Goff buys 18 buildings in Flatiron Park

BOULDER – One of the largest Boulder County commercial real estate deals in years closed Tuesday, when Goff Capital Partners purchased 18 buildings in the Flatiron Park business park in east Boulder.

Flatiron Park Co. built, owned and managed the park, which is located east of 55th Street between Arapahoe Avenue and Pearl Parkway. Buildings in the park were built between the 1970s and the late 1990s.

The deal is worth at least $47.8 million, according to public records posted by the Boulder County recorder’s office. The total will be higher, sources close to the deal said, as the office continues to process records.

The sources would not reveal the total sale price.

The buildings include a mix of office and flex space that total around 603,000 square feet, the sources said.

Goff Capital Partners is a real estate investment firm founded by John Goff, a Fort Worth, Texas-based real estate investor. The company has an office in Greenwood Village as well as Fort Worth and Stamford, Connecticut.

The firm created Flatiron Investments LP to be the legal entity that will own the properties.

Grubb & Ellis Co. and Dean Callan & Co. will be in charge of leasing the properties.

The vacancy rate in the park is about 22 percent, Grubb & Ellis senior vice president Scott Garel said. The estimated rent range is from $6.50 per square foot for warehouse space to $12 per square foot for office space.

The new owners plan on upgrading the properties.

“I think you’ll see considerable investment from the new ownership,” Garel said.

“It’s a big deal for Boulder. In my mind it’s a real message to the community that Goff has confidence in the Boulder market,” Garel said.

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