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| Industrial Building, Gunbarrel Business Park, 6265 Gunbarrel Avenue, Boulder, CO |
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| Leon McBroom |
SAN FRANCISCO, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $12.1 million in
acquisition financing for a 152,002-square-foot industrial and office building
in Boulder, Colorado.
HFF worked on behalf of
Manchester Capital Management to place the three-year, fixed-rate loan with a
regional bank.
Situated on 12.33 acres at
6265 Gunbarrel Avenue, the building is within the Gunbarrel Business Park,
which is home to notable companies including Lockheed Martin, Celestial
Seasonings, Qualcomm, Northrop Grumman and Avery Brewing Company.
Approximately 33 miles
from downtown Denver, the property is in the Northwest submarket, one of
Denver’s largest suburban markets, and is 43 miles from Denver International
Airport.
Completed in 1969 and expanded in 2003, the
property is 60 percent leased to BI Inc., one of the nation’s leading
manufacturers of offender-monitoring products and services. The two-story building features 74,000 square
feet of office space, ceiling heights up to 24’ and eight grade-level overhead
doors with loading docks.
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| John Churchward |
HFF’s debt placement team
was led by director John Churchward,
associate director Leon McBroom and
associate Zachary Kersten.
“On behalf of one of our
client families, we are very excited to acquire this highly attractive asset in
one of the most supply-constrained and desirable markets in the country,” said Corbin Rich, an asset manager for
Manchester Capital Management.
“Boulder’s industrial/flex
market vacancy is currently less than five percent, and we anticipate robust
demand for the vacant space, which underperformed the market during a recent
foreclosure process.”
“This lender delivered a
strong loan option that provides Manchester Capital Management with tremendous
flexibility to execute a thoughtful value-add business plan while also
eliminating interest rate risk with a fixed coupon,” Churchward added. “The transaction not only featured this
uniquely-competitive financing solution but also a smooth execution from both
sides. We anticipate this is the start of a valuable relationship.”
MCM Real Estate Services
was established by Manchester Capital Management in 2002 to act exclusively as
a real estate acquisition, development, and management service for ultra-high
net worth clients. The group acquires
and manages institutional-grade real estate assets, working to align a client
family’s long-term investment objectives and possible desire to own
multi-generational legacy assets.
Investments are located in Los Angeles, San Francisco, Seattle, Portland
(OR), Denver, Boulder and Charlottesville.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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