Page 14 —
COLORADO REAL ESTATE JOURNAL
— July 15-August 4, 2015
Larimer & Weld Counties
by Jill Jamieson-Nichols
With very little office space
available in Centerra – and in
Northern Colorado, for that
matter – McWhinney is launch-
ing the region’s first speculative
office building in years.
The 56,000-square-foot Hahns
Peak Two will be the first spec
building to be developed in the
Loveland-Fort Collins region
since McWhinney’s Rangeview
Three, also at Centerra, in 2007.
Office space at Centerra cur-
rently is 98 percent leased, and
Northern Colorado’s office
vacancy rate stands at 5.6 per-
cent.
“There is no availability. It’s
been seven years since anybody
has built a spec building in the
Loveland-Fort Collins area. We
believe the time to go is now,”
said McWhinney spokesman
Andy Boian, CEO of Denver-
based Dovetail Solutions.
“We are thrilled to see Cen-
terra continue to flourish as
we bring much-needed avail-
able office space to the market
and larger community,” Ashley
Stiles, McWhinney’s vice presi-
dent of development, said in
an announcement. “This proj-
ect provides the ideal oppor-
tunity to build upon McWhin-
ney’s commitment to creating
great workplaces that connect
employers to nearby ameni-
ties.”
McWhinney expects to break
ground on Hahns Peak Two this
month and complete the build-
ing in early 2016. The Class A
building will be part of a two-
building office campus at 1880
Fall River Drive at Centerra,
McWhinney’s 3,000-acre mas-
ter-planned mixed-use commu-
nity at Interstate 25 and U.S.
Highway 34 in Loveland.
Tenants will be able to walk
to shops and restaurants at
The Marketplace at Centerra
and to other amenities within
the development. The build-
ing will have high-quality
fiber-optic technology, a shared
lobby entrance, open floor
plans, approximately 225 park-
ing spaces for employees and
“competitive” lease rates.
Hahns Peak Two will add
to Centerra’s existing base of
800,000 sf of office product.
Brinkman Construction is the
contractor for the building,
which was designed by Ware
Malcomb.
Other News
n
The former Bank of theWest
building at 1437 Mulberry St. in
Fort Collins sold for $915,000, or
$284.16 per square foot.
Cosner Bank LLC
purchased
the freestanding, 3,200-sf build-
ing and has it listed for lease.
Del Sol LLC
was the seller.
Jerry Chilson
and
Bill Reilly
of
Sperry Van Ness/The Group
Commercial
handled both sides
of the cash transaction.
n
Alberta Development
Partners
announced seven new
tenants for its $313 million rede-
velopment of Foothills Mall.
They include:
Bad Daddy’s
Burger Bar; Finish Line; Rocky
Mountain Chocolate Factory;
Lids; Matador,
a Tex-Mex res-
taurant;
CB & Potts;
and
Ulta.
Previously announced tenants
include H&M, White House/
Black Market, Longhorn Steak-
house, Bar Louie, The Melt,
Smashburger, Gymboree, Ross,
Vans and Grimaldi’s brick-
oven pizza. A dozen stores will
remain open inside the enclosed
mall, and four are in business
elsewhere on mall property.
The redevelopment will have
660,000 sf of retail space, includ-
ing a 10-screen Cinemark all-
digital movie theater, and up
to 800 apartment units. It is
scheduled for completion by
the holidays.
n
Asset Preservation
paid
$525,000, or $4.78 per sf, for
2.52 acres of commercial land
at 1005 Riverside Ave. in Fort
Collins. The buyer is affiliat-
ed with Houska Automotive,
which owns neighboring land
and will expand onto the prop-
erty over time.
Annah Moore
of
Realtec
Commercial Real Estate Ser-
vices
handled both sides of the
transaction.
Riverside Lemay
LLC
was the seller.
n
Arc of Larimer County
paid $320,000 for 2,540 sf of
office space at 1721 W. Har-
mony Road, Unit 101, in Fort
Collins. The space will serve as
the nonprofit’s regional office.
Randy Marshall
of
Sperry
Van Ness/The Group Commer-
cial LLC
represented the seller,
Eastside Missionary Baptist
Church of Minden Inc. Janet
Scott
of
Janet Z Real Estate
represented the buyer.
n
Phoenix Rising Proper-
ties
purchased a 1,407-sf office
space at 1101 E. Elizabeth St.
in Fort Collins from
Miramont
Front Range.
The property will
house a medical office.
Randy Marshall
of
Sperry
Van Ness/The Group Commer-
cial LLC
was the listing broker.
Bill Reilly,
also of SVN/The
Group Commercial, represent-
ed the buyer.
s
Hahns Peak Two will be the first speculative office building in Loveland-Fort Collins since 2007.
is a fabulous addition to down-
town. It’s a redevelopment
that was really needed at the
gateway to our downtown dis-
trict,” said Kimberlee McKee,
executive director of the Long-
mont Downtown Development
Authority, which, as part of a
Main Street construction project,
is extending streetscape south to
First Street.
As the largest apartment com-
munity built downtown, South
Main Station will help nurture
a 24-7 environment downtown,
she said.
“We think there’s a pent-up
demand, especially for down-
town product,” said Bair.
“You’re on Main Street and a
block from downtown, and as
soon as that transit station gets
built, you’ll be able to hop on a
bus or the train and go to Boul-
der or Union Station or wher-
ever you want to go.”
South Main Station’s apart-
ments will comprise four four-
story buildings and a three-story
building with a pedestrianway
through the property to con-
nect from Main Street to Emery
Street on the east, where Wibby
Brewing is opening a brewery
and taproom in an existing
building that was part of the
land assemblage.
The apartments will be “heav-
ily amenitized,” including an
outdoor pool and deck that will
connect with a TV lounge; a
fitness facility that will include
a multipurpose exercise room;
three dog washing/grooming
stations; a rooftop deck with
“spectacular views” of the
mountains; and “do-it-yourself”
room for tuning up bikes, skis
and snowboards. There will
be tuck-under garages in each
building, plus surface parking
and carports. The first units will
be delivered in late 2017.
South Main Station’s own-
ership group, PFP Longmont
Holdings I LLC, a joint venture
of Bair’s development company
and Pathfinder Partners, is con-
sidering developing approxi-
mately 200 units of high-density
single-family housing in South
Main Station’s second phase.
“That whole South Main
Station, along with our public
improvements, sets the stage for
a pretty transformative oppor-
tunity down there,” said Long-
mont Redevelopment & Revital-
ization Manager David Starnes.
Converse said he is talking to
Bair about the possibility of cre-
ating a “collaborative innova-
tion center” in the former Schlitz
granary building at South Main
Station. The center could house
TinkerMill as well as co-work-
ing space, creating the kind of
“21st century real estate that we
need,” Converse said.
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