Tebo-1207 LLC last week paid $5,425,000 for 1207, 1211 and 1215 Pearl St., three historic buildings on the Pearl Street Mall that total 12,892 square feet.
Tebo, founder and owner of Tebo Development Co., said he purchased the buildings for a simple reason: “Location, location, location.”
The buildings are 100 percent leased, with retail tenants Woody Creek Bakery, Pitaya and Gaiam on the ground floor and offices above.
The seller was 1207 Pearl Street LLC.
“They were at a point where they had a reasonable profit in it. It was just a good fit for both of us,” Tebo said.
Tebo, who estimated he owns about 30 properties in central Boulder, said he’s looking to make more deals as soon as he can.
“Bring on some more,” Tebo said. “The banks are very aggressive in lending money, and we plan to take advantage.”
The lending climate has shifted dramatically in the past year, and banks are sitting on money they now want to invest, Tebo said. Commercial real estate is appealing again.
“It’s a totally different atmosphere,” he said.
Tebo said there are no plans to renovate the buildings, although their zoning would allow the addition of another story.
1207 Pearl Street LLC was represented by Geoffrey Keys and Ashley Overton of Keys Commercial Real Estate.