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 June 1, 1999

netLibrary considers former Amgen campus

BOULDER — Company spokeswoman Sandy Mickelson confirms that Boulder-based netLibrary, a provider of electronic books and information, is shopping for space. The company is looking at a minimum of four sites, including biotechnology giant Amgen’s former 10-building campus on Walnut Street here, which recently made local history: It sold for $32 million to a partnership between Bancroft Capital Advisors Inc. and Great Point Investors LLC on behalf of one of its clients.

netLibrary would take 65,000 square feet and would have the right to expand and take another 75,000 square feet. The company, which has more than 150 employees on Walnut Street, recently received a second round of venture capital financing of $25 million.

The Amgen sale alone dwarfed recent off-the-chart deals such as Koll Bren Fund IV’s $19 million purchase of the former Storage Technology Corp. site in Longmont (now the Longmont Business Center) and the purchase by pension fund SPP of the Exeter building in Boulder for $16.6 million and of the Canyon Center in Boulder for $12 million.

Frederick Ross’ Scott Garel and Marcia Mueller represented Amgen in the sale; Chuck Arnold and Hank Saipe, both of Frederick Ross, and Becky Gamble of Boulder-based Dean Callan & Co. represented the buyer. Frederick Ross Co. and Dean Callan & Co. jointly will represent the new owner in its leasing efforts and in plans to redevelop part of the campus at Walnut and 33rd Street.

Bancroft is a Manhattan Beach, Calif.-based, privately held real estate investment and advisory concern (more at www.bancap.com). Boston-based Great Point is an investment adviser to pension funds and endowments. The Amgen facility is Bancroft’s second Boulder County purchase; in May 1996, Frederick Ross represented Bancroft in its purchase of the Case Logic building in Longmont for $6.9 million.

The Amgen transaction included a total of 10 buildings: four buildings on 4.9 acres at the southwest corner of 33rd and Walnut streets that Amgen will continue to occupy under a lease from the new owner; a new 65,000-square-foot office building and four warehouse/research-and-development buildings on 5.4 acres at the northeast corner of Walnut and 33rd that are part of a planned unit development (PUD) for the entire site; and a 145,000-square-foot warehouse on 6.5 acres at the southeast corner of 33rd and Walnut.

The new owners intend to redevelop two of the sites within the provisions of the PUD.

BANK-BUILDING SALE: Bank One Corp., as part of a national plan, is selling its multi-tenant properties, including 2500 Arapahoe Ave. (about 17,000 rentable square feet) and 1800 Broadway (about 40,000 rentable square feet plus 15,000 in the basement) in Boulder.

“In Boulder, my understanding is that we’re very close to having signed contracts, but presently we do not,´ said Clair Beckman, a Bank One senior vice president in the Boulder market.

In Colorado, Bank One Colorado plans to sell a total of six buildings in Fort Collins, Greeley, Loveland, Boulder and Colorado Springs. Beckmann confirmed the bank plans to sell the buildings and lease back whatever square footages were occupied by the banks under long-term lease agreements; Bank One Corp. is only selling those buildings in which it is one of several tenants.

The holdings could be sold individually or as a group.

Paul Eklund, sources say, is considering buying the Boulder properties but would not comment on a pending sale. Eklund is a property owner and sole owner of Boulder-based P.N. Eklund Interests Inc., an asset management company focused on commercial real estate.

BOULDER

FRESH: Boulder-based Fresh Produce Sportswear, at 2865 Wilderness Place, is expanding. In the next 90 days, the company is adding about 2,000 square feet of office and about 10,000 square feet of warehouse space in two adjacent buildings, reports Sean Sweet, director of operations.

The expansion will “accommodate our continued, phenomenal growth,” Sweet explains. “And this is our second expansion in the last 18 months.”

The company had a 27.8 percent increase in revenues from 1997 to 1998.

QUALIFY: Boulder-based Qualitative Marketing Software (www.qmsoft.com), which is currently housed at 2900 Center Green Court, is planning to relocate in August to the Tierra Business Center, where it will be taking about 30,000 square feet, doubling its space. The company also plans to hire at least 25 new employees. Here’s the upshot of what they do, courtesy George Rebhan, a vice president and one of the founders: “We do software that does data cleansing and enhancement for large corporate databases.”

