JLL Capital Markets represented the joint venture between Vitrian and Koelbel and Company in this transaction
WASHINGTON, D.C., Mar. 14, 2024 – JLL Capital Markets announced today that it represented the joint venture between Vitrian and Koelbel and Company to raise equity for the Centennial Valley Innovation Center, the conversion of a vacant, former home improvement store into a state-of-the-art biomanufacturing/advanced manufacturing building totalling 134,393 square feet in Boulder County, Colorado. A fund managed by DRA Advisors LLC provided joint venture equity for the acquisition and conversion of the project.
The project is located at 1171 West Dillion Rd. in Louisville, Colorado, a 15-minute drive from Boulder and 30 minutes outside of Denver. The venture will reposition the former home improvement store into a state-of-the-art GMP/advanced manufacturing facility to cater to the Denver/Boulder life science and advanced manufacturing markets.
The project is located in the Centennial Valley Business Park, a highly-amenitized established life science and advanced manufacturing node, with many retail/restaurants accessible within walking distance. Upon completion of the conversion, 1171 W Dillon Rd will offer the closest dedicated biomanufacturing and advanced manufacturing capable space to Boulder, home to the University of Colorado’s main campus and the largest life science R&D hub in the Intermountain West. The project will be ready for interior buildout within six months.
Boulder County benefits from an existing manufacturing labor pool, providing access to skilled workers. The region is a top five market for research jobs, and the No. 1 market for chemical engineers, No. 4 market for biological scientists, and No. 6 market for biological technicians. Additionally, the proximity to a major research university and hospital system venture arm offers access to grant funding opportunities.
“Vitrian, Koelbel and DRA have deep roots in the Colorado marketplace and in the Centennial Valley in particular,” said Scott Nudelman, Co-Founder of Vitrian. “As biomanufacturing and non-pharma advanced manufacturing expands beyond the coastal markets, Boulder County will continue to benefit. We look forward to collaborating with companies and stakeholders in the region, including the Colorado Bioscience Association and Institute, Front Range Community College and non-profit organizations focused on STEM workforce development.”
The JLL Capital Markets team was led by Senior Managing Directors Jim Meisel and Peter Merrion, Senior Director Dave Baker and Associate Ginna Wallace, as well as Senior Managing Directors Mark Katz, Andrew Weir and Matt Nicholson, Senior Director Hilary Barnett and Director Kevin Byrd.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Vitrian
Vitrian is the first fully integrated company dedicated exclusively to providing end-to-end solutions for biomanufacturing and cGMP facilities. Its mission is to foster the next generation of drugs and therapies through facility real estate development, improving the capitalization process, and building capacity for future growth through civic engagement and workforce development. Vitrian is actively engaged in training/capacity building for the entry-level biomanufacturing workforce across its primary markets. Its current engagements span modalities across advanced therapeutics, aseptic fill/finish, synthetic biology, and radiopharma with active projects in 6+ US markets. For more information, visit vitrian.com.
About Koelbel and Company
Founded as a residential brokerage company in 1952 and now a full-service real estate company with developed properties spanning from Vail and Winter Park to Louisville and Denver, Koelbel and Company has helped change the face of the Centennial State. Now in its third generation, the family owned Koelbel and Company continues to place its indelible mark on the Colorado landscape and beyond with innovative residential and commercial developments that blend ageless values with pacesetting design. For more information visit koelbelco.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $40 billion of real estate. The acquisitions include 94 million square feet of industrial, 65 million square feet of office, 88 million square feet of retail and 86,000 multifamily units. As of December 31, 2023, DRA has $12.9 billion in gross assets under management. For more information visit draadvisors.com
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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