Denver-based investor buys Boulder flex property for $8.8M
JLL Capital Markets led the sales efforts for 6707 Winchester in the Highway 119 Corridor
DENVER – October 11, 2022 – JLL Capital Markets announced today that it has closed the $8.8 million sale of 6707 Winchester, a single-story, flex office building totaling 32,926 square feet in Boulder, Colorado.
JLL represented the seller, Ivy Realty, in the sale of the property to Evermore Partners, LLC.
6707 Winchester sits on 3.61 acres within the Gunbarrel Tech Center, a 15-building park adjacent to Boulder County open space about 25 miles northwest of Denver. This location is equidistant from downtown Boulder and rapidly growing Longmont along the Highway 119 Corridor. Boulder has been ranked as one of the “Best Places to Live in the U.S.” by U.S. News and offers a highly skilled population base, a renowned university and amazing access to outdoor recreational activities. In addition, Boulder boasts the highest STEM degree completions per capital in the U.S and the highest density of start-ups per capital in the U.S.
Fully renovated in 2016, 6707 Winchester has 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space offers three dock-high doors and one roll-up door. Amenities on site include: a fitness center with shower and locker rooms, an outdoor patio with BBQ and bike storage. The property is fully leased to four tenants with life sciences companies comprising 33% of the rent roll.
According to JLL’s 2022 Life Sciences Lab Real Estate Outlook, Denver/Boulder boasts strong momentum in core biotech talent and company formation in the last few years. Yet, development of new office and flex / R&D product is highly constrained putting upward pressure on rents and keeping demand for new developments or conversions at an all-time high.
The JLL Capital Markets team representing the seller was led by Managing Directors Larry Thiel and Jason Schmidt and Associate Rob Key.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $3 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.
About Evermore Partners
Evermore Partners is a Denver-based commercial real estate investment firm, focused on acquiring assets in urban, college, and core mountain communities within the Rocky Mountain Region, ranging in size from $5 to $50 million. The Evermore team has acquired over $1 billion worth of assets through multiple economic cycles, in all product types, and has specific experience with value-add, distressed, and opportunistic investing.