Former church on Broadway sold for 3.1M
THE COLORADO GROUP, INC. ANNOUNCES UNIVERSITY HILL DEVELOPMENT PROPERTY SELLS FOR $3.1M
BOULDER, CO – April 30th, 2019. Scott Crabtree and Christian Smith, Commercial Brokers from The Colorado Group, Inc., provided local representation for the Seller and also procured the Buyer for the recent $3.1M ($270.36/sf) sale transaction at 965 Broadway on University Hill in Boulder.
This development and investment two-story property across from C.U. Boulder was sold by the Corporation of the Presiding Bishop of The Church of Jesus Christ of Latter-Day Saints, a Utah Corporation, to STA Fund, LLC., an Iowa Limited Liability Company. The site of approximately 14,839 SF* has an existing structure of 11,442 SF* and had previously been in use as a religious facility.
According to Christian Smith of The Colorado Group, Inc., “Our analysis of this property presented a case for a unique and alternative investment specifically to our out of market investor pool.” Scott Crabtree added, “We created intense interest in this property by employing targeted strategies with a particular focus on investment and development in the University Hill neighborhood. The zoning at this location potentially allowed for residential uses, including apartments, student housing, townhomes, accessory retail and others. In the end, the purchaser is an investor who has a non-profit entity in mind for the entire space.”
The Colorado Group, Inc. is the premier Front Range Commercial Brokerage firm and employs the region’s highest producing professionals with a reputation for integrity, knowledge and placing their clients’ needs first. For more information, visit: https://www.coloradogroup.com/