Marcus & Millichap arranged the sale of Gunbarrel Tech Center, a 170,998-square-foot office property in Boulder, Colo.
The value of the transaction was approximately $12.9 million, or $85 a square foot.
Gunbarrel Facility LLC and Gunbarrel Facility II LLC, subsidiaries of Colorado & Santa Fe Real Estate, sold the property to an unidentified buyer.
Gunbarrel Tech Center is a single-tenant office/technology property at 6304 Spine Road in the Gunbarrel Business Park, which is home to a number of defense contractors. Built in the 1960s, the asset was originally occupied by an IBM copier machine manufacturing facility. In the late 1970s, another 100,000 square feet was added to the building, and Loral Federal Systems took up tenancy. Through a series of mergers and acquisitions, Lockheed Martin became the tenant in the mid-1990s. In the late 1990s, the property received another 20,000 square feet of space, bringing its total square footage to 170,998 in three separate buildings with common walls.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.