MIXED-USE: Two of the three commercial units in the new mixed-use project under construction at 724 Pearl St. will be occupied by Swan Lake Chiropractic and Barton and Balis, Attorneys at Law. The owners currently are negotiating a lease with an energy consulting group for the third space. The two residential units, designed by Craig Bundy, Architects, P.C., and built by Sterling General Contractors Inc., are scheduled to be finished by late summer. They are priced in the mid-$400K range. Kyle McDaniel of Four Star Realty Inc. is the listing agent. Information: (303) 440-8200, ext. 39.

PRECISE: Manufacturer Trimax Inc. planned to move by the end of May from 6367 Arapahoe Road to space almost twice as large as 6681 Arapahoe. The extra square footage will allow for new staff and “for the company to accomplish larger and simultaneous projects.”

Trimax, founded in 1993, builds precision automated machines and tools.

PEARL STREET: The second two of three open house sessions “to explore improvements” to the downtown Boulder’s Pearl Street Mall will be 5 to 7 p.m. Wednesday, June 16 in the Boulder Municipal Building lobby, 1777 Broadway, and 5 to 7 p.m. Wednesday, July 28 in the 1300 block of the mall. At the June 16 meeting, planners will show the workable ideas from the first open house May 12; on July 28, final recommendations will be presented. Information: Kathy Morgan, (303) 441-4937; or fax comments to (303) 441-4130.

BIG FINANCE INC.: John Richert and Marsha Blair of Terrix Financial have arranged a loan of $1.48 million for property owner and developer Stephen Tebo that is secured by a 17,776-square-feet retail property at 2690 28th St. The 10-year loan was closed at 7.25 percent (fixed for the first five years, then the rate will be adjusted to 2.5 percent above five-year treasuries). The lender amortized the loan over 20 years and allowed for prepayment at anytime without penalty.

REPORT CARD: The Boulder Housing Authority, which is responsible for providing and managing housing for more than 1,000 elderly, disabled and low-income families, received a 100 percent score from the Department of Housing and Urban Development (HUD) for the management of their properties and programs.

The HUD-sponsored Public Housing Management Assessment Program (PHMAP) assesses the ability of housing authorities to manage their properties and programs. Scores are based on occupancy rates, uncollected rents, unit turn around, outstanding work orders, annual inspections, modernization program, energy consumption, operating expenses, operating reserves, resident programs and security.

The Boulder Housing Authority received a score of 79 in 1996, and an average score of 87.8 between 1992 and 1996.

EXPANSION: Colorado Business Bankshares Inc. (NASDAQ: COBZ) has opened its second Boulder branch at 2550 N. Broadway. The bank’s first location in Boulder, which has grown to $80 million in assets in less than four years, will be moving to 2025 Pearl St.

Colorado Business Bankshares Inc. is a $381 million banking holding company headquartered in Denver.

RETAIL: Car Toys Inc. has taken 5,531 square feet in Crossroads Commons, 2333 30th St. TrammellCrow reps John Eliot and Pete Pavlakis represented the landlord, Property Colorado SC Two Corp., in the lease.

BROOMFIELD

EXPANSION: Sill-Terhar Ford at 1480 W. First Ave. in Broomfield has plans to expand into a new 50,000-square-foot structure. The company has purchased 14 acres — adjacent to the current location — that back up to U.S. 36. The city will be taking two acres of that for improvements to the Broomfield exit off U.S. 36, which is fine with Jack Terhar Jr.

“That will — I’m sure — be a very amicable discussion because we need their help as much as they do ours,” Terhar said.

On the remaining 12 acres plus three acres on its existing development, Sill-Terhar will be building new showroom facilities. The current facility will feature Lincoln and two other luxury cars that are to be announced. The new facility will features Mercurys, Mazdas and Fords.

Sill-Terhar interests expect to submit plans to the city in late June or early July.

ERIE

SPIRITS: Erie Liquors Inc. has taken 4,200 square feet in the Arapahoe Ridge Marketplace project that’s under development in Erie. TrammellCrow reps Pete Pavlakis, and Laura Hasen represented the landlord, operating as Arapahoe Ridge Marketplace LLC.

LAFAYETTE

FIXTURES: Design Fabricators, which makes retail store fixtures for companies such as Starbucks and Barnes & Noble, plans to take an additional 15,000 square feet in north Denver. The company, which is growing 50 percent annually, already has 120,000 square feet in Lafayette and 36,000 square feet in Broomfield.

