Real Estate in our neighborhood

March 18, 2011 —

BOULDER — Stephen Tebo, owner of Tebo Development Co. and one of Boulder County’s most-prominent commercial property owners, purchased the Valmont Building office building for $3.28 million

The 36,492-squree foot building at 5480 Valmont Road in the Aspen Industrial Park was built in 2000.

According to LoopNet, an online database of property listings, the building averages 97 percent occupancy and was classified as Class A space.

The property was bought on a short sale.

“It’s already an excellent building,” Tebo said. “We just want to get aggressive on the rents and get it leased.”

R.C. Myles and Jeff Halsey of Cassidy Turley Fuller Real Estate represented the seller, Valmont Building LLC. The buyer used an in-house agent.

VITAL RELOCATES: Information technology solutions provider Vital Network Solutions LLC is relocating to the Tierra Business Park in Boulder.

Vital Network Solutions has leased about 2,100 square feet of office space at 4760 Walnut St., Suite 108, and will move in May 1, company president Nate Lovell said.

The six-year old company employs five people and has outgrown its current location at 75 Manhattan Drive Suite No. 3, which also is in Boulder, Lovell said.

Chad Henry of WW Reynolds Cos. was the listing agent. Todd Walsh of The Colorado Group Inc. was the selling agent.

Flatirons Community Church converting abandoned Wal-Mart, Albertsons space
Doug Storum
Work on Flatirons Community Church’s plan to convert an abandoned Wal-Mart and Albertsons into a new home continues. The church is building a new 4,000-seat sanctuary and space for offices and ministry centers at 355 W. South Boulder Road. Its current home is 400 W. South Boulder Road in Lafayette. The church paid $4.3 million for the space.

CLICKBANK EXPANDS: ClickBank, a software company that has developed an online marketplace for digital products such as e-books, has relocated its Broomfield offices to accommodate recent growth.

ClickBank’s new location is 11001 W. 120th Ave., Suite 450, not far from its former space at 11101 W. 120th Ave.

The new space expands the company’s office by 3,189 square feet, according to Broomfield Economic Development Corp. data.

ClickBank employs 41 people in the Broomfield office, spokeswoman Heather Sharp said. The jobs are the company’s technology team along with some sales, marketing and business development specialists.

ClickBank is a trade name of Click Sales Inc. The privately held company is based in Boise, Idaho, and employs 93 people total, Sharp said.

The move was needed to accommodate the company’s steady growth, Sharp said.

GEOTREE MOVES IN: A maker of a high-tech ceramic materials that can be used to repair water and sewer lines along with other types of concrete has taken space in Broomfield.

GeoTree Technologies Inc. has leased 1,600 square feet at 7249 W. 116th Place. The building will be the company’s warehouse, said Amir Hoda, one of the company’s four founders and partners.

The company makes geopolymers that bind to materials. One application is using the polymers to coat the inside of corroding and decaying pipes, Hoda said.

“It’s substantially cheaper than digging it up, and substantially less disruptive,” he said.

GeoTree Technologies currently employs four people who work from their homes. The company plans on expanding into a new office and to grow to 10 employees by the end of 2011, Hoda said.

Chris Ball of Cassidy Turley Fuller Real Estate helped broker the deal.

BLUE VISTA LOANS: The Blue Vista housing development, a planned 198-home subdivision in Longmont built by Thistle Community Housing, faces foreclosure.

The project, which was planned to have included 100 affordable homes, was financed by Thistle using bonds issued by the Boulder County Housing Authority and loans from the state Division of Housing and the City of Longmont, according to a memo sent to Longmont City Council the week of March 8.

Thistle is a nonprofit dedicated to providing affordable housing. According to the memo, it owes more than $4.5 million on the bonds, which were purchased by Guaranty Bank and Trust Company, and an additional $417,000 to Guaranty Bank as part of a construction loan.

Longmont supported the project with a $1.42 million from the Affordable Housing Fund and a Community Development Block Grant. The outstanding principal on that loan is $988,000.

Thistle has been working, and continues to work, with its creditors to resolve the problem, Thistle chief executive Mary Roosevelt said.

Blue Vista has been hampered by bad timing and a difficult real estate market, she said.

“It’s been a great project developed during the hardest part of the economic downturn,” Roosevelt said.

According to Thistle, 63 homes have been built, with 29 being categorized as “market rate” and 34 as “affordable.”

Thistle has paid about $2.5 million on the bonds and more than $2 million on the construction loan, according to the Longmont City Council memo.

If Thistle cannot make its payments, Longmont is unlikely to recoup its funds, said Kathy Fedler, community development block grant and affordable housing programs coordinator.

It would be the first default made on a loan from the Affordable Housing Fund. About $7.7 million has been pledged to the fund, Felder said.

LIGHTING FIRM OPENS: A maker of high-quality lighting fixtures is opening a new manufacturing facility in Louisville.

Stone Lighting LLC recently signed a lease for 9,700 square feet of industrial space at 1500 Cherry St., Suite W.

The location will be the Chicago-based company’s manufacturing facility and will employ between five and 10 people in the first year, said Tavo Gutierrez, a manager of the company.

The company’s clients are primarily architects and designers, and the company also does lighting systems for showrooms, Gutierrez said.

The company is new to Colorado, Gutierrez said.

Todd Walsh of The Colorado Group Inc. represented the listing company.

BUYING IN DENVER: A local real estate investment firm that specializes in turning around distressed properties has acquired part of a luxury complex in Denver.

Condo Capital Solutions LLC announced March 10 it closed on the purchase of 72 unsold units at the Pinnacle at City Park South, a two-tower, 284-unit luxury property located in Denver’s City Park.

Condo Capital Solutions purchased the units for an undisclosed price from the Opus Group, a Minnetonka, Minnesota-based company that is leaving the Denver market. Condo Capital Solutions could not be reached.

The Pinnacle, at 2990 East 17th Ave., Denver, was opened in 2008.

“Of the initial 284 units, all but 72 are sold and some 13 contracts have sold in the first quarter of 2011.

Sports marketing: Endurance Event Marketing LLC signed a lease for 1,020 square feet at 801 Main St. Suite 25. The sports promotion company has a staff of about 10. Dan Ferrick and Michael-Ryan McCarty of Gibbons-White Inc. were the listing brokers. Jim Ditzel was the selling broker.

Yoga time: Tadasana Mountain Yoga LLC has leased 1,323 square feet of retail space at 20 Lakeview Drive No. 110 Caribou Mercantile was the listing company. Patrick Weeks of Gibbons-White Inc. was the selling broker.

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