In September of 2000, we entered into another joint venture with Susan Chrisman (of Chrisman Enterprises) and Jim Chrisman (of Chrisman Construction, Inc.), both well thought of developers of commercial real estate in the Boulder market. We joined forces again to acquire Phase II of the Northview Project and also acquired (at the same time and under a separate ownership) Phase III (another lot adjacent to Northview I & II). This assemblage was put together in an effort to protect our market position and provide a tenant the ability to build a campus environment in a tight real estate market that provided few such opportunities. We felt that being able to insure what is built next door would assist in maintaining the overall value of the project(s), plus it would open the tenant pool to anyone that needed a campus setting or future expansion (again, these are some of the only remaining R&D lots within the city limits of Boulder). This site was also planned for a 40,000 square foot 2-story office / R&D Building to maximize the site. We invited a group of local investors to fund this project alongside our equity position.
