Boston firm pays $38M for Louisville office park housing Cable Labs, Medtronic

LOUISVILLE — Boston-based real estate investment firm Tritower Financial Group has made its second big play in the Colorado market with the recent $38 million purchase of the Coal Creek Business Park Corporate Center in Louisville.

The three-building park just east of McCaslin Boulevard off of Dillon Road, is home to Cable Labs’ headquarters as well as offices for medical-device manufacturer Medtronic and San Francisco-based software and consulting firm Nexant.

The buildings together include 210,689 square feet, according to Boulder County property records, with Medtronic occupying the largest, a 79,533-square foot building at 826 Coal Creek Circle, as well as a good portion of the 52,734-square-foot building Nexant is in at 867 Coal Creek Circle. Cable Labs, meanwhile, occupies the 78,422-square-foot building at 858 Coal Creek Circle.

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Tritower bought the park from Minnesota-based Founders Properties, an investment firm formed by Best Buy founder Richard Schulze and the late Gerald Rauenhorst, founder of The Opus Group.

Most of Tritower’s portfolio is on the East Coast in Boston and Washington, but the company earlier this year made its first purchase in Colorado with the acquisition of a two-building park in Aurora that is occupied by aerospace company Raytheon.

In the Louisville park, Tritower has a fully leased asset in which all three tenants have renewed over the past year.

“I love the Colorado market,” Tritower partner Tod Brainard said in a phone interview. “I think it’s a great place to invest. I love the general growth in the marketplace. We try to pick buildings we think have long-term value.”

The buildings in the Louisville park were built between 1999 and 2001 by a joint venture of Trammell Crow and 1080 Real Estate. Founders Properties bought the park in 2011 for $32 million from Multi-Employer Property Trust.

Founders still owns one other property in Colorado, a 200,000-square-foot building in Frederick occupied since 2012 by Fort Collins-based smartphone case-maker OtterBox.