BOULDER — Two out-of-state real estate investors have purchased the Walnut Business Center for $28 million and announced plans to revitalize the commercial park.
ScanlanKemperBard Cos., a Portland, Ore.-based real estate investor and developer, and Chicago-based real estate investment firm Landrock LP have taken over the business center, which includes eight buildings and more than 123,000 square feet of industrial, retail and service space spread across 6.4 acres, from Kreizel/Perry Partnership LLP.
“Our vision for Walnut Business Center is more than just a real estate investment,” SKB President Todd Gooding said in a prepared statement. “We are committed to transforming the facility into a modern, vibrant space that meets the needs of today's tenants and enhances the fabric of the entire Boulder community. We look forward to working with existing and future tenants to create a place where their employees can thrive.”
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Planned improvements include upgrades to the roof, parking lots and mechanical systems, as well as landscaping improvements, investors said.
“Walnut Business Center will be rebranded and reintroduced to the market as an institutional-level campus,” Landrock partner Bo Whitmer said in a prepared statement. “Our goal is to create a space that not only serves quality tenants but also contributes positively to the Boulder community by providing a modern, efficient and beautiful environment.”
The Walnut Business Center was built in phases from the 1950s through the 1990s and includes 3201 Walnut St., 1960 32nd St., 3220 Prairie St., 3240 Prairie St., 1965 33rd St., 1957 33rd St., 1935-1949 33rd St., and 3207-3265 Walnut St.