Denver firm pays $10M for BI Inc. building in Gunbarrel

BOULDER — A Denver real-estate investment firm has bought the industrial/flex building in Gunbarrel where BI Inc. moved its local operations last year.

Bow River Capital paid $10 million for 6265 Gunbarrel Ave., which once housed a division of contract manufacturer HEI Inc. Nick Koncilja, vice president of real estate for Bow River, said the deal was a complex transaction because the building had gone through foreclosure. Bow River ultimately bought the property from CW Capital, a financial services firm in Maryland.

The building includes 152,000 square feet of office and manufacturing space situated on 12.3 acres at the corner of 63rd Street and Gunbarrel Avenue.

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BI — which designs and manufactures monitoring technology such as GPS ankle bracelets and alcohol-monitoring devices for law-enforcement agencies — is the only tenant in the building currently. BI leases 78,000 square feet in the building and is negotiating to expand into roughly 12,000 more, Koncilja said.

“Now that we’ve got it under control, we’re pretty confident that … we’ll be able to get it leased up very quickly,” said Koncilja, who said his firm is planning some “modest renovations.”

BI — a division of The Geo Group Inc. since being acquired in 2011 — has been moved around various locations in Gunbarrel since its founding in 1978. The company last year left its facility on Lookout Road, where it had operated since 1990, to expand into the Gunbarrel Avenue space — receiving $35,000 in tax- and fee-rebate incentives from the city of Boulder to remain in town. BI employs about 270 people at its Boulder site.