Midyette’s downtown properties
The properties included in J Nold Midyette’s Pearl Street Mall Properties portfolio are:
1420 Pearl St.
1412 Pearl St.
Tanner Building, which spans 1400 to 1406 Pearl and 1936 14th streets
Citizens National Bank, at 1426 Pearl St.
1433 Pearl St.
Crystal Building, at 1401 to 1421 Pearl St.
Parking garage at 15th and Spruce streets
1468 Pearl St.
1701 Pearl St.
1738 Pearl St.
2040 14th St.
1600 Pearl St.
1601 Pearl St.
1617 Pearl St.
1702-1712 Pearl St.
Boulder property owner J Nold Midyette has sold the majority stake in his 15-building portfolio in downtown Boulder to real estate investment firm Unico Properties.
Unico acquired a 56 percent stake in Pearl Street Mall Properties, a portfolio of 15 mixed-use buildings with more than 356,000 square feet, Midyette said.
“It seems like the right time and the appropriate move,” Midyette said Monday, declining to comment further.
Financial terms of the equity stake sale were not immediately available as the acquisition is being completed by a private investment fund sponsored and managed by Unico, Jonas Sylvestor, the firm’s senior vice president of investment and development, said in a prepared statement e-mailed to the Camera.
“As a majority owner, Unico’s investment allows this prime piece of real estate to continue to flourish, which benefits and supports the vitality of the asset itself, the Pearl Street Mall and the city of Boulder,” Sylvestor said. “We’re thrilled to have our first downtown Boulder acquisition be in the premier epicenter of the city.
“And we’re equally as excited to bring Unico’s unique brand of ‘best-in-class’ customer service and award-winning sustainability services to the existing and future tenants in these beautiful buildings.”
The purchase represents a commitment by Unico to the Denver and Boulder region, Sylvestor said. In Denver, Unico has a portfolio of about 1 million square feet.
“Purchasing highly desirable properties there underscores our commitment to growth, expansion and a long-term presence in Boulder and Denver,” Sylvestor said in the statement.
Unico will serve as property manager for the downtown Boulder sites. Officials said they were unable to comment on leasing rates at this time. The investment firm also plans to pursue some upgrades and remodel work related to the properties.
Unico officials were not available for further comment.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or wallacea@dailycamera.com.
Article source: http://www.dailycamera.com/business/ci_20833486
