Investment group acquires Boulder office building

BOULDER — A company associated with owners of NuAge Experts LLC has acquired a Boulder office building for $2.6 million.

The 6,829-square-foot, three-story office building is located at 2737 Mapleton Ave. and sold for $380 per square foot, in a deal that closed Aug. 31. The buyer was LBJR LLC, which was formed in July and lists NuAge co-founder Jason Robbie as its registered agent.

Robbie told BizWest that LBJR is separate from NuAge, though the companies share two owners in common.

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The seller, 4SR Ventures LLC, was represented by Andrew Freeman and Cole Berman of Boulder-based brokerage Freeman Myre Inc. The buyer was not represented by a brokerage firm.

NuAge Experts will move into the third floor, away from its current location at 5540 Central Ave. in Boulder’s Flatiron Park. The first and second floors of the building are already occupied.

NuAge Experts was formed in 2015 and provides technology and implementation solutions for Salesforce.com Inc. (NYSE:CRM) software. The company was founded by Robbie and Guy Bickel.

“We work with small and medium-sized businesses to help them leverage Salesforce technology, optimize their business and hopefully make them more effective at what they’re chartered to do,” Robbie said. “We bring them to full Salesforce usage quicker than they would doing it on their own.”

NuAge also provides ongoing strategic work for some clients, even after initial Salesforce integration.

Robbie said NuAge employs 60 nationwide, including 40 in Colorado. About two-thirds of the Colorado employees work in Boulder, with the balance at an office in Denver.

“Our ongoing office needs are a little bit uncertain at this point, but it’s a perfect fit for what our long-term vision is,” Robbie said, “both location and our ability to collaborate as an organization in this office building is … it’s just perfect.”

Many small to medium-sized businesses are looking to purchase office buildings, rather than lease, Berman said in a press release.

“There are very few small office buildings for sale in Boulder, and the recent shift in demand from local companies that now prefer to buy instead of lease, generated a significant amount of interest in the property,” he said.

Freeman told BizWest that, “We’re a small market, so I’m not sure if there has ever been a time I can remember where there’s ever been more than four or five office buildings for sale in the Boulder area, especially ones that are empty and available for users. I think it’s the nature of the market. I think a lot of companies just like to hold on to their real estate.

“There has definitely been, in the last six to 12 months, a noticeable drop in companies that are out in the market that are looking to lease and a significant increase in the number of companies that want to own the real estate,” Freeman added, attributing the shift to low interest rates and high lease rates.

He said buyers can potentially lock in a long-term low-interest loan — including from the U.S. Small Business Administration — and put little money down, but wind up with a loan payment that is less than they were paying for rent.