The Brewers Association, the locally based trade organization representing the craft beer industry, has completed the previously announced purchase of a downtown Boulder building to house its headquarters, Boulder County property records show.
Brewers Association Inc. bought the three-story property at 1327 Spruce St. from 1327 Spruce LLC for $4 million, according to a deed recorded last week with the county.
Officials for the nonprofit trade association that hosts the Great American Beer Festival announced the purchase agreement in November.
"We think it's a perfect fit for downtown Boulder with Colorado being one of the epicenters of craft brewing," Bob Pease, the Brewers Association's chief operating officer, said on Monday.
The Brewers Association, which was founded in 1979, has operated at 736 Pearl St. for nearly 30 years. That 6,000-square-foot space has grown increasingly cramped in recent years, he said.
As the craft brewing industry recorded year after year of double-digit sales gains and added hundreds of new brewers in a couple years' time, so did the Brewers Association's member base. The association also grew to nearly 50 employees as it sought to continue providing services such as information, research, support, publications, trade shows and festivals for the booming sector.
At 1327 Pearl St., the Brewers Association will have 11,950 square feet across three floors. A move is targeted for the weekend of May 31 and June 1, Pease said.
The building is being renovated to both provide employees with a modern work environment and create a professional headquarters for members of the up-and-coming craft brewing community, he said.
Last year, craft brewing operations — which are classified as small, independent brewers that produce fewer than 6 million barrels of beer annually — posted $14.3 billion in revenue and increased their market share of the U.S. beer industry to 7.8 percent.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or firstname.lastname@example.org