The W. W. Reynolds Companies, Inc., a Boulder, CO-based commercial real estate development, leasing and professional property management firm, has unloaded a sizable office portfolio this week as Unico Properties LLC purchased an approximately 1.5 million-square-foot block of properties. The Seattle-based real estate investor purchased the portfolio for an undisclosed sum in a deal brokered by CBRE. Unico purchased the Boulder portfolio in partnership with AEW Capital Management, a global real estate investment advisor. AEW acquired the property on behalf of AEW Partners VII, the seventh in the firm's series of opportunistic real estate funds, according to a GlobeSt.com article.
"Timing and the strength of the real estate market in Boulder and Fort Collins made this opportunity to sell a portion of my portfolio possible," said BIll Reynolds, president of W.W. Reynolds. "Having personally developed all of the properties included in this sale, it was important to me that my company stay involved going forward. To do this, we are partnering with Unico and will continue to manage and lease these properties as we have done since their inception."
The deal includes a 1,013,443 square-foot portfolio in Boulder and a 507,005-square-foot portfolio in Fort Collins. The Boulder portfolio is comprised of 27 buildings located in four of Boulder's premier office parks: Pearl East Business Park, Tierra Business Centre, Flatiron Business Center, and Highpoint Business Park. Shortly after closing, Unico sold the Fort Collins portfolio to Prospect Development Partners, LLC.
"This transaction, at approximately 1.5 million square feet, represents the largest real estate transaction by square footage this cycle and it elevates Unico's position in the market as one of the largest office landlords in the Front Range," added Geoff Baukol, senior vice president of institutional properties for CBRE Group Inc.'s capital markets division.
For more news and information visit Blumberg Capital Partners.
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