By Jill Jamieson-Nichols
A Flatiron Park industrial building will be reinvented as creative office space for tenants looking for larger floor plates.
Element Properties bought the approximately 31,392-squarefoot office/warehouse building at 1855 S. 57th Court in Boulder earlier this year for $4.55 million. The major tenant, KMLabs, is relocating in Boulder, and Element plans a full renovation of the two-story building.
“It will be a very open and clean floor plan,” said Scott Crabtree of The Colorado Group, who represented Element Properties in the transaction and is marketing the space for lease. A new entry with patio space and awnings will distinguish the twin-T building, which was built in the 1970s.
Widows also will be added to bring light into the building, which will have 12-foot ceilings, south-facing overhead doors and decks. The grounds will be relandscaped, and there will be bike parking for tenants as well as 2.5 parking spaces per 1,000 sf.
“There’s very low vacancy in downtown Boulder, and we’re seeing some of these companies that are growing looking for larger spaces,” said Crabtree. In addition to providing larger floor plates, “Flatiron Park has become an attractive place because some of the growing amenities. There’s a real sense of place out there,” said Crabtree, who noted the area is becoming more vibrant with the addition of companies including Upslope Brewing Co., Ozo Coffee Roasters and others.
Element Properties, which is developing the S’PARK mixed-use development in Boulder, has completed several very attractive redevelopments, mostly multifamily, in the city, noted Crabtree.
“This building is an opportunity to diversify our portfolio of projects. Element Properties is very committed to community development by improving people’s interaction with the built environment. We looked at 1855 S. 57th Court as a way to expand the character and vibe from our residential projects into this out-of-date commercial building. There’s a new creative energy emerging in Flatiron Park and we feel that we can deliver an exciting product which further enhances the rebranding,” said Scott Holton, principal of Element Properties.
The building will be delivered this fall.
Arch11 Inc. is handling the redesign. Burke Builders is the contractor.
Ashley Overton and Mike Hastings of Flatiron Commercial LLC represented 1855 South 57th Court LLC, which is affiliated with the ownership of KMLabs, in the sale of the building.
A 7,327-square-foot office/ warehouse building on 1.18 acres of land at 4001 N. Valley Drive in Longmont sold to a user for $1.45 million.
Integrated Water Services Inc. purchased the property, which has visibility on Interstate 25, from Brem Partnership.
Dawn McCombs of Avison Young, who represented the seller, said the fenced yard and interstate visibility drove interest in the property.
FCI Constructors previously occupied the building, which was built in 1997. FCI recently relocated to a new building to the south.
A local restaurateur recently purchased the former Pupusas Sabor space at 4550 Broadway in Boulder and has it listed for lease while he weighs the option of opening another restaurant there.
Lava Properties, led by David Fan, paid $1.03 million for the 2,772-sf restaurant condo.
Fan has operated multiple restaurants in Boulder County. He ran Spice China in Louisville for 15 years before selling the restaurant in 2015 and currently operates China Gourmet. He has the Broadway property listed for lease while he weighs the option of opening another restaurant there.
Ashley Overton and Michael Hastings of Flatiron Commercial LLC represented Lava Properties in the acquisition.
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