We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Mental Health Partners bought the property from 1000 Alpine LLC, which purchased the building in February for $4.65 million, according to Boulder County records.
The property now will remain a medical office building, which is dramatically different from 1000 Alpine’s plan to redevelop the 45-year-old building into apartments.
Mental Health Partners intends to relocate programs for adult clients such as its wellness, employment and education services to the building, according to Bill Myers, director of development and public information.
Mental Health Partners will not occupy the building until late 2013, Myers said, allowing current tenants’ leases to expire. The nonprofit will remodel the building and eventually occupy all of it over a five-year period, he said.
“It’s an existing building in a great location for our clients, with its proximity to other service providers,” Myers said.
Mental Health Partners now has 13 operating locations in Boulder, Broomfield and Longmont, but might consider consolidation in the future, he said. Outpatient therapy and medication management will continue at 1333 Iris Ave., Boulder.
The sale is a change of plans for the developers, said Scott Holton, a principal of 1000 Alpine and Element Properties, a Boulder-based property and asset-management firm. Katherine Payne and 1000 Alpine co-owned the property, the warranty deed said.
“We were moving along with our plans for apartments when we learned of Mental Health Partners’ interest,” Holton said in a press release. “We recognize MHP’s important role in the community as a significant mental-health provider, and as a result were able to create a win-win scenario that worked for everyone.”
Holton will shift his attention to a 41-unit multifamily project at 3085 Bluff St. Holton and Mike Boyers of Del Mar Interests LLC formed 3085 Bluff Partners LLC for the project. The units will be affordable housing.
3085 Bluff Partners paid $1.582 million to acquire the 81,196-square-foot property from 3085 Bluff Street LLC. The existing building will be cleared.
Element Communities, a division of Element Properties, has filed a concept review plan, and developers would like to begin construction in mid-2013 and be open for occupancy in September 2014, Holton said.
Both deals closed in the past week, Holton said. In the 1000 Alpine Ave. sale, Chris Jacobs of Element Properties represented 1000 Alpine LLC and B. Scot Smith of The Colorado Group represented Mental Health Partners.
Terry Kruegel of Kruegel Commercial Real Estate represented the seller in the 3085 Bluff St. sale.