October 17, 2016

Gunbarrel industrial buildings sold

Bow River Capital purchased BI Inc.’s building at 6265 Gunbarrel Ave. The building encompasses 152,000 square feet. Image by Christopher Wood
Bow River Capital purchased BI Inc.’s building at 6265 Gunbarrel Ave. The building encompasses 152,000 square feet. Image by Christopher Wood

Denver firm pays $10 million for BI Inc. building

BOULDER — A Denver real-estate investment firm has bought the industrial/flex building in Gunbarrel where BI Inc. moved its local operations last year.

Bow River Capital paid $10 million for 6265 Gunbarrel Ave., which once housed a division of contract manufacturer HEI Inc. Nick Koncilja, vice president of real estate for Bow River, said the deal was a complex transaction because the building had gone through foreclosure. Bow River ultimately bought the property from CW Capital, a financial services firm in Maryland.

The building includes 152,000 square feet of office and manufacturing space situated on 12.3 acres at the corner of 63rd Street and Gunbarrel Avenue.

BI — which designs and manufactures monitoring technology such as GPS ankle bracelets and alcohol-monitoring devices for law-enforcement agencies — is the only tenant in the building currently. BI leases 78,000 square feet in the building and is negotiating to expand into roughly 12,000 more, Koncilja said.

“Now that we’ve got it under control, we’re pretty confident that … we’ll be able to get it leased up very quickly,” said Koncilja, who said his firm is planning some “modest renovations.”

BI — a division of The Geo Group Inc. since being acquired in 2011 — has been moved around various locations in Gunbarrel since its founding in 1978. The company last year left its facility on Lookout Road, where it had operated since 1990, to expand into the Gunbarrel Avenue space — receiving $35,000 in tax- and fee-rebate incentives from the city of Boulder to remain in town. BI employs about 270 people at its Boulder site.

Macfarlan Capital Partners closed on the sale of the property at 6304 Spine Road at the end of last month for $18.45 million, a 38 percent profit from when it purchased the property in 2014. Image by Christopher Wood
Macfarlan Capital Partners closed on the sale of the property at 6304 Spine Road at the end of last month for $18.45 million, a 38 percent profit from when it purchased the property in 2014. Image by Christopher Wood

Texas investors turn quick $5M profit on Lockheed building

BOULDER – A Dallas investment firm recently chalked up a 38 percent return on its 2014 purchase of a building aerospace giant Lockheed Martin leases in Gunbarrel.

Macfarlan Capital Partners closed on the sale of the property at 6304 Spine Road at the end of last month for $18.45 million. The buyer was a New York-based entity called Maia Boulder LLC.

Macfarlan bought the office building in July 2014 for $13.4 million.

Bethesda, Md.-based Lockheed Martin (NYSE: LMT) leases the entire 171,000-square-foot building, where the company employs roughly 450 people who support Lockheed’s Space Systems business.

Lockheed recently had signed a five-year lease extension with Macfarlan prior to the building sale.

Maia Boulder LLC, according to Colorado Secretary of State records, shows a primary address that corresponds to New York investment firm Empire Square Group, though officials for the company could not be reached for comment.

Bow River Capital purchased BI Inc.’s building at 6265 Gunbarrel Ave. The building encompasses 152,000 square feet. Image by Christopher Wood
Bow River Capital purchased BI Inc.’s building at 6265 Gunbarrel Ave. The building encompasses 152,000 square feet. Image by Christopher Wood

Denver firm pays $10 million for BI Inc. building

BOULDER — A Denver real-estate investment firm has bought the industrial/flex building in Gunbarrel where BI Inc. moved its local operations last year.

Bow River Capital paid $10 million for 6265 Gunbarrel Ave., which once…

Related Content