JLL arranges $8.7M financing of two Boulder industrial buildings
The assets will be converted into modern creative office space
DENVER, August 26, 2019 – JLL announced today that it has arranged $8.7 million in acquisition-bridge financing for two flex buildings totaling 46,702 square feet at 5300 and 5305 Sterling in Boulder, Colorado.
JLL worked on behalf of the borrower, Ivy Realty, to place the three-year, floating-rate loan with two one-year extensions with a regional lender.
Beginning in the summer of 2020, Ivy plans to begin converting the buildings into modern creative office space for use by large single tenants. 5300 Sterling was built in 1983 and is currently a two-story industrial warehouse consisting of 19,904 square feet, while 5305 Sterling, which was constructed in 1996, is a 26,798-square-foot, two-story, Class B flex building. The borrower owns the adjacent building at 5360 Sterling and executed a similar repositioning plan with great success, leasing the property to a multinational technology company. The properties are in the heart of downtown Boulder, an affluent community 25 miles northwest of Denver that is one of the most vibrant hubs for technological innovation and progress in the country, having recently being named “America’s Startup Capital” by Inc. Magazine. The property location provides access to a highly educated talent pool and one of the highest concentrations of software engineers in the country.
The JLL Capital Markets team representing the borrower was led by Senior Director Leon McBroom.
“Ivy has a proven track record in Boulder, and their acquisition of 5300 and 5305 Sterling will be a continuance of their creative vision that attracts best-in-class tenancy,” McBroom said.
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 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. 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, Connecticut-based real estate investment, development and management company and has acquired more than $2.2 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.