New PE firm led by commercial real estate veterans buys Boulder portfolio
Good Investment Partners LLC, a new Denver-based private equity firm led by local commercial real estate veterans, has caused a stir with the acquisition of a six-building portfolio in Boulder.
The company purchased the 13-acre, 184,462-square-foot portfolio of Class B flex, industrial and office space from Westside Investment Partners Inc. for $39 million.
Three of the buildings are on Winchester Circle and the other three are nearby at Twin Lakes Business Park on Nautilus Circle.
GIP, which started in January, is led by managing partner Ryan Good, formerly of Etkin Johnson Real Estate Partners.
Etkin, a major player in Boulder County commercial real estate for decades, was a lead developer at the Colorado Tech Center.
A little over a year ago, the company dumped its last assets within the park and ceased operations.
Hannah Cope is vice-president and partner of a GIP. She previously worked for California real estate firm Berkeley Partners LLC, which has also bought and sold Boulder County properties in recent years.
Caroline Grote is also a vice president and partner at GIP, according to the firm’s website.
Longmont’s Sentinel Management will act as GIP’s property manager.
“Ryan and I believe in identifying opportunities that have strong fundamentals and are supported by an economic framework for results and performance throughout the asset lifecycle,” Cope told BizWest on Thursday. “It’s about rolling up our sleeves, getting the deals done, and leaving the bureaucracy behind.”
In the newly purchased Boulder portfolio, home to tenants including Spark Grills Inc. and Encision Inc. (OTC/Pink: ECIA), GIP is planning exterior upgrades and landscaping to give the properties a more like-minded feel to that of a campus, says Cope.
Newmark executive managing director Riki Hashimoto, director Sean Whitney and partner Philip Lee represented the seller in the deal.
“Boulder’s market fundamentals, particularly the supply versus demand imbalance, are incredibly strong,” Whitney said in a statement. “Unsurprisingly, the life sciences market is the main driver of uptake, fueled by the University of Colorado Boulder’s investment in its student base. We were delighted to represent Westside Investment Partners, who have excelled in positioning these assets, growing rents and meeting the booming Boulder market. Good Investment Partners’ vision and transaction execution were key to the transaction, and we expect them to be a viable player in the market going forward.
This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.