Page 14 —
COLORADO REAL ESTATE JOURNAL
— September 2-September 15, 2015
Larimer & Weld Counties
by Jill Jamieson-Nichols
A Fort Collins group bought
an apartment community
north of the University of
Northern Colorado campus in
Greeley with plans to make
needed upgrades and, most
likely, convert the building to
condominiums.
New Colony LLC purchased
the 35-unit New Colony Apart-
ments from 13th Avenue Gree-
ley Company LLC, a Las Vegas
ownership group, for $1.15
million.
Built in 1967, the apartments
have some “pretty serious
deferred maintenance” that the
new owners plan to take care
of, accord-
ing to Jack
Tr e t h e w e y
of Berkshire
H a t h a w a y
H o m e S e r -
vices Rocky
Mo u n t a i n ,
Realtors in
L o v e l a n d .
The three-
story build-
ing needs a new roof, elec-
trical upgrades, and improve-
ments to the boiler and covered
swimming pool, said Trethew-
ey, who served as transaction
broker on the deal.
Trethewey said the apart-
ments had a motivated seller
and the buyers, which includ-
ed John Mccoy of Berkshire
Hathaway HomeServices, saw
them as a good opportunity.
“Their overall plan is to get
the units refurbished, get the
building refurbished and, most
likely, condo them and sell
them as individual condos,” he
said. Professionals in Berkshire
Hathaway’s Greeley office
“strongly feel there is a market
there for individual condos,”
Trethewey said.
The apartments are located
eight blocks north of UNC at
1009 13th Ave. They were 80
percent occupied at the time of
the sale.
s
CoStar Group
The new ownership group will update the New Colony Apartments.
Jack Trethewey
by Jill Jamieson-Nichols
A small, nicely finished
office park in Greeley recently
changed hands for $1.65 mil-
lion, or $60.53 per square foot.
Originally listed at $2.99 mil-
lion, the four-building prop-
erty was bank-owned and 62
percent occupied.
“The four buildings are nice-
ly finished. The tenants that are
in there are pretty quality ten-
ants,” said Aki Palmer of DTZ.
“We were able to find the right
investor to see the potential
that the property has,” he said.
Tommy C’s Square consists
of 27,256 sf of two-story office
space at 1011, 1015, 1019 and
1023 39th Ave. The buildings
were constructed from 2003 to
2005 and feature craftsman-
style finishes, break rooms and
high-end restrooms.
Tenants include NexCare
Urgent Care, Barcelona Clini-
cal Spa & Salon, a chiropractor,
insurance agency and certified
public accountant.
Community Banks of Colora-
do, a subsidiary of NBH Bank
Inc., obtained the office park
through its acquisition of sev-
eral branches of the failed Bank
of Choice. The bank sold the
property to Timothy Hume of
Walsh.
“They are very well-built
buildings, and he’s got some
good tenants in there,” said
Ron Randel of Wheeler Man-
agement Group, who repre-
sented the buyer with Wheel-
er’s Jim Vetting and Brian
Smerud. Randel said there
is good potential to increase
occupancy in the park, which
is in a growing area of Greeley,
“and possibly getting a little
bit more per sf that we’re cur-
rently getting.”
Wheeler will manage and
lease the property.
Palmer, along with Jim Palm-
er and Brian Mannlein of DTZ,
represented Community Banks
in the transaction.
Other News
n
Universal Field Services
Inc.,
an oil field services com-
pany, leased 3,848 square feet
of office space at 3400 W. 16th
St., Building 2, in Greeley. The
space comprises Unit P as well
as basement area.
Larry Hawe
of
Sperry Van
Ness/The Group Commercial
represented the landlord, B
it-
tersweet Group Ltd. J. Grant
Hortenstine
of
Avison Young
represented the tenant.
s
Tommy C’s Square was 62 percent occupied at the time of the sale.
the next two years.
Executive Vice President
and partner Ryan Good said
a lack of supply, coupled with
“the Boulder effect” are driv-
ing demand at the Colorado
Tech Center. He estimated more
than 50 percent of the activity
in the park is from companies
that would prefer to be in Boul-
der but can’t find facilities large
enough to accommodate their
requirements.
“This wave of new leases
demonstrates
CTC’s appeal
to
leading
t e chno l ogy
c omp a n i e s
seeking Class
A, energy-
e f f i c i e n t
i n d u s t r i a l
space in a
strategic loca-
tion. The pace
at which we’ve been leasing our
new properties is a testament to
the quality of the developments
and the desirability of the busi-
ness park.”
Packers Plus Energy Servic-
es’ building is scheduled for
completion in early October. It
features 24-foot ceilings, nine
truck docks, two drive-in doors,
heavy power and green features
that include low-E glass, a Gen-
Flex cool roof system, electric-
vehicle charging stations, sky-
lights, LED site lighting and
an energy-efficient HVAC sys-
tem. Ware Malcomb designed
the building. Murray & Stafford
Inc. is the general contractor.
David Hazlett of Colliers
International represented Pack-
ers Plus in the transaction.
“Packers Plus will be a great
addition to Colorado Technol-
ogy Center and we’re pleased
to have them as a tenant in our
portfolio,” said Good.
Etkin Johnson Real Estate
Partners’ next speculative build-
ing at CTC will be 2000 Taylor, a
120,877-sf building at the south-
east corner of Taylor Avenue
and CTC Boulevard. Scheduled
for completion in spring, the
building will have 16 load-
ing docks, four drive-in doors,
24-foot ceilings and a parking
ratio of 3.47 per 1,000 sf. That
will be followed by a 152,992-sf
building set to break ground in
the first quarter on 12.2 acres
the developer has under con-
tract at 633 CTC Blvd. Another
33.12 acres is under contract
for approximately 400,000 sf