Skip to main content
x

Pearl Street Properties Sell for $4.6 Million

November 27, 2017

 

 

Pearl Street Properties Sell for $4.6 Million

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. (Colorado Real Estate Journal)

 

▪▪▪

Singapore Firm Enters Colorado Market with $100M Office Park Buy

A Singapore-based real estate firm has acquired the Westmoor Technology Center in Westminster for $100 million. Keppel-KBS US REIT, one of Singapore's largest real estate investment trusts with assets of more than $8 billion, bought the office park this month from Newport Beach, California-based KBS. This is Keppel-KBS US REIT's first Colorado property. The Westmoor Technology Center is located north of 108th Avenue and Wadsworth Parkway in Westminster at 10055-10385 Westmoor Drive. It includes 612,890 square feet of rentable space across six Class A office buildings, with 10 office buildings total. On-site amenities at the park include 24/7 security, a café, fitness classes, a salon, a basketball and volleyball court, bike storage, locker rooms and showers, a dry cleaner and a car wash/detail bay. Keppel-KBS US REIT owns properties all over the world, including 11 in the U.S. The company in October launched a $448 million initial public offering in Singapore. KBS, the seller, is a co-sponsor of the company. (Denver Business Journal)

 

 

 

 

 

 

 

CURRENT

1 MONTH PRIOR

1 YEAR PRIOR

FED TARGET RATE

1.25

1.25

.50

3 MONTH LIBOR

1.45

1.37

.92

PRIME RATE

4.25

4.25

3.50

10 YEAR TREASURY

2.34

2.40

2.36

30 YEAR TREASURY

2.76

2.91

3.01