Wallaroo Hat Co. pays $2.4M for Sterling Circle building, plans move

BOULDER — The owners of Wallaroo Hat Co. in Boulder have purchased an industrial building in Boulder where the 16-year-old fashion-hat manufacturing firm will set up a permanent home.

Through its entity WHC Holdings LLC, the owners paid $2.4 million to Harrison Realty Partners for the 13,762-square-foot building at 3155 Sterling Circle, equating to $171.63 per square foot.

“We have been on a strong growth trajectory for several years, and as such we needed more space,” Wallaroo Hat Co.’s co-founder Stephanie Carter said in a prepared statement. “We strongly identify with our Boulder roots, and felt that it was important for us to stay within the city. When this particular property presented itself with its ideal square footage, warehouse space and tall ceilings, we just couldn’t pass it up.”

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Broker Jason Kruse of The Colorado Group represented the seller. Ashley Overton and Mike Hastings of Flatiron Commercial Real Estate Consultants represented the buyer.

Kruse said that inventory is very tight, and The Colorado Group received a lot of interest as soon as the property was put on the market.

“Industrial buildings in particular are hard to find, and the construction costs still make it more feasible for the buyer to purchase rather than build,” Kruse said.

The building previously had been occupied by Preferred Paper Products Inc., which moved to 2950 Colorful Ave., Unit 102, off of Colorado Highway 119 in east Longmont.

Wallaroo Hat Co. expects to move from 1880 South Flatiron Court, Suite E, in Boulder to its new location by the end of year.