Nichols pulls bid on Camera newspaper building

BOULDER – Randy Nichols of Denver-based Nichols Partnership Inc. has pulled his bid to purchase the Camera newspaper building in downtown Boulder.

Nichols had planned to tear down the 76,635-square-foot building at 1048 Pearl St. and redevelop the property into a four-story mixed-use building with retail, offices and residences. But a worsening economy and uncertainties of developing in Boulder reversed those plans.

“When we started looking at the project more in depth, it just didn’t make economic sense based on the real estate market,” Nichols said. Another issue for Nichols was an “uncertainty” from Boulder politics concerning the redevelopment.

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Nichols said his meetings with city staff were positive, but he had some doubt about final approval from city council.

“There’s talk up there of bringing down the height limit and further restrictions on density – there was no sure way to know what city council would do. It was just too big of a risk,” he said.

Due to a confidentiality agreement, Nichols declined to disclose what he had bid for the building. Local real estate experts have speculated that the building would go for something north of $10 million.

Former Camera owner Scripps and new owner Media News jointly put the newspaper’s building up for sale earlier this year. In April, they announced that Nichols had won the bid. Nichols said he signed a letter of intent, which gave him an option to conduct due diligence before signing a contract.

“I still think it’s a fabulous site, so maybe someday it will come back around, and in better economic conditions, I’d love to pursue it.”

Media News and Scripps reportedly are now going to backup bidders to discuss possible deals.

Boulder developer Stephen Tebo had originally looked at the building, but declined to say whether he was one of those backup bidders.

“We’re definitely looking at it,” he said. “But it’s tough, there’s no money from the banks for a spec project like that.”

UCAR BUYS BUILDING: The University Corporation for Atmospheric Research, or UCAR, has purchased a 53,783-square-foot office building in northeast Boulder for $5.3 million.

The Boulder-based nonprofit for atmospheric sciences purchased 3375 Mitchell Lane from 3375 Mitchell Lane Ltd. headed by Michael S. Berman, according to Boulder County public records.

UCAR is a consortium of North American universities that manages the National Center for Atmospheric Research and UCAR community programs on behalf of the National Science Foundation. In 2008, the science foundation extended UCAR’s contract to manage NCAR for about $694 million through 2013.

With the extension, UCAR continues to grow in Boulder. It already owns about 435,000 square feet of office, manufacturing and warehouse space at 3080 and 3085 Center Green Drive and at 3300 and 3450 Mitchell Lane. UCAR also leases about 28,000 square feet at 3060 Center Green Drive.

The latest real estate deal for UCAR was brokered by Becky Gamble with Dean Callan & Co. and Scott Garel with Frederick Ross Co., representing the seller, and Joe Hollister and Eric Brynestad with Jones Lang LaSalle representing the buyer.

3375 Mitchell Lane was part of a five-building portfolio for sale listed by Dean Callan & Co. and Frederick Ross Co. The other remaining available buildings include an 80,712-square-foot office building at 6285 Lookout Road; a 37,000-square-foot office building at 6655 Lookout Road and 123,200 square feet of office/flex space at 1625 and 1751 South Fordham St. in Longmont.

“With the current economic downturn, this sale was something of an anomalous event for any commercial product,” Garel said. “But the diversity of industries and high-tech companies in our state, and particularly in Boulder County, has drawn a high level of interest lately from both local and national companies and government agencies seeking real estate.”

MEDICAL OFFICE: A local podiatric surgeon has purchased an office condo in Boulder to open a new business.

Dr. John Jachimiak with Boulder County Foot & Ankle Care purchased about 1,500 square feet of space at 2575 Pearl St., Suite 240 in the Cox Corner Building for $702,075, according to Boulder County public records.

Jachimiak was formerly with Foot & Ankle Care of Boulder County, which is still in operation at 1400 28th St.

Lynda Gibbons, Annie Lund and Angela Topel with Gibbons-White Inc. helped broker the real estate deal.

MOVING ACROSS TOWN: Animal Care Equipment & Services Inc., or ACES, signed a lease for 9,985 square feet of industrial space at 3075 75th St. The Boulder-based company is moving from 6185 Arapahoe Road. The company provides equipment and training to those who work with animals, both domestic and wild.

Arn Hayden with Freeman Myre and Todd Walsh with The Colorado Group helped broker the real estate deal.

BROOMFIELD

NEW OFFICE: Needles and Associates, a Broomfield-based certified public accounting firm signed a lease for 2,942 square feet of space at 350 Interlocken Blvd., Suite 220. The firm moved from 2655 W Midway Blvd. Joe Heath, Scott Garel, Don Misner, Rodney Foster, Peter Beugg, and Chris Nordling with Frederick Ross helped broker the deal.

LAFAYETTE

NATURAL HEALING: Boulder County Caregivers LLC, a pain-management company that provides natural alternatives, signed a lease for 5,100 square feet of flex space. Scott Leakas with Acquire Inc. and Sallie Taylor with Irwin & Hendrick helped broker the deal.

: Contact David Clucas at 303-440-4950 or email dclucas@bcbr.com: