprised of two single-story commercial office/flex buildings, was purchased by Beacon Capital Partners. Beacon plans to renovate the property for life sciences and offer it for long-term lease in Boulder's supply-constrained market.
The sellers, local development and investment company Element Properties, purchased the building 12 months earlier. Element began tech and life science upgrades with plans to hold and lease the property, but Beacon made an off-market offer one year later.
"Element Properties saw an opportunity to capitalize on their investment and provide their investors with a solid return," said Scott Crabtree, who acted as the transaction broker for the sale. "It made sense to proceed with the transaction rather than hold and stabilize the asset."
"We purchased the asset in 2020 at a time of uncertainty with the intention of waiting out the pandemic for office demand to recover and then holding long-term," said Scott Holton of Element Properties. "However, Boulder's emerging life science market created a new and different opportunity for us that required us to take a fresh look at how to capture that value. The result was the early sale to Beacon."
This is latest purchase by the Boston-based Beacon Capital Partners, which has recently acquired several assets in the Denver area. In July of 2021, Beacon purchased Pearl East Business Park, a 485,000-square-foot campus in central Boulder.
According to Tod Brainard, partner and chief investment officer at Boston-based Tritower Financial Group LLC, it is estimated that there is about 1.5 million square feet of lab space in the Boulder Valley, with demand roughly equaling it.
"Larger players who are well capitalized and very bullish on life sciences continue to enter our market," said Crabtree. "But it was an honor to work with Beacon, who operate with utmost professionalism as well as Element, who have outstanding knowledge of the local market."
About The Crabtree Team
The Crabtree Team offers more than 25 years of combined real estate experience. In 2021, the team has closed roughly $64 million in commercial sales. The Crabtree Team represents client interests with integrity, attention to detail, and transparent communication at all times.
http://www.crabtreeteam.com.
About The Colorado Group, Inc.
The Colorado Group, Inc. offers a scope of services that includes the sale and lease of commercial, industrial and office properties, land acquisition and development, site selection and build-to-suits, property valuation, property management, consulting services, corporate services, and tenant/landlord/buyer/seller representation. With more than 42 years in the commercial real estate business, The Colorado Group, Inc. is based in Boulder, Colorado and provides service to the entire front range.
http://www.coloradogroup.com
Media Contact
Annie Larner, Moss Marketing, 1 7203415157, [email protected]
SOURCE Moss Marketing; The Colorado Group
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