Bike-driven real estate firm sold by founder

BOULDER — Tim Shea has acquired real estate firm Pedal to Properties Inc. in Boulder from company founder Matt Kolb for an undisclosed amount.

Shea joined Pedal to Properties in 2010 as a Realtor. Kolb founded the firm in 2006.

It allows buyers the option to view properties and neighborhoods from cruiser bicycles provided by the firm.

Chris Sweeney, who has been with Pedal to Properties since its inception, was named the firm’s managing broker.

A Boulder resident for more than 20 years, Shea has been involved in real estate investing since 1994 and became a licensed Realtor in 2009. He previously founded, owned and grew a tax-advisory company in Boulder from a single employee to a 125-person firm. In 2008, Shea’s ownership interest in the tax-advisory firm was bought out, and he made the decision to jump into the real estate industry.

“When the Pedal to Properties’ opportunity arose, and I learned Matt was planning to move on to another exciting entrepreneurial opportunity, I could not pass it up,” Shea said. “Being an agent for Pedal to Properties has been special. Being the owner and the driving force behind the next chapter in the company’s story will be very exciting.”

Shea said he is eager to lead and grow Pedal to Properties, including relocating its office from its current spot at 1949 Pearl St.

ANDERSON MED CENTER: Boulder Community Hospital’s new Anderson Medical Center is filling up, as new medical practices are opening their doors in the recently completed 46,000-square-foot building.

The center, at 4743 Arapahoe Ave. in Boulder, is part of the hospital’s $130 million expansion of its Foothills campus, located at 4747 Arapahoe Ave., between Foothills Parkway and 48th Street.

Two practices — Boulder Neurological and Spine Associates and Boulder Heart, a cardiologist practice — have opened in the new center in the past month.

Boulder Heart is a newly formed practice with 10 doctors, at Suite 201. It was formed after doctors from the Colorado Cardiovascular Center joined Rocky Mountain Cardiology, and it is affiliated with BCH.

Boulder Neurological and Spine Associates is next door, at Suite 202. According to Boulder County property records, the neurology office occupies a suite recently purchased for $2.23 million by Foothills Office LLC, which was formed by Alan Villavicencio, a doctor with the practice.

Alpine Surgical and Alpine Urology will open soon at the center, according to BCH’s website.

Work continues on the 100,000-square-foot expansion of the hospital’s main building, which will increase its bed count from 60 to 135 as the building becomes the hospital’s main acute-care center.

The hospital also is buying property across 48th Street from the campus. It recently paid $1.2 million for the 4,780-square-foot office building at 4880 Riverbend Road. The seller was Whitfield J. Collins, according to property records.

The acquisition is in line with the hospital’s long-term plan to acquire the buildings in the Riverbend office park, which is to the east of the Foothills camps across 48th Street. The hospital already owns seven of the 12 small office buildings in the development around Riverbend Road.

HOA DIVISION SOLD: Countryside Asset Management Corp. has acquired the homeowners’ association management division of another Boulder-based property-management company, Aspen Management. Aspen will now focus on its other division, the management of rental properties.

Financial details were not disclosed about the deal between the two companies, which took effect Jan. 1 between Countryside, co-owned by Chris Geer and John Moritz, and Aspen, the trade name for Colorado Real Estate Management LLC, owned by Weston Baur.

Countryside employs 19 people in its office at 7490 Clubhouse Drive, Suite 201, including seven in its newly acquired HOA division. Countryside also manages apartment communities and commercial properties.

Five employees remain at Aspen Management’s office at 5757 Central Ave., Suite 205.

APARTMENTS FOR SENIORS: Boulder Housing Partners broke ground Feb. 13 on an apartment community for seniors.

It’s the first new affordable senior housing built in Boulder since 1982, according to Boulder Housing.

The three-story, 59-unit apartment community is in South Boulder at 4990 Moorhead Ave., near Table Mesa Drive and U.S. Highway 36.

It will offer one- and two-bedroom apartments with full kitchens, private balconies or patios, a washer and dryer and carport spaces.

All apartments will be built to Energy Star and Enterprise Green Communities standards.

The community will have a catering kitchen, Internet cafe, lounges, raised bed gardens and a play area for visiting children. It is adjacent to regional public trails and will have bicycle racks for residents.

Prospective tenants must be at least 62 years old and income-qualify, as eligibility is based on earning 30 percent to 60 percent of area median income. Monthly rents for the one-bedroom units start at $505 and two-bedroom units start at $606, not including utilities. Eligible incomes range from approximately $15,000 per year to $43,000 per year.

Interested parties can register for project updates and join an interest list at www.boulderhousing.org/content/high-mar.

LAFAYETTE

PRASANNA GAINS STEAM: The developers of the Prasanna apartment complex, a 240-unit development in the SoLa development in south Lafayette, have received the construction permits for the project.

The 10.6 acres of land for the project was sold recently for $2.6 million, according to Boulder County property records. Imago Lafayette LLC acquired the land from Highland Properties 711 LLC.

Milestone Development Group LLC, a Denver-based developer, is building the development, which is adjacent to the Prana apartments. Milestone built Prana and sold it for $36.1 million in December.

According to the city of Lafayette, construction permits for Prasanna were issued in December. The project’s groundbreaking has been on hold while the developers finalize the construction loan.

LOUISVILLE

REDEVELOPMENT ADVANCES: The Safeway redevelopment project in Louisville has passed another milestone, with a local developer purchasing the vacant store at 707 E. South Boulder Road in Louisville for $1.56 million.

Boulder developer Jim Loftus is redeveloping the site into a mixed-use project that will include a new Alfalfa’s Market.

The development will include two buildings totaling 33,700 square feet of retail space, including an Alfalfa’s natural grocery store that will be about 24,000 square feet, according to documents filed with Louisville. The property also will have 111 luxury apartments in three buildings with an underground parking structure for residents.

Tract One LLC, a company formed by Loftus, purchased the property from Safeway Stores 45 Inc. for $1.56 million, according to Boulder County property records.

The vacant supermarket is about 54,000 square feet and the property, including the parking lot, is 5.1 acres.

Louisville has given the project its blessing, including approving a tax incentive package of up to $1 million for Alfalfa’s. Loftus’ prior proposal, which would have included much more housing, died following opposition from its neighbors.

Michael Davidson can be reached at 303-630-1944 or mdavidson@bcbr.com. Doug Storum and Dallas Heltzell contributed to this report.

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