Boulder Warehouse Assoc. sells Pearl St. property to city for $3M

BOULDER — Boulder Warehouse Association Inc. sold four light-industrial buildings on two acres of land at 4944 Pearl St. in Boulder to the city of Boulder five days ago for $3 million, and on Monday, used the proceeds toward purchasing the Centennial Creek Office Park on Valmont Road for $4.5 million.

K.C. Schneider of the Boulder Warehouse Association said the property on Old Pearl Street, in the eastern part of the city, has been in the family for about 50 years but felt “it was a good time to sell to the city.”

The industrial buildings currently have tenants, he said.

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Nick Grossman, a spokesman for the city  of Boulder, said the acquisition is the latest phase of the city’s multiyear plan to increase efficiencies by consolidating public works operations at the east Old Pearl Street site known as the Municipal Services Center. The city  previously has sold property along the Pearl Parkway street frontage in order to support this acquisition.

Schneider said his company used the 1031 Exchange process that allows an investor to sell a property and reinvest the proceeds in a new property, deferring all capital-gain taxes.

The association purchased the Centennial Creek Office Park from Centennial Creek Limited Partnership.

The small business park consists of two, three-story buildings totaling 29,314 square feet, according to public records. The park is at 2955-2975 Valmont Road, on the north side of the road between 28th and 30th streets. Schneider said the park is close to being fully leased with primarily small professional services companies.

Editor’s note: Story was updated Aug. 19 with comment from city of Boulder.