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Southwest Longmont commercial buildings newly acquired

Posted on: Jun 26 17

by: admin

BizWest – By Doug Storum — 

LONGMONT — Balfour Pacific Capital Inc., a real estate and private-equity firm based in Vancouver, Canada, has acquired 27 commercial buildings in the Campus at Longmont for $69.6 million.

Balfour Pacific, led by Sam Belzberg, acquired the buildings, totaling 870,000 square feet, last month  from Crescent Real Estate, which has dual headquarters in Centennial and Fort Worth, Texas.

Boulder-based Dean Callan & Co.’s Hunter Barto and Dryden Dunsmore are the leasing agents for Balfour Pacific. Dean Callan & Co. has a long history with the portfolio dating back to 2006, handling the leasing for previous owners Circle Capital Longmont LLC and later Goff Capital Partners LP, now known as Crescent Real Estate. Kory Cash and his team at Sentinel Management Inc., will continue to manage the properties.

The Campus at Longmont in southwest Longmont consists of predominantly single-story office/flex buildings. The properties are approximately 85 percent leased. Vacancies range from 1,250 square feet to 34,000 square feet, with NextLight 1-gigabit fiber and grade-level and dock-high loading, according to a statement issued Wednesday by Dean Callan & Co.

In 2012, when Crescent was operating as Goff Capital Partners, it acquired 34 buildings totaling 1.13 square feet in the Campus at Longmont for $58.3 million from Circle Capital Longmont LLC. Recently, Crescent sold three of those buildings on the campus to Alaska-based Pacific Acquisitions LLC.

Read story here

Boulder County luxury homes go to auction

Posted on: May 31 17

by: admin

Boulder County’s luxury home market embracing auctions for quick sales
By Shay Castle/Boulder Daily Camera

Jeffrey Long wants to move to California. He wanted to move four years ago, but he failed to find a buyer for his home north of Longmont in unincorporated Boulder County, situated on 5 acres overlooking Terry Lake. So he kept the house on the market for another year, hoping for a bite. Then another.

Now, Long has turned to a North Carolina-based auction marketplace for high-end homes, Interluxe. Next weekend, thirty prospective buyers will be previewing the property and preparing for a June 5 online auction that Long hopes will push the price past the $1.25 million minimum bid.

Auctions, most often associated with foreclosed properties, are becoming more common among the wealthy looking to widen the pool of potential buyers, reduce time on market and ultimately fetch a higher price for their multi-million dollar homes.

“At those price points, you need a global audience,” said Kevin Byrne, the listing broker on the property at 9722 Meadow Ridge Lane. “It’s like selling something on Craigslist, where a few local people might see it, versus eBay, where it’s open to everyone in the nation looking for that exact product.”

In a million-plus dollar home, a seller typically receives two or three firm offers through the typical listing process, Byrne said. Properties listed on Interluxe receive 11 bids on average, according to company President Scott Kirk.

“We treat auctions for luxury properties a lot like auctions have been treated for wine, art and high-end automobiles,” Kirk said. “Agents want to be able to market to buyers beyond the physical border of the market.”

Interluxe is also reducing the amount of time it takes to sell a property. The auction itself runs a week or less: an initial 24 hours and then extensions to allow subsequent rounds of bidding. All told, Interluxe properties go from list to offer in 45 days.

In Boulder County, homes in the $1 million-plus range averaged 102 days on market in 2016, according to David Carner of Boulder’s Liv Sotheby’s International Realty. That’s up a bit from 2015’s 87 days, but the five-year trend is toward homes selling faster.

“The luxury market is exploding,” Carner said. “In 2016, Boulder County had 416 properties sold; an 18 percent rise over the previous year (352), so we’re looking at more and more properties (being sold) in the million-dollar plus market.”

Part of that increase is due to the overall high cost of housing. An average home in the city of Boulder tops $1 million, so a high percentage are automatically in the luxury category even though “a million-dollar house in Boulder can be quite small,” Carner said.

