Boulder’s Flagstaff Holdings buys Broomfield industrial building for $2.61M

By Alicia Wallace, Camera Business Writer
Boulder-based real estate investment firm Flagstaff Holdings bought a 46,400-square-foot industrial building in Broomfield for $2.61 million, company officials announced Wednesday.
The building at 224 Commerce St. is located east of U.S. 36. The building’s sole tenant, Signature Offset — a newsprint printing and binding firm founded in Boulder in 1970 as Intermountain Color — recently signed a long-term lease, Flagstaff Holdings officials said.
“The building fits perfectly into our niche of efficient, well-designed industrial buildings acquired at less than replacement cost in the Boulder/Broomfield County market area,” Andrew Freeman, a principal at Flagstaff Holdings, said in a statement. “In addition, vacancy rates have dropped into the 6 percent range, with increasingly strong demand and little remaining developable industrial land.”
Flagstaff Holdings officials said they have their sights on acquiring an additional 250,000 square feet of similarly positioned properties during the next two years.
Chris Boston, of Boulder-based Gibbons White Inc., represented the property’s seller. Freeman Myre Inc. represented Flagstaff Holdings, which received financing from FirstBank of Colorado.