FORECAST 2014 Rebound in Commercial Real Estate to Continue by JOSHUA LINDENSTEIN County
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$1 SCHOOL GUIDE BANKING/FINANCE Expansion in works Sunflower Bank at Dawson School enters local market 13A 17A Volume 33 Issue 1 | Jan. 17-30, 2014 COMMERCIAL RESIDENTIAL RETAIL Developer REAL ESTATE REAL ESTATE “Sales are “We’re not “The general embarks on expected to projecting any consensus is improve at the big slides in that things $180 million Twenty Ninth 2014 or 2015.” look quite Street shopping optimistic.” multiuse plan KATE HONEA district in Boul- LYNDA GIBBONS RYAN McMAKEN spokeswoman, communications Sutherlands site sits president/ Twenty Ninth Street der throughout director/economist managing broker, 2014.” in transit-village area Gibbons-White Inc. Colorado’s Division of Housing BY JOSHUA LINDENSTEIN [email protected] CYBERSECURITY BOULDER —Real estate devel- opment firm ElementProperties LLC “Many and Sopher Architects LLC submit- enterprises FORECAST ted concept plans with the city of Boulder recently on a proposed rede- are not yet velopment of the former Sutherlands prepared to Lumber Co. site that could cost up to $180 million. respond to 2014 The plans call for 680,000 square emerging feet of building space, including room RICK DAKIN The Boulder County Business Report asked people in for apartments, office, retail and res- chief security (cybersecurity) taurant uses as well as a 140-room seven key industires what they expect in 2014. boutiquestyle hotel. There will also strategist, risks.” Coalfire Systems Inc. Stories begin on 6A. be a large public plaza that could someday serve as a train platform for a FasTracks commuter rail stop. Dubbed Spark — short for Suther- land Park in homage to the longtime TECHNOLOGY BANKING HEALTH CARE owners of the site — the develop- ment will sit on roughly eight acres. “… I wouldn’t “We anticipate “We will That includes the 5.9-acre parcel at 3390 Valmont Road owned by the be surprised higher continue to Sutherland family that was home to to see (several earnings, place patients their hardware store and lumberyard. It also includes the adjacent parcels at companies) go greater capital at the center of 3195 Bluff St., the site of Columbine down (the IPO) formation all we do as we Plastics Corp., and 3200 Bluff St., home to an Airgas branch store. path.” and increases DAVE HAMM navigate (the) The site lies within the city of ERIC MITISEK BARBARA WALKER chief executive/ Boulder's Transit Village Area Plan, in lending.” impacts to our chief executive, executive director, president, commonly known as Boulder Junc- Colorado Independent Exempla Good industry.” tion, which was adopted in 2007 and Technology Bankers Samaritan Medical is bounded roughly by Valmont Road Association of Colorado Center to the north, Foothills Parkway to the east, Pearl Parkway to the south and ➤ See Developer, 26A CONTENTS Serving Boulder & Broomfield Counties Awards ......................................... 34A For the Record ............................ 27A Boulder County’s Business Journal Bank Notes .................................. 20A Legislative Preview ...................... 24A BCBRdaily ...................................... 2A Nonprofit Network ........................ 34A Business Digest ........................... 33A On the Job ................................... 35A Calendar ....................................... 34A Product Update............................ 34A Discoveries................................... 10A Publisher’s Notebook ................... 38A Editorial ........................................ 38A Real Estate ................................... 36A Eye ................................................. 3A Sales Smarts ................................ 12A LISTS Certified Public Accountants ....... 23A Staffing Agencies ........................... 9A SBA Lenders ................................ 18A 2A | Jan. 17-30, 2014 Boulder County Business Report | www.bcbr.com Blackstone Group invests in Crocs; CEO retiring Editor’s note: The following is a wrap- Securities and Exchange Commis- nal four partners in the Boulder office, including chief up of breaking local business stories sion. The filings noted that McCarvel who is filling the executive Andrew Keller. published daily on the Boulder County is due a $1.1 million separation pay- role of vice chair- Posted Jan. 8. Business Report’s website. Sign up ment once his resignation is effective, man of the com- for our free BCBRdaily, an all local and another payment of $1 million pany. New Boulder Venture fund e-news report sent to your email each on the one-year anniversary of his Erich joined BOULDER – Boulder Ventures weekday. Just click on “Register for resignation date. He will remain with CP+B in 2004 Ltd. has raised $100 million for a