Longmont’s luxury market is very different from Boulder’s, according to Byrne. The area is beset by a supply-demand imbalance of a different kind. With 30 current listings and a historic sell-rate of one per month, there is a 30-month supply of luxury inventory. A healthy market would be closer to six to twelve months.

“We’ve got to limit the supply,” Byrne said. “If you don’t have to sell your house, you shouldn’t have it on the market.”

Still, Carner and Byrne said many sellers see auctions as a last resort. The upfront costs can be too steep for many to stomach: between $20,000 and $50,000.

For Young, it was worth it. A new grandchild is waiting for him and his wife in California, where they will be moving after their home sells. With more than two dozen buyers scheduled to view the property next weekend, Young is hopeful a sale is imminent. His only regret is not signing up with Interluxe sooner.

“It’s startling how much interest it’s gotten,” he said. No matter what price the house ultimately fetches, “it’s a lot better than sitting on it and waiting.”

Read article by Shay Castle/Boulder Daily Camera

$340 Million Dollar Manufacturing Plant in Longmont!

Posted on: May 1 17

by: admin

The J.M. Smucker Co. (NYSE: SJM) has closed on the purchase of land in Longmont where it plans to build a $340 million manufacturing plant that could employ up to 500 people.

J.M. Smucker Co., paid $4,649,700 to Highway 119 Holdings LLC for vacant land in the Concepts Industrial Park near the northwest corner of Colorado Highway 119 and Fairview Street, according to public records.

In January, the company said the plant would be built in two phases and employ approximately 250 workers when phase one is complete and up to 500 employees in total with the completion of phase two.

Phase one includes up to an initial $200 million investment to construct and operate the new facility, with an additional $140 million for phase two expansion, dependent on product demand.

The company said it wants to start construction this spring with production expected to begin in 2019.

The plant will help meet growing demand for Smucker’s Uncrustables sandwiches, which are pre-made frozen peanut butter and jelly sandwiches. The Smucker’s Uncrustables sandwiches brand has grown from approximately $10 million in annual sales in 2000 to a $200 million business and ended fiscal 2016 with its 17th consecutive quarter of double digit growth in U.S. retail sales. The plant in Longmont will complement the company’s plant in Scottsville, Ken. That makes the sandwiches.

J.M. Smucker is slated to receive incentives from Longmont, Weld County and the state of Colorado.

By Doug Storum – BizWest May 1, 2017

Read article

Cornerstone Award Winners!

Posted on: Apr 14 17

by: admin

The Longmont Economic Development Partnership awarded five Cornerstone Awards to Longmont businesses in recognition of their contributions to the economic health of the community over the past year.

Winners were:

• Intel Corporation, Primary Job Creator Award

• BC Services, Project of the Year Award for highest capital investment

• Journey Language Center, Local Business Award

• Colorado Tech Shop, Startup Business Award

• Premium Powder Coating, Rising Star Award

“Locally we experienced unprecedented job creation and economic growth in 2016,” said Longmont EDP President Jessica Erickson. “Last night’s Cornerstone winners exemplify what has over the last several years evolved into a diverse and highly innovative business community here in Longmont.”

Shay Castle/Times-Call

http://www.timescall.com/top-stories/ci_30919937/longmont-edp-selects-cornerstone-award-winners

 

 

Businesses in CO are confident

Posted on: Apr 5 17

by: admin

By BizWest Staff — 

The Leeds Business Confidence Index shows an uptick of 3.1 points from last quarter, with an overall reading of 63.4. This is up by 8 points from one year ago.

Expectations measured positive — at 50 or higher — for all of the metrics within the index, including the national economy for the second straight quarter. Measured in the index are the state economy, industry sales, industry profits, capital expenditures, hiring plans and the national economy. For all but the national economy category, the current standings represent 18 consecutive quarters of positive expectations.

