Flatiron Park Business Park Sells Huge

A Texas-based real estate investment firm has acquired 19 properties in the Boulder Colorado Flatiron Park development.

The entity which purchased the park is called Goff Capital Partners, and while according to an earlier article from the Boulder County Business Report by Michael Davidson, Flatirons Investments LP was specifically established as an entity to purchase the 19 properties for Goff, which include over 740,000 square feet of space at a price of almost $70 million; Goff Capital Partners LP has offices in Greenwood Village, Fort Worth Texas, and Stamford Connecticut.

The properties include leasable office space, flex space, and warehouse space.

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I’d seriously enjoy having the opportunity to talk to you about your plans if you’re moving, or if you know someone who is considering a move, and needs some straight answers.

According to the Mantra website here’s a little info on Flatiron Park:

Flatiron Park CO in Boulder, CO is a private company categorized under Office Buildings and Parks. Our records show it was established in 1969 and incorporated in Colorado. Current estimates show this company has an annual revenue of less than $500,000 and employs a staff of approximately 1 to 4. Companies like Flatiron Park CO usually offer: Largest Office Buildings, Condominium Property Management, Real Estate Agent Property Management, Minnesota State Office Building and Congressional Office Buildings.

This wasn’t an open market sale, in the sense that these properties went out onto the open market and were heavily advertised. Instead, Goff Capital Partners has been watching the  Boulder market for a while, and the firm was looking for a large enough purchase opportunity to meet their current purchasing needs.

The recent principals at Flatiron Park Co. had been looking for exit strategy opportunities for a while, and the opportunity managed to come together based on existing relationships between the Flatiron Park Co. principals and execs at Goff.

Current rent rates at the park vary between about $7.00 / square foot to about $12.00 per square foot, which is pretty reasonable for an active and healthy market such as Boulder.

The new owners will apparently make a considerable investment into the properties to include upgrades, undoubtedly to attract more tenants in order to lower the current 20%+ vacancy rate.

Jim Chrisman and his company Chrisman Construction built some of the property in the area, and his wife Susan Chrisman of The Colorado Group has handled many properties in the park, including 5777 Central Avenue.

Why does this matter to you as a current or future resident? Well, when outside investors are bringing money into the local economy, and doing so with additional plans to keep buying, this means more jobs, more money in the tax base, and ultimately better economic advantages all around.

Rumor is that Goff may not be finished investing in the Boulder area. Another recent BCBR article from Davidson says that Goff managing principal, Conrad Suszynski is quoted as saying, “…the high quality of life, educated workforce, and entrepreneurial spirit of Boulder…” influence the firm to be “… willing to make a larger investment if the right deal comes along.”

Zachary Epps, GRI, ABR, REALTOR®, Eco-Broker®, full-time RE/MAX professional, and author of the Boulder Real Estate and Neighborhood Guide, The Boulder Condo Guide, and The Home Buyer’s Handbook.

Call, text, or email me today! … I’d seriously enjoy having the opportunity to talk to you about your plans if you’re moving, or if you know someone who is considering a move, and needs some straight answers.

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