E-Newsletters” at www.BCBR.com. the company at his regular salary in a to relaunch the new fund, and Crestone Capital Advi- consulting capacity through April 30 Erich B u r g e r K i n g sors LLC has raised $7 million for BY BUSINESS REPORT STAFF if his successor is named sooner. brand in the two new funds, according to docu- [email protected] United States. ments filed with the Securities and He has also been a key player on sev- Exchange Commission. NIWOT — Shoemaker Crocs BCBR DAILY eral other accounts for the company, Boulder-based Boulder Ventures’ Inc. (Nasdaq: CROX) announced including Volkswagen, Microsoft new fund is called Boulder Ventures Monday that an entity formed by Blackstone, which will own about Windows, American Express and VI. The firm, led by Kyle Lefkoff, Blackstone Group LP (NYSE: BX) 13 percent of Crocs stock, will be Kraft. As president, he will oversee Peter Roshko, Jonathan Perl and Tim will purchase $200 million of newly entitled to two seats on Crocs’ board all global offices, including leading Hogheem, previously has run five issued preferred stock in the Niwot- of directors. The board has begun an culture, connections and new busi- other funds totaling $300 million. based company, and that chief execu- outside search for McCarvel’s replace- ness development. The firm, founded in 1995, mostly tive John McCarvel will resign by ment, and Blackstone will be able to Steinhour will continue to oversee backs companies in software, IT and April 30 as part of the deal. appoint one of its board members to several key client relationships. He’ll biotechnology. The net proceeds from the sale of the search committee. also lead the vision and staffing for Boulder-based Crestone, a about $180 million will be used to Posted Dec. 30. account management and be involved wealth-advisory firm led by founder help fund a $350 million stock repur- with recruiting talent and cultural and chief executive Eric Kramer, chase program approved by the Crocs CP+B names Erich president initiatives. had 14 investors put $3.65 million board of directors. BOULDER – Advertising agency Also, CP+B hired music industry into Eldorado Natural Resources Multiple media outlets reported Crispin, Porter + Bogusky LLC made veteran Mike Saunter as chief oper- Fund III LP. The minimum invest- in November that Niwot-based Crocs a trio of management moves, includ- ating officer. Saunter most recently ment made was $100,000. Five was rumored to be mulling various ing the promotion of Steve Erich to was chief financial officer of Warner investors put $3.35 million into the strategic options that included a stock president. Music International and served stints Maroon Peaks Private Equity Fund buyback. Erich, a 10-year veteran of the with EMI Group Plc and Sony Enter- VI LP, according to another regula- McCarvel has led Crocs since company, has been based in Boulder tainment. tory document. 2010. His resignation becomes effec- since 2007. He was named a partner CP+B has 750 employees world- The two new funds are pooled tive when a replacement is named in 2008 and managing director in wide at offices in Boulder, Miami, Los investment funds that can receive or April 30, whichever comes first, 2011. He replaces Miami-based Jeff Angeles, London and Gothenburg, new investments throughout the year, according to documents filed with the Steinhour, one of the company’s origi- Sweden. There are 335 employees ➤ See BCBRdaily, 39A 2014 Economic Forecast: Boulder & Beyond An engaging and informative look at what’s ahead for our economy Thursday, January 30, 4:00 to 7:30 pm, UCAR Center Green Auditorium, Boulder Business Economic Outlook—Boulder, Colorado, and US ◦ Dr. Richard Wobbekind, Economist, Leeds School of Business, University of Colorado Boulder Panel Discussion—Dr. William Farland, CO-LABS; Josie Heath, The Community Foundation Serving Boulder County; and Dr. Phyllis Resnick, Colorado Futures Center at Colorado State University Reception Register now at BoulderEconomicCouncil.org/news-events/ Presenting Sponsor Gold Sponsor Silver Sponsors Bronze Sponsors Media Sponsors General Sponsors: Boulder County, Xcel Energy Boulder Economic Council, An affiliate of the Boulder Chamber, 303.442.1044 Boulder County Business Report | www.bcbr.com Jan. 17-30, 2014 | 3A Boulder Brands buys EVOL for $48 million BETH POTTER [email protected] BOULDER — Boulder Brands Inc. (Nasdaq: BDBD) bought Phil’s Fresh Foods LLC, owner of EVOL Foods, for $48 million in December. The Boulder-based food brand company said it paid cash for Boulder- based EVOL Foods, whose signature EVOL Foods makes natural and organic frozen food products. Hughes Anson products are frozen burritos and other products sold in grocery stores’ freezer aisles. After cash tax benefits, the net Phil Anson and a group of inves- firms in Boulder, according to the