Page 14 —
COLORADO REAL ESTATE JOURNAL
— December 17, 2014-January 6, 2015
Larimer & Weld Counties
by Jill Jamieson-Nichols
With Weld County’s industrial
market tighter than it’s been in
years, a commercial real estate
investment company plans to
bring new product to market.
Cress Capital LLC bought the
30-acre Ironwood Business Park
from E.E. Kinder Co. LLC. The
park at East 16th Street and First
Avenue has been owned by the
same family for more than half
a century and currently contains
approximately 75,000 square
feet of predominantly industrial
space leased to more than 20
tenants.
“Our plan for the property is
to most likely retain those build-
ings and use 15 to 20 acres of
excess land for development of
new industri-
al buildings,”
said
Ryan
Parkin, Cress
Capital man-
aging partner.
Parkin said
the company
an t i c i pa t e s
carving out
three- to sev-
en-acre sites
for 10,000- to 20,000-sf buildings.
Sources said the property sold
for $3.8 million.
Ironwood Business Park won’t
be targeted specifically to ener-
gy-related companies, but they
are likely users, given the energy
industry’s dominance in themar-
ket. “Certainly there’s demand
for that type of product with that
type of coverage ratio and signif-
icant ability to store equipment
and materials outside, which is
allowed with our current zon-
ing,” Parkin said.
Cress Capital is working with
the city on site planning and
hopes to start construction in
mid-2015. Development of Iron-
wood Business Park could range
from speculative buildings to
build-to-suits to land and build-
ing sales.
Parkin and Cress Capital Man-
aging Partner Art Smith have
another Weld County property
under contract and are looking at
additional opportunities as well.
“With the abundance of capital
chasing large, stable properties
in major U.S. markets, we have
increasingly developed a convic-
tion that many attractive oppor-
tunities are being overlooked,”
said Parkin. “We strive to avoid
the herdlike mentality and are
actively seeking opportunities to
capitalize onmarkets with strong
demand drivers and deals where
we can add value. We hope to
do so at Ironwood as we reposi-
tion this longtime family owned
property.”
CBRE’s Mike Eyer represented
the buyer and seller in the trans-
action and thinks there will be
“huge demand” for the product
Cress Capital plans to offer.
“There is very little supply of
what these guys are going to be
building, so I think it will bewell-
received in the market,” he said.
The business park is within
two blocks of Greeley’s main
north-south thoroughfare, close
to the downtown area and just
south of Leprino Foods’ cheese
factory.
“We acquired the property
because of the strong location
in the center of Weld County
and the willingness of Greeley
to work with us on a plan for
future development of the site,”
said Smith. “As a private inves-
tor who can close with or with-
out financing, we are particu-
larly interested in turnaround
and development opportunities
throughout Weld County andwe
look forward to becoming part of
this community.”
Market data indicates Weld
County’s industrial vacancy
rate is approximately 4.3 per-
cent, approximately half that of
the trailing five-year average,
according to Cress Capital.
Cress Capital is a privately
owned commercial real estate
investor with offices in Colora-
do and California. Its team has
invested more than $1.5 billion
through multiple market cycles,
and provided asset and prop-
erty management for more than
10 million sf. It has provided
strategic capital markets services
to institutional investors and is
experienced in development,
entitlement, workouts, broker-
age and dispositions.
Other News
n
Bentley Welding Inc.,
which does welding for the oil
and gas industry, leased 13,688
square feet of industrial space at
611 Eighth St. in Greeley.
Dan Leuschen, Cobey Wess
and
Steve Kawulok
of
Sperry
Van Ness/The Group Commer-
cial
represented the landlord,
Anderson Land Company LLC.
Bruce Campbell
of
Realtec-
Loveland
represented the tenant.
n
Kawulok and Leuschen also
represented
The Coloradoan
in
leasing 4,726 sf of office space at
1300 Riverside Ave. in Fort Col-
lins to
Visual Health Solutions
Inc. Dave Veldman
of
Veldman
Morgan Commercial
represent-
ed the tenant.
Visual Health creates three-
dimensional digital models and
animations of the human body
for the health care industry.
n
SEC Pipeline Division
leased
1,085 sf of office space at 1295
Main St., Unit 5, in Windsor.
Jerry Chilson
of
Sperry Van
Ness/The Group Commercial
represented the tenant.
Cole
Herk
of
Cassidy Turley
repre-
sented the landlord,
Johnson
Investments Inc.
s
New development is planned for Ironwood Business Park in Greeley.
Ryan Parkin
