We are all excited to see how this project unfolds and the value it will bring to the business community surrounding Wilderness Place
BOULDER, Colo. (PRWEB) December 07, 2020
The Crabtree Smith Team at the Colorado Group, Inc. announced today it has closed the $11.2 million sale of 2865 and 2885 Wilderness Place, two single-story flex buildings totaling 45,345 square feet in Boulder, Colorado in an off-market transaction.
Brokers Scott Crabtree, Christian Smith, and Liz Amaro represented the seller in the transaction, identifying a buyer before going to market. The buyer is Element Properties, a full service real estate investment company based in Boulder, Colorado which focuses on urban infill projects.
“It is not often an opportunity like this becomes available in the City of Boulder,” said Smith. “The sellers felt the time was right and we were confident that Element Properties was the right buyer. We are all excited to see how this project unfolds and the value it will bring to the business community surrounding Wilderness Place.”
“It was great to bring two local companies together who’s future goals and timing aligned,” said Crabtree. “Element Properties was the right investor for the assets with their S’PARK project across the street and their team’s ability to repurpose older assets within the marketplace.”
2865 and 2885 Wilderness Place are ideally located in the Transit Village Area and Boulder Junction which are part of Boulder’s most concentrated area of redevelopment. The area has a strategic focus on converting vacant and underutilized industrial lands into mixed-use urban zones with a focus on public transit.
“2865 and 2885 Wilderness represent a great opportunity for Element to continue to expand its office footprint in Boulder Junction,” said Scott Holton of Element Properties. “We love the versatility of the buildings, the high ceilings, and the ability to cater to both technology and life science tenants.”
As a value-add investment, Element Properties plans to renovate the single-story Wilderness properties for office, flex or life sciences users.
The purchase is the latest in other nearby Element Properties projects, including S’PARK at 3400 Valmont Road, a $250 million mixed-use development consisting of retail, office, and residential space.
About The Crabtree/Smith Team
The Crabtree/Smith Team at the The Colorado Group, Inc. averages between 50 and 75 closings per year in the Boulder, Colorado area. Notable sale/investment closings in 2020 include 1050 W. Hampden in Englewood, 1526 Spruce Street in Boulder, 2601 Spruce Street in Boulder, and 1647 Pearl Street in Boulder. Scott Crabtree and Christian Smith both live in downtown Boulder and are actively involved in the community. Visit http://www.bouldersmith.com, http://www.crabtreeboulder.com, and http://www.coloradogroup.com for more info.