UCAR Expanding Local Footprint
BOULDER, Colo. — The University Corporation for Atmospheric Research recently set the stage for further expansion in its hometown when it bought a building at 3375 Mitchell Lane for $5.3 million.
The deal is the largest commercial real estate sale in the local area this year, brokers associated with the deal say.
The purchase was part of a strategic growth plan for the nonprofit consortium of universities and manager of the National Center for Atmospheric Research, said Richard Anthes, UCAR's president. As a result of the acquisition, UCAR adds another building to its five-lab Foothills campus, located at 3300 and 3450 Mitchell Lane.
The 1,400-employee UCAR also has four buildings at its Center Green Drive campus, two buildings off Table Mesa Drive, a research aviation facility at the Rocky Mountain Airport near Broomfield and a solar observatory in Hawaii.
The 3375 Mitchell Lane property "has an ideal location between our five other labs in the area and is only a short distance to the Center Green facilities," Anthes said. "This is a prime location, and the fact that it came up for sale now was fortuitous timing."
UCAR's purchase was not driven by immediate growth needs, but rather a long-term strategy intended to plan for five, 10 or 20 years into the future, he said.
And while some areas of UCAR have had their budgets cut, others -- namely the Research Applications Laboratory -- have experienced growth because of increased demand for weather information, Anthes said.
UCAR bought the 53,000-square-foot building from 3375 Mitchell Lane Ltd., which is registered to Michael S. Berman, according to state and county records. Berman, who is associated with Countryside Asset Management in Boulder, could not be reached for comment Friday afternoon.
Scott Garel, of the Denver-based Frederick Ross Co., and Becky Gamble, of Boulder-based Dean Callan & Co., represented 3375 Mitchell Lane Ltd. in the transaction. Joe Hollister and Eric Brynestad, of Jones Lang LaSalle's Denver office, represented UCAR.
Garel said he was thrilled to get a full-price offer on the property, considering current market conditions.