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Boston investor takes over Wilderness Place real estate, considers biotech tenant – BizWestBizWest

Editor’s Note: This story has been corrected to reflect that the Crabtree Team is the name of the brokerage involved in the sale.

BOULDER – For the second time in as many years, two office buildings east of Boulder have been purchased in the hope that a renovation will attract a long-term tenant in the life sciences industry.

Boston-based Beacon Capital Partners LLC, through holding company BCSP Wilderness Property LLC, purchased the 45,345 square foot space at 2865 and 2885 Wilderness Place for just over $ 18.6 million, according to the Boulder County real estate records.

Boulder’s Element Properties LLC, one of the main developers of the mixed-use project S’Park nearby, purchased the buildings in late 2020 from Scout Properties LLC for $ 11.2 million with a similar plan to attract a leading biotech tenant.

“We purchased the asset in 2020 at a time of uncertainty with the intention of waiting for the pandemic for office demand to recover and then hold for the long term,” said Element co-founder Scott Holton, in a press release from the Crabtree team at Colorado Group Inc., the brokerage firm that represented the seller in the off-market acquisition transaction. “However, Boulder’s emerging life sciences market created a new and different opportunity for us that required us to take a fresh look at how to capture this value. The result was the early sale to Beacon.

The new owner “plans to renovate the property for life sciences and offer it for long-term rental in the Boulder Limited Supply Market,” according to the Crabtree team.

“Bigger, well-capitalized and very bullish players in the life sciences continue to enter our market,” broker Scott Crabtree said in a statement. “But it has been an honor to work with Beacon, which operates with the utmost professionalism, as well as Element, who has exceptional knowledge of the local market. “

Beacon is no stranger to the local commercial real estate market having caused a stir with the $ 190 million purchase of Pearl East Business Park, a 485,000 square foot campus that has changed hands several times over the past decade.

The investor also bought the Circa office building at 1615 Platte St. in Denver last year for $ 60 million, according to a BusinessDen report.

Wilderness Place has become a hotspot for commercial real estate investors.

The Boulder Beer Co. brewery space at 2880 Wilderness Place, which closed about two years ago, was sold last year by the founders of the brewery.

Founders Gina and Frank Day, through holding company 2880 Wilderness Inc., sold the approximately 19,000 square foot building to Iron 26 LLC for $ 4.25 million.

Iron 26 is a subsidiary of the Denver-based NexCore Group, a developer of medical practices.

© 2022 BizWest Media LLC

Editor’s Note: This story has been corrected to reflect that the Crabtree Team is the name of the brokerage involved in the sale.

BOULDER – For the second time in as many years, two office buildings east of Boulder have been purchased in the hope that a renovation will attract a long-term tenant in the life sciences industry.

Boston-based Beacon Capital Partners LLC, through holding company BCSP Wilderness Property LLC, purchased the 45,345 square foot space at 2865 and 2885 Wilderness Place for just over $ 18.6 million, according to the Boulder County real estate records.

Boulder’s Element Properties LLC, one of the main developers of the mixed-use project S’Park nearby, purchased the buildings in late 2020 from Scout Properties LLC for $ 11.2 million with a similar plan to attract a leading biotech tenant.

“We purchased the asset in 2020 at a time of uncertainty with the intention of waiting for the pandemic for office demand to recover and then hold for the long term,” said Element co-founder Scott Holton, in a press release from the Crabtree team at Colorado Group Inc., the brokerage firm that represented the seller in the off-market acquisition transaction. “However, Boulder’s emerging life sciences market created a new and different opportunity for us that required us to take a fresh look at how to capture this value. The result was the early sale to Beacon.

The new owner “plans to renovate the property for life sciences and offer it for long-term rental in the Boulder Limited Supply Market,” according to the Crabtree team.

“Bigger players who are well capitalized…