“While both the state and the national economies are on stable ground, business leaders are more optimistic about Colorado,” said economist Richard Wobbekind, executive director of the Leeds School’s Business Research Division, which compiles the index. “I think they see the numbers of people moving to the state. They see employment continue to grow at a good pace, and they are very optimistic about sales and profitability.”

Wobbekind said one concern for the Colorado economy is a disparity between inflation and wages.

“The numbers are showing Colorado with a higher rate of inflation than the nation,” he said. “We’re very focused on the growth in per capita income, which has not been that strong in the last year compared to growth in the actual cost of living. Either we are going to have to have a cooling of inflation in the state, or we’re going to have to have wages go up more rapidly in order to keep the workers on an even keel.”

Sector-by-sector highlights from the second-quarter Leeds Business Confidence Index for 2017 are as follows:

  • State economy expectations rose to 67 from 62.8 in the first-quarter index.
  • National economy confidence rose to 63.9 from 61.3 in the first-quarter index.
  • Profits expectations rose to 62.8 from 59.4 in the first-quarter index.
  • Sales expectations rose to 64.3 from 59.8 in the first-quarter index.
  • Capital expenditure expectations rose to 61 from 59.1 in the first-quarter index.
  • Hiring expectations rose to 61.7 from 59.5 in the first-quarter index.

Colorado’s unemployment level, which remains lower than the national level, decreased to 2.9 percent in February 2017 (down from 3 percent in November 2016). The February rate compares with 4.7 percent nationally.

Seasonally adjusted year-over-year employment growth was recorded in six of the state’s seven metropolitan statistical areas, or MSAs, with Boulder, plus 3.2 percent; Fort Collins, plus 3.1 percent) and Colorado Springs, plus 2.5 percent; seeing the fastest expansion. Grand Junction had the only negative employment growth rate at minus 0.7 percent.

Statewide, the biggest year-over-year employment gains in February 2017 were in construction, plus 4.5 percent; other services, plus 3.5 percent; and education and health services; plus 3 percent.

http://bizwest.com/2017/04/03/colorado-business-confidence-healthy-stable-says-cu-boulder-index/

 

Bootstrap & Open Door Breweries coming to Longmont!

Posted on: Mar 27 17

by: admin

By Shay Castle / TimesCall 3/22/17

Open Door Brew Co., formerly of Lafayette, is debuting new digs in Prospect Park. And Niwot’s Bootstrap Brewing Company is cutting the ribbon on a new production facility and bar in the former Times-Call warehouse on Pratt Street.

“I’ve lived in every ‘L’ town from Loveland to Littleton, and Longmont was on my list,” joked Billy McDivitt, co-owner and “chief reality office” of Open Door, which has brewing operations in Denver but maintains “corporate headquarters” out of McDivitt’s Lafayette home.

It was Amy Lane, of Basis Architecture and Design, who brought Open Door to Longmont. She approached the brewery’s owners during an event in Prospect Park, thinking they would be a good fit for the building under construction at 2030 Ionosphere St.

The rooftop patio won over McDivitt and his business partner and cousin, Andy Riedel. (Riedel’s title, in case you were wondering, is “chief dreams officer.”) Riedel gave Open Door its name when he began homebrewing in his college apartment.

 “It would get hot and steamy so we’d open the door and our neighbors would smell what we were doing and come by,” Riedel said. “That’s how I got started sharing my beer. The name became representative of what beer should be about: opening your door and sharing it.”

Accessibility is also the theme Open Door’s beers will follow — easy drinkin’, as Riedel calls it.

What’s not so easy is staying competitive in a crowded market. The number of craft breweries reached new heights in 2016, with more than 5,000 nationwide and 264 in Colorado, according to the Boulder-based Brewers Association.

But the incredible growth that most of the country’s small and independent brewers have been experiencing in recent years is slowing. The growth rate was 8 percent as of mid-2016 — the first time in a decade it didn’t reach double digits.

