Real Estate & Construction  July 30, 2015

W.W. Reynolds Cos. pays $10.5M for Cartwright Building on Pearl Street Mall

BOULDER — W.W. Reynolds Cos. has purchased the Cartwright Building on the Pearl Street Mall in Boulder for $10.5 million, according to public records.

Using the entity P4, the company purchased the 28,000-square-foot, three-story building at 1320 Peart St. from a group of owners including Rudi Baumann, Andrew J. Simpson, SK4 Properties Inc. and Ponderosa Ranch LLLP, according to public records. The group purchased the building in 1987 for $1.4 million.

The fully leased building consists of Class A office space with a rooftop deck for tenant use. The building houses approximately 15 tenants, with the largest being Re/Max of Boulder.

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Earlier this month, LC One, an affiliate of Boulder-based W.W. Reynolds Cos. paid $16 million for a 105,000-square-foot office building at 4774 Walnut St. in Boulder. A filing with the Colorado Secretary of State’s office shows that LC One was formed by W.W. Reynolds founder William Reynolds. In May, W.W. Reynolds Cos., through an entity called 1916 LLC, purchased the former Savers building at 695 S. Broadway in Boulder for $4.6 million, according to public records.

In January, W.W. Reynolds sold 1.5 million square feet of commercial property in Boulder and Fort Collins to Seattle-based real estate investment company Unico Properties LLC for approximately $209 million. W.W. Reynolds Cos. is using the proceeds to buy other properties in Boulder through the 1031 Exchange process, which allows an investor to sell a property and reinvest the proceeds in a new property, deferring all capital-gain taxes.

Jeff Wingert, a partner at W.W. Reynolds Cos., said Tuesday at a BizWest CEO Roundtable on real estate that the company is “reinvesting in Boulder. …Boulder is a solid market to invest in.”

BOULDER — W.W. Reynolds Cos. has purchased the Cartwright Building on the Pearl Street Mall in Boulder for $10.5 million, according to public records.

Using the entity P4, the company purchased the 28,000-square-foot, three-story building at 1320 Peart St. from a group of owners including Rudi Baumann, Andrew J. Simpson, SK4 Properties Inc. and Ponderosa Ranch LLLP, according to public records. The group purchased the building in 1987 for $1.4 million.

The fully leased building consists of Class A office space with a rooftop deck for tenant use. The building houses approximately 15 tenants, with the largest being Re/Max of Boulder.

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