Phillips 66 Co. sold the Redtail Ridge property in Louisville for $34.93 million, a discount of just more than 37 percent from the $55.6 million that ConocoPhillips paid for the property in 2008.
ConocoPhillips’ acquisition included about 1.6 million square feet of buildings that were subsequently torn down.
Sale of the property to Redtail Ridge Development LLC, an entity controlled by Denver-based Brue Baukol Capital Partners LLC, occurred Dec. 11, but officials from Brue Baukol did not then disclose the purchase price. The price was recorded in documents recorded by the Boulder County Clerk & Recorder on Dec. 14, and recently uploaded to the county website.
Retail Ridge encompasses 475 acres along U.S. Highway 36 and Northwest Parkway. The site once housed Storage Technology Corp., which sold to Sun Microsystems Inc. in 2005 for $4.1 billion. Sun was acquired by Oracle Corp. in 2010, and employees were shifted to Broomfield.
ConocoPhillips had acquired the site for a proposed clean-energy research park that was expected to generate 7,000 jobs, but the subsequent spinoff of Phillips 66 halted those plans, and the property was put up for sale.
Brue Baukol has been working on a development plan for the property, but it has had difficulty getting the plan approved by the city. Medical-device maker Medtronic Inc. pulled out of a proposal to build a flagship office there three months ago, opting instead to build on land south of SCL Health’s Good Samaritan Medical Center.
At the time of sale, Brue Baukol said it intends to submit a revised development plan for the property in early 2021.
“This site offers one of the best locations along the Front Range, and we look forward to continuing our work with the City of Louisville to unlock its full potential,” Chad Brue, CEO and founder at Brue Baukol Capital Partners, said in a prepared statement.