Those numbers don’t worry Leslie Kaczeus, of Bootstrap Brewing. Up and running for five years, the Niwot operation is going so strong that it needed the Longmont expansion to keep with demand.

“We’re selling everything we can make as fast as we can make it,” Kaczeus said. “We can’t make enough beer right now.”

Andrew Fowler, left, and Anthony Bozanic enjoy a fresh beer at the new Open Door Brewing Co. taproom on Tuesday in Longmont.

Andrew Fowler, left, and Anthony Bozanic enjoy a fresh beer at the new Open Door Brewing Co. taproom on Tuesday in Longmont. (Jeremy Papasso / Staff Photographer)

Bootstrap last year brewed 2,100 barrels, distributing it along the Front Range from Castle Rock to Fort Collins. The Longmont facility has a capacity for up to 25,000 barrels, but Kaczeus said she and her business partner and husband, Steve, won’t be at that volume for a while.

“We’re going to grow only as it makes sense. We’re still bootstrappin’ it.”

Bootstrap Brewing Company owners Leslie and Steve Kaczeus are pictured in 2014.

Denio West subdivision coming to Longmont!

Posted on: Mar 20 17

by: admin

By Doug Storum — 

BizWest

LONGMONT — Louisville-based Boulder Creek Neighborhoods has started ground work on Denio West, a residential subdivision at the southwest corner of Hover Street and Ninth Avenue in Longmont.

The project will have 41 single-family home lots, 24 triplex units in eight buildings and 16 quadplex units in four buildings, for a total of 81 housing units.

Boulder Creek Neighborhoods purchased the 14 acres for $1 million in 2014. Mostly vacant land, the property has a brick farmhouse at the south end that is being deconstructed, said David Sinkey, president and chief executive of Boulder Creek Neighborhoods.

The first step of the development is bringing in fill dirt that will be used to raise a low-grade area at the northeast corner of the property, reroute a ditch, create a drainage area and shape topography that enhances the natural lay of the land. While the property slopes down from street levels and looks lower than surrounding property and nearby areas that were hard hit by the flood of 2013, Sinkey said the property is not in a floodplain.

The single-family home lots are 50 feet by 110 feet, or 5,500 square feet, and can accommodate Boulder Creek’s patio and ranch-style homes that range in size from 1,600 square feet to 4,000 square feet. Sinkey said the company is conducting market research to determine which style homes will be built at Denio West.

“It won’t be an age-restricted community,” Sinkey said, “but we will be targeting those who want to downsize but stay in the heart of the community they’ve been living in. … We design homes and communities that free up time for people and provide common areas for socializing.”

Sinkey said that while Longmont may have one of the larger home inventories in the region, he still considers it to be a shortage.

“There is still a housing-stock issue,” he said. “Most of what is available is for families, and there isn’t a lot of that. With this in-fill project, we want to provide something different, alternative housing that attracts empty nesters.”

Sinkey said sales efforts are expected to begin in the third quarter of this year, and homes will be available the first of next year.

“We have several months of site preparation to take care of first,” Sinkey said.

Boulder Creek has created several “neighborhoods” in the region that use a variety of housing styles — including patio, ranch and town homes. The communities include Tramonto in Longmont, Brennan by the Lake in Erie, Calmante in Superior, Lanterns and DELO in Louisville, The Lakes at Centerra in Loveland, plus others in Thornton, Stapleton and Aurora.

By Doug Storum — 

BizWest

 

Limited retail marajuana possible in Longmont

Posted on: Mar 4 17

by: admin

From Longmont Times-Call

BY JOHN FRYAR STAFF WRITER

Later this year, #Longmont’s city staff is expected to present the City Council with a report about its options if it wants to enact a partial repeal of the city’s ban on shops selling medical and recreational marijuana sales inside the city limits.

