Tepuy Properties sells Golden property for $6.15M
GOLDEN — Tepuy Properties, a Boulder-based real estate syndicator and property-management company, has sold a 26,208-square-foot building at 1150 Catamount Drive in Golden for $6.15 million.
Tepuy sold the facility to Golden-based Kodiak Real Estate Group LLC for $6.15 million.
Tepuy purchased the office and light manufacturing facility in 2015 for $5 million. The property is located two miles northwest of downtown Golden and includes laboratory and flexible warehouse space, as well as closed office suites, a large cafeteria, conference rooms and cubicle space.
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“Kodiak’s office is two blocks away in the same business park, so that’s something they found very desirable about this building,” Tepuy asset manager Ricardo Bottome said in a prepared statement.
Bottome said the building sold in a reverse 1031 exchange, with Tepuy reinvesting the profits from the sale and into a new acquisition: a large flex/industrial property at 100 Technology Drive in Broomfield. Bottome said Tepuy purchased the Broomfield property before securing a seller for the Golden building.
“It’s the first time we’ve done a sale like this, so our investors are really happy about how it worked out,” he said. “We received offers in the first two or three weeks of having the building listed, and then we were under contract for 60 days, so the process was really fast.”
The Golden property includes advanced clean air filtration, floor drains and antiseptic-friendly surfaces, making it attractive to medical or laboratory industries, food production or biotechnology, the company said.
General Electric previously leased the building in order to complete repairs on ultrasound equipment, with Boulder Botanical & Bioscience Laboratories Inc., a manufacturer of food-grade CBD products, leasing the space beginning in July 2018. Bottom said the company plans to remain in the building under the new ownership.
“There was zero downtime between tenants,” Bottome said. “When General Electric left, we were able to re-tenant immediately because of the high quality of the interior.”
Eric Rutherford with WK Real Estate represented Tepuy Properties and Kodiak Real Estate Group in the sale of the building.
Tepuy Properties is a trade name for Topotepui Property Management LLC, which includes more than 120 investors, 69 tenants and 20 buildings around the Denver and Boulder area.