LONGMONT

HOME DEPOT: The Longmont planning and zoning commission has OK’d a proposal by Home Depot to build a new store on about 29 acres west of Hover Street and north of Nelson Road. The approval is based on the city council’s approval of several issues, including a land-use amendment and annexation. The city council is expected to see the proposal in late July.

ACQUISITIONS: Capital Pacific Homes of Colorado Inc., a division of Newport Beach, Calif.-based Capital Pacific Holdings Inc. (AMEX: CPH), has acquired land parcels in the Denver and Longmont areas. The new acquisitions give Capital Pacific Homes six projects or a total of 410 lots. The division has options on another 291 lots and controls 548 lots in the immediate vicinity.

With the new acquisitions, the division now operates in Colorado Springs, Windsor, Loveland, Longmont, Frederick and Aurora.

For information on Capital Pacific Holdings, check out its Web site at www.cph-inc.com.

NEW EATS: Johnny Carino’s, a national restaurant chain owned by Austin, Texas-based Fired Up Inc., will take space in Pratt’s the Village at Burlington. A typical Carino’s design takes up about 6,200 square feet with 220 indoor seats and 42 patio seats.

The Ichi Ban (that means No. 1 in Japanese) opened its doors in February at the Village at Burlington development, 2055 Ken Pratt Blvd. Owners and operators Shigetoshi and Miyuki Abe are natives of Japan and have been in the restaurant business for more than 30 years. Check it out: Hours are 10:30 a.m. to 8 p.m. Monday to Saturday. Information: (303) 485-9848.

STOP BY: Highline-EquiTrust Mortgage Corp. has opened a new Longmont office at 545 Collyer St.

LOUISVILLE

LE SEX SHOP: An amendment to the Louisville Municipal Code, held over to be considered by the planning commission until May 25, would make the city’s ordinance concerning sexually oriented businesses similar to Lafayette’s, reports Louisville planner Manjeet Ranu. He says Aurora’s is considered “bomb proof” because it has been tested in court.

“Ours has not been updated since the 1970s, so it’s considered pretty weak,” Ranu said.

The new amendment could have restricted “such uses” — called SOBs for expediency in the staff report — as adult arcades, adult bookstores, adult novelty shops, adult video stores, adult cabarets, adult motion picture theaters and nude model studios — from locating within 1,500 feet of schools, religious institutions, public buildings, existing dwellings, parks and open space, residential zoning districts and other sexually oriented businesses. But likely the commission will go for a 1,500-foot to 1,000-foot range depending on what’s being buffered.

Either way, the distance has to allow for a “reasonable supply” of available land or structures to accommodate sexually oriented businesses, and in analyzing the “practical application of the 1,500-foot separation,” planning staffers determined that only a few acres of land — about 58 — in the Colorado Tech Center Filing No. 1 and The Park at CTC would be available for sexually oriented businesses (SOBs).

“That represents 1.2 percent of the city, which is consistent with other ordinances that have been upheld,” Ranu reports.

Planners recommend the 1,500-foot separation still apply to schools and a 1,000-square-foot separation apply to public buildings, parks, residences, religious institutions, residential zone districts and other sexually oriented businesses. Also, the direct retail sale of sexually oriented material would not be permitted as a home occupation.

PUBLIC DESIGN: Neenah, Wis.-based Plexus Corp. (NASDAQ: PLXS) in May officially opened its new division in Louisville to expand its product development, sales and marketing efforts.

The Boulder DesignCenter will expand on engineering services such as analog, digital, printed circuit board, firmware and mechanical design now headquartered at the Plexus Technology Group facilities in Neenah.

The new, 14,000-square-foot office at the Corporate Center at Centennial Valley is designed to house up to 60 engineers.

The Boulder DesignCenter opened with eight to 10 engineers who will be transferred from Neenah. Dan Gardner, who has worked at Plexus Technology Group for 13 years, will serve as director of engineering for the new office. Jeff Castleberry, who came to the company with 18 years of product development experience, will be director of operations.

Plexus has DesignCenters in Neenah and Raleigh, N.C.

NIWOT

SCHOOL DIGS: Shepherd Valley Waldorf School celebrated in April the ground breaking of its new 38-acre rural site on Dry Creek Parkway at the Diagonal Highway and Monarch Road.

Five acres are designated for the school campus; the remaining 33 acres are designated for agricultural use through a conservation easement with Boulder County.

