February 4-February 17, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 11
Larimer & Weld Counties
by Jill Jamieson-Nichols
Dealin’ Doug dealt a hand in
Windsor.
Denver automotive dealer
Doug Moreland bought 52.99
acres of land off the south-
east corner of Interstate 25 and
Highway 392 for $7.48 million
cash, about $3.24 per sf. He
hasn’t determined what to do
with it, but says the opportu-
nity was too good to pass up
in light of the location and the
growth occurring in Northern
Colorado.
“We just felt it was a great
piece of property right off the
Windsor exit, in between Cen-
terra and Harmony Road,”
said Moreland, who added he
is evaluating different options.
“It’s a great piece of property
for future development.” The
site is not currently zoned for
auto dealerships, although
Moreland said it would be a
good location for that use.
“It’s a great piece of land
and great access,” said Craig C.
Hau of Sperry Van Ness/The
Group Commercial, who rep-
resented Moreland in the deal.
The seller, represented by
Pete Kelly of CBRE, was Pou-
dre Valley Health Care Inc.
The health care system initially
bought the site to develop the
Medical Center of the Rockies,
but ended up building the hos-
pital at nearby Centerra.
Other News
n
Weld County
recently paid
$5.5 million, or about $46 per
square foot, for Chase Plaza,
a 118,956-sf office building at
804-822 Seventh St. in Greeley.
The property is close to the
Weld County Courthouse and
Justice Center. The county has
two other parcels near the
building under contract that
will provide options for future
expansion and parking capac-
ity for court and justice center
employees.
The county decided in the
mid-1980s to maintain court
and justice functions in down-
town Greeley, anchored by the
historic Weld County Court-
house. It has been acquiring
properties adjacent to or near
the building as they become
available.
Weld County said the tim-
ing was good to acquire Chase
Plaza, which sold in 2008 for
$9.95 million. Approximately
64 percent of the building will
remain leased until the county
needs it. In the future, more
than 100 county employees
will be relocated there.
CSA 19-Riverwalk Square
LLC
sold the property.
Jason
Ells
and
Cole Herk
of
DTZ
represented the seller.
Ron
Randel
of
Wheeler Manage-
ment Group
represented Weld
County.
n
KLX Energy Services LLC
paid $350,000 cash for 1.29
acres of land on Gateway Cir-
cle in Johnstown to support
office/warehouse use.
Craig Hau
of
Sperry Van
Ness/The Group Commercial
LLC
represented the buyer.
Dennis Saffell
of
Coldwell
Banker
represented the seller,
I-25 Gateway Center LLC.
n
Energes Services LLC
leased 3,000 sf of industrial
space at 821 18th St. in Gree-
ley.
Bonnie L. Todd LLC
is the
landlord.
Nick Berryman
of
Realtec-
Greeley
was the listing broker.
n
Chimaera Sound Studio,
a music recording studio, pur-
chased 2,674 sf of office space
at 1347 S. Garfield Ave. in
Loveland from
RASE LLC.
Randy Marshall
of
Sperry
Van Ness/The Group Com-
mercial LLC
handled both sides
of the transaction.
n
Tharp Real Estate LLC
bought 1,430 sf of office space
at 1136 E. Stuart St., Building
4, Suite 202, in Fort Collins for
$199,000, or $139.16 per sf.
Steve Stansfield
and
Erik
Broman
of
Realtec Commer-
cial Real Estate Services
rep-
resented the sellers,
John
and
Carolyn Huisjen.
The buyer
was represented by
1st Choice
Realty.
s
by Jill Jamieson-Nichols
A Loveland office/flex build-
ing will undergo a major trans-
formation following its recent
$1.4 million sale.
An investment group affili-
ated with the owners of Love-
land Commercial LLC pur-
chased the 28,000-square-foot
building at 1714 Topaz Drive in
one of two recent acquisitions.
Located in central Loveland,
the building is just off U.S.
Highway 34 and North Boise
Avenue and is visible from the
highway.
“It’s a property with an A
location and a C building. We’re
trying to take the building up
to the same standard as the
location,” said Nathan Klein, a
partner in Loveland Commer-
cial. “We’re excited about the
location and the opportunity
based on the fact that it’s been
long since ignored,” he said.
The owners plan to spend
“north of $1 million” upgrad-
ing the exterior with new fin-
ishes, including stone accents,
and improving the roof, HVAC,
signage and other aspects of
the property. Work will get
underway in early March and
should be completed within
90 days. Interior spaces will be
improved as tenants turn over.
Originally conceived as
Loveland Commerce Center,
the building will be branded
with that name.
Tenants in the building,
which was about 20 percent
vacant at the time of the sale,
include Advantage Insurance,
State Farm Insurance, White
Dragon Kung Fu and others.
Klein handled both sides of
the sale.
Another Loveland Com-
mercial affiliate, 216 East 29th
Street LLC, recently paid $4.58
million for The Shops on 29th,
a 36,990-sf shopping center at
216-288 E. 29th St. in Loveland.
Positioned between Lincoln
Avenue and East 29th Street
in midtown, the property is
leased to 17 tenants, including
Papa John’s, Subway, Fantastic
Sam’s, Curves, Tranʼs Martial
Arts, Today’s Nails and Love-
land’s Oasis Aesthetics.
A Northern Colorado invest-
ment group managed by Brink-
man Partners sold the property,
which it had owned since 2013.
The center was 64 percent occu-
pied when the group acquired
it, and with capital improve-
ments made over the last 1½
years, occupancy improved to
92 percent.
“We’re buying a stabilized
center,” said Klein. “It has a
good mix of franchise and
local tenants and a great cen-
tral Loveland location,” he
said, adding it’s something that
his group can easily manage
because it’s in its own back-
yard.
Josh Guernsey, Greg Roeder
and Jake Arnold of Brinkman
Partners represented the seller
in the transaction. Klein repre-
sented the buyer.
Other News
n
An affordable housing
property at 1292 E. Sixth St.
in Loveland recently sold for
$3.68 million.
The
Fort Collins Housing
Authority
sold the 60-unit
Madison Avenue Apartments
to
Retirement Housing Foun-
dation,
a California-based
group, in a deal handled by
Marcus & Millichap
brokers
Greg Price, David Lee
and
Brandon Grisham.
The apartments were built in
1975.
s
The new owners plan to bring the building at 1714 Topaz Drive more in line with its Class A location.
The property at 1714 Topaz will be branded as Loveland Commerce Center.
An investment group affiliated with Loveland Commercial paid $4.58 million for The Shops on 29th.
ʻIt’s a property
with an A
location and a
C building.
We’re trying
to take the
building up to
the same
standard as
the location.ʼ
– Nathan Klein,
Loveland Commercial