At least some council members indicated during meetings last year that they’d be willing to consider revising or ending Longmont’s prohibitions against pot shops.

The issue resurfaced on Tuesday night, when Mayor Dennis Coombs floated a motion to have the council vote to direct the city staff to draft an ordinance that would allow as many as six marijuana dispensaries to operate in Long- mont — as long as they’re located out of the core downtown area and acceptable distances from schools.

Councilwoman Polly Christensen, however, said it had been her understanding that such a proposed ordinance would cap the total number of city-permitted pot shops at four, rather than six.

Councilman Gabe Santos said he thought the council’s directive was for the city staff to delay any work on preparing for resumption of the pot-shop discussions until after the staff completed a proposal for regulating the growing of marijuana in Longmont residents’ homes.

The staff published its recommendations for that

Please see SHOPS, 6A

Todd Stevens, of Native Roots in unincorporated Boulder County, helps customers with marijuana sales in 2016.

home-grow ordinance last week. Council members voted unanimously on Tuesday night to give preliminary approval to the measure that would generally establish a six-plantper- person limit on cultivating, producing and processing marijuana inside a residential dwelling unit.

A public hearing and possible final council action on that home-grow ordinance are scheduled for March 21.

City Manager Harold Dominguez said on Tuesday night that it will probably be as much as “a month or so” before the staff can complete work on its report about the issues and options related to allowing locally licensed marijuana dispensaries inside Longmont.

Coombs amended the proposed pot-shop total to four but ultimately withdrew his motion to direct the staff to prepare a proposed ordinance, since that work will soon be underway.

Senior Planner Erin Fosdick said on Wednesday that the staff task force that worked on the homegrow measure has not yet started discussing the issue of limited retail sales.

Fosdick said the city staff will probably resurrect and update retail marijuana research originally presented to the council last summer and will continue to look at other cities’ “best practices” in regulating such businesses.

She said the staff will probably initially make a report to the council — rather than presenting a draft ordinance — to see if the council has suggestions for what it would like the staff to study as city policies and regulations.

Longmont banned medical marijuana dispensaries in 2011 and recreational marijuana shops in 2013. While there are no legally operating retail marijuana sales businesses operating inside Longmont now, there are two such shops located on the edges of the city limits in unincorporated Boulder County — Native Roots, near the Sunset Street Bridge, and Green Tree Medicinals, which is north of Colo. 66 and east of Main Street. Both sell medical and recreational marijuana.

On Wednesday, Coombs noted that in a city-commissioned survey on a variety of issues conducted by the National Research Center Inc., when questioned about the possibility of pot shops, “more people wanted them than didn’t.”

The surveyors reported in November that when people were asked about the possibility of “limited retail sales of recreational marijuana” in Longmont, 31 percent said they “strongly” supported the idea, 25 percent said they “somewhat” supported it, 33 percent said they strongly opposed it and 11 percent said they somewhat opposed it.

Coombs said that whether or not he personally agrees with the majority in that survey, he’s likely to support a measure that would permit what he said would be a few “strategically located” businesses inside Longmont because “it’s my job as an elected official to represent the people.”

John Fryar: 303-684-5211, jfryar@times-call.com or twitter.com/jfryartc

JM Smucker Co. may add 500 jobs with new food manufacturing plant in Longmont

Posted on: Jan 31 17

by: admin

Smucker wants to build $340M manufacturing plant in Longmont – BizWest

LONGMONT — The J.M. Smucker Co. (NYSE: SJM) on Tuesday said it plans to build a $340 million manufacturing plant that could employ up to 500 people in the eastern portion of #Longmont that is in Weld County.

The project is contingent on the approval of tax and business incentives and the closing of the transaction to purchase the land where the facility will be located, the company said. Officials have not yet disclosed the exact location.

The million plant would be built in two phases and employ approximately 250 workers when phase one is complete and up to 500 employees in total with the completion of phase two.

