I just received a phone call from Dan Pulcrano, CEO of Boulevards New Media Inc. , and he was happy to share the news that his company sold Denver.com in a “seven figure transaction.” The buyer is Denver businessman Peter Niederman, CEO of Kentwood Real Estate, and I was able to confirm the deal with him over the phone. Niederman also recently bought Boulder.com and he also owns and operates DenverRealEstate.com.
The exact terms and financial value of the deal are subject to a non disclosure agreement, but Boulevards will continue to manage the property on behalf of the buyer. Prior to the deal, Neiderman had been the exclusive real estate partner on Denver.com. Niederman’s company did $1.1 billion in residential real estate transactions last year and is on target for between $1.3-$1.4 billion this year.
Boulevards bought the domain name in 1996 for $6,250 as part of what is believed to be the domain name industry’s first significant portfolio purchase. Boulevards is currently the largest owner and operator of top tier US city names with properties that include Seattle.com, SanFrancisco.com, LosAngeles.com, Dallas.com, SanAntonio.com, Houston.com, Philadelphia.com, Memphis.com, Minneapolis.com, Raleigh.com and others.
After speaking with both the buyer and seller, it is very clear that this transaction is a win/win for both parties. Owning Denver.com will certainly benefit Niederman and his agents, and Pulcrano was able to sell the domain name for a considerable amount of money.
You can read the press release announcing the deal below.
Denver Real Estate Entrepreneur Purchases Denver.com
Silicon Valley-based Boulevards New Media Inc. has sold Denver.com to Denver businessman Peter Niederman, CEO of Kentwood Real Estate.
Mr. Niederman is also the owner of Boulder.com and his experience with that site convinced him of the unique traffic, branding, marketing and sales potential of Geographical Names, known in the domain name industry as Geo Domains, to expand his real estate business in the future.
“I viewed the purchase of Denver.com as a unique and historic opportunity. To acquire the intuitive Internet brand of a world-class city like Denver is very rare,” Niederman said. “It fits in perfectly with Kentwood Real Estate’s strategic Internet vision of integrating lifestyle and neighborhood-specific content with real estate services.” Kentwood Real Estate currently operates its business at DenverRealEstate.com.
The transaction includes a multi-year agreement under which Boulevards will continue to operate Denver.com. Boulevards is the largest owner and operator of top-tier US city names. Its properties include Seattle.com, SanFrancisco.com, LosAngeles.com, Dallas.com, SanAntonio.com, Houston.com, Philadelphia.com, Memphis.com, Minneapolis.com and Raleigh.com.
Prior to the sale, Niederman’s firm provided MLS listings and property search services for Denver.com’s real estate channel. “We believe local ownership will give Denver.com deeper roots in the community and further our efforts to provide a strong commerce and information site at Denver’s most important web address,” said Boulevards CEO Dan Pulcrano.