Pre-kindergarten through eighth grade students, will learn organic and sustainable agriculture, and plans include a community garden space. The school will serve as a center for continuing education and continue to offer its monthly community lectures and artistic workshops. The school is slated to move in by late summer and begin regular classes in the fall.

WESTMINSTER

INKING LEASES: Dave & Buster’s (NASDAQ: DANB), an international chain of entertainment-oriented restaurants based in Dallas, has leased 40,400 square feet in the Westminster Promenade entertainment/retail center at 104th Avenue and U.S. 36. Johnny Carino’s, a national restaurant chain owned by Austin, Texas-based Fired Up Inc., has leased 6,500 square feet.

Dave & Buster’ is scheduled to open next spring.

TO HEALTH: The Frederick Ross Co.’s Scott Garel and Trent Rice represented the University of Colorado Hospital Authority in its 6,060-square-foot lease at 7408 Church Ranch Blvd. in the Church Ranch Office Center. The new satellite clinic to the hospital will serve the northwest area. Frederick Ross has handled University Hospital’s real estate assignments for the past decade.

TO MARKET: Standley Lake Marketplace, 190,000 square feet of retail space under construction at the northeast corner of Wadsworth Parkway and Church Ranch Boulevard, is expected to be complete by late summer and will be anchored by Safeway Marketplace and Longs Drug. AmCap Properties Inc. is the leasing agency; Steve Gittleman and Robert Nostrand, operating as S/S Land Holdings LLC, are the project owners.

WELD COUNTY

CHECK IT OUT: The Two Charlies business park on I-25 in the town of Frederick has attracted DeFalco Porch Construction, Mile High Turf Equipment, Metal Sales Manufacturing, the FMC Corp., Aerocom Industries, Associated Construction Concepts, the Gelman Group, Peak Industries, Front Range Tooling and A-1 Truss Systems. The park offers lots ranging from two to 20 acres that are zoned for light industrial, manufacturing, warehousing, office and retail. Boulder-based Gibbons-White Inc. is the listing agent.

ETC.

BIG FINANCE INC.: In case you missed it, Denver-based Northland Finance Co. has been acquired by Marquette Bancshares Inc., a subsidiary of Minneapolis-based Pohlad Financial Group. In conjunction with the sale, the company has been renamed Northland/Marquette Capital Group Inc. Northland’s Denver regional office has generated more than $4 billion in commercial debt and equity transactions since it opened in 1983. The Denver office represents 21 major insurance companies with an aggregate base of $500 billion and has, in the past two years, generated $1 billion in production — 180 transactions.

WEB PICKS: Newly launched www.contractor.com offers consumers a comprehensive listing of 18,000 contractors statewide with a “report card” rating system. Contractors are listed by 52 trades and sorted by counties. The site offers links to contractors’ Web sites and provides information such as consumer reports and tips for hiring a contractor.

www.HomeGain.com helps home sellers find a good real estate agent online by comparing and contrasting qualifications from local agents. Free to agents before Dec. 1.

www.RealtyAssist.com offers source for tools and services from desktop software to point-and-click marketing.

According to a survey released in May by Prudential Real Estate and Relocation Services, U.S. home buyers are twice as likely to turn to the Internet for home buying-related information than other consumers.

TOUGH ISSUES: To address “tough” issues facing the real estate industry along the Front Range, the Daniels College of Business, its Franklin L. Burns School of Real Estate and the College of Law at the University of Denver are sponsoring a seminar in conjunction with the Rocky Mountain Land Use Institute. “Real Estate Development Challenges in Mountain Communities” will be 1 to 5:15 p.m. Thursday, June 10 at Beaver Creek’s Vilar Center. Speakers include two attorneys who sill discuss the legal issues surrounding development in controversial areas, successful strategies and legal options if government agencies do not approve plans. The event costs $75 per person. Information: (303) 871-2711 or www.du.edu.

BOULDER — Company spokeswoman Sandy Mickelson confirms that Boulder-based netLibrary, a provider of electronic books and information, is shopping for space. The company is looking at a minimum of four sites, including biotechnology giant Amgen’s former 10-building campus on Walnut Street here, which recently made local history: It sold for $32 million to a partnership between Bancroft Capital Advisors Inc. and Great Point Investors LLC on behalf of one of its clients.

netLibrary would take 65,000 square feet and would have the right to expand and take another 75,000 square feet. The company, which has more…

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