Phase one includes up to an initial $200 million investment to construct and operate the new facility, with an additional $140 million for phase two expansion, dependent on product demand.

The company said it wants to start construction this spring with production expected to begin in 2019.

The plant will help meet growing demand for Smucker’s Uncrustables sandwiches, which are pre-made frozen peanut butter and jelly sandwiches. The Smucker’s Uncrustables sandwiches brand has grown from approximately $10 million in annual sales in 2000 to a $200 million business today and ended fiscal 2016 with its 17th consecutive quarter of double digit growth in U.S. retail sales. The plant in Longmont will complement the company’s plant in Scottsville, Ken. That makes the sandwiches.

“The Smucker’s Uncrustables brand is one of our fastest-growing brands, as consumers seek nutritious snacks and meal solutions for the whole family,” Mark Smucker, president and chief executive of The J. M. Smucker Co., said in a prepared statement.

“This new plant to be built at the foot of the Rockies will ensure we can continue to meet increasing demand across the country. We are thrilled to build our first manufacturing facility in Colorado and greatly appreciate the support we have received for this exciting project from officials representing Longmont, Weld County and the state of Colorado. We look forward to being part of the growing, greater Denver community.”

Longmont mayor, Dennis Coombs, said, “Competition for this new facility was strong, and I couldn’t be prouder of our recruitment effort, led by the Longmont Economic Development Partnership in close coordination with city departments.”

Julie Cozad, chairwoman of the Weld County Commissioners, said, “The Smucker project is a huge win for Longmont, Weld County and all of Northern Colorado. “This project further diversifies our thriving economy and showcases what an amazing food-manufacturing national hub Northern Colorado has become. We welcome Smucker to our growing corporate community.”

Hans Jespersen, board chairman of Upstate Colorado Economic Development, said the project is a “great example of local, county and state governments working together to proactively accomplish a significant economic development project.”

Niwot based Alpen High Performance is go-to company for ultra-efficient building projects

Posted on: Jan 29 17

by: admin

Longmont Times-Call.  Q&A with their president

When New York’s Empire State Building went green in 2010, replacing all of its doublepaned windows with high-performance glass, the story was covered by the Wall Street Journal, USA Today and others.

But one name was left out, that of Niwot-based Alpen High Performance Products. It was Alpen that provided the glass that was fitted into frames by a California company, then shipped to the east coast for placement in the iconic 102-story building.

The glass is Alpen’s signature product: Two panes of glass with suspended film and gasses in between, a design that allows for maximum energy efficiency.

Though the Empire State Building was the most high-profile project for Alpen, the company has established a reputation — and a thriving business— as the go-to for ultra-efficient projects such as net zero buildings.

We sat down with owner and president Brad Begin to find out how Alpen became Boulder County’s best-kept secret in sustainable building:

1.) What was the genesis of Alpen?

Alpen started as a high-performance glass company back in 1984 or ’85 by a gentleman named Robert Clark, still a close friend and still associated with the company. It was a pioneer in the use of film tensioned between glass. If you’ve got two layers of film in between two panes of glass, it’s the equivalent of four panes of glass— very high performing.

I bought the company in 2006 and we got into windows. Back then, 95 percent of the business was selling glass to other companies that made it into windows. Today, it’s about 10 percent sales of glass and 90 percent of windows.

Every component is made here — the glass is done at our place in Denver, but the fiberglass frames are cut here, and the windows are assembled, tested and shipped from Niwot. That has really helped drive rapid growth in the company, along with the advent of sustainable building.

2.) Just how energy efficient can windows get?

The Department of Energy set a target for developing a market accessible R10 (a measure of insulating power) window by 2020. We’ve beat that by three years with our Zenith ZR10, which we debuted in September. It’s so far the only commercially available R10 window.

It’s the equivalent of 10 panes of glass. It insulates as good as a wall. We’re very proud of that

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