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5/22/14
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Hilltop Plaza, a 25.8k sf office/retail property in Boulder, CO, sold for around $6 mil ($233/sf). Located at 1310 College Ave, just west of Broadway St, the asset was sold by an affiliate of Green Courte Partners LLC to an unnamed buyer.
Originally constructed in 1965, Hilltop Plaza was renovated in 2010 and 2012 and consists of four floors accommodating both retail and office users. The property, which was 78 percent leased at the time of sale, is situated in the center of University Hill, Boulder’s college retail district just outside the University of Colorado campus. Hilltop Plaza’s diverse tenant mix includes a JPMorgan Chase bank, a food court and Spark Boulder, a student-designed co-working/incubator space.
Managing Directors Brad Cohen and Larry Thiel of Transwestern’s Denver Investment Sales Group brokered the transaction on behalf of the seller.
“Investors recognize the value in Hilltop Plaza’s location within the University Hill neighborhood,” said Cohen. “Retail vacancy rates are low, and the achievable retail rental rates are high. Furthermore, thousands of people pass this location weekly. Due to these extraordinarily strong market fundamentals, lease rates in Boulder’s University Hill neighborhood are projected to continue increasing.”
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