Investors buy Boulder’s Walnut Business Center

BOULDER — A pair of out-of-state real estate investors say they’ve purchased the Walnut Business Center for $28 million and plan to reinvigorate the commercial park.

Portland, Oregon-based real estate investor and developer ScanlanKemperBard Cos. and Chicago-headquartered real estate investment company Landrock LP took over the business center, which includes more than 123,000 square feet of industrial, retail and service space spread across eight buildings and 6.4 acres, from Kreizel/Perry Partnership LLP.

“Our vision for the Walnut Business Center goes beyond just a real estate investment,” SKB president Todd Gooding said in a prepared statement. “We are committed to transforming this property into a modern, vibrant space that meets the needs of today’s tenants and enhances the overall community fabric of Boulder. We look forward to working with existing and future tenants to create a place where employees thrive.” 

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Planned improvements include upgrades to roofing, parking lots, and mechanical systems, as well as aesthetic enhancements, the investors said.

“Walnut Business Center will be rebranded and reintroduced to the market as an institutional-quality campus,” Landrock partner Beau Wittmer said in a prepared statement. “Our goal is to create a space that not only serves high-quality tenants but also contributes positively to the Boulder community by providing a modern, efficient, and aesthetically pleasing environment.”

The Walnut Business Center, which was built in phases between the 1950s and 1990s, includes 3201 Walnut St.,1960 32nd St., 3220 Prairie St., 3240 Prairie St., 1965 33rd St., 1957 33rd St., 1935-1949 33rd St. and 3207-3265 Walnut St.