A partnership led by Denver-based developers acquired four properties on the southwest corner of 30th and Pearl streets in Boulder for nearly $11.2 million, a broker close to the deal announced today.
Pearl Place Associates, an entity backed by Forum Real Estate and Brickstone Partners, snapped up the Aspen Plaza, 2095 30th St., and Landmark Center, 2111 30th St. for $6.9 million from 16th Street Offices LLC; the HB Woodsongs building at 2920 Pearl St. for $1.05 million; and D&K Printing's building, 2930 Pearl St., for $3.2 million, said Terry Kruegel, of Kruegel Commercial Real Estate.
Kruegel represented Pearl Place Associates on the transactions.
Pearl Place Associates has an eye on eventually constructing a mixed-use development with office and retail uses on the 5-acre parcel, Kruegel said.
"It's right in town and it's pretty close to Boulder Junction," Kruegel said. "That whole area is going to be transformed."
Dan Otis, of Brickstone, and Darren Fisk, of Forum Real Estate, could not be immediately reached for comment.
Dana Flitcraft, who has owned HB Woodsongs since 1989, said she decided to sell the musical instruments store's building because a transaction was moving forward on the surrounding properties.
"It seemed like it would be really difficult to stay here given that a development would be happening all around," she said of the 2920 Pearl Street property where her store has been located for 13 years.
Flitcraft is in the process of searching for a new home for HB Woodsongs and hopes to have the business in a new location by the end of the year.
"We had moved several times," she said. "I swore I would never move again, but here I am."
Kruegel was the sole broker on the 2920 and 2930 Pearl transaction in which the sellers were HB Woodsongs' owner and 2930 Pearl Street LLC, an entity registered to members of the Pruett family, including James F. Pruett, of Boulder.
Becky Gamble and Dryden Dunsmore, with Dean Callan & Co., were involved with the 2095 and 2111 30th St. sales.
The seller of 2095 and 2111 30th was 16th Street Offices LLC, an entity formed by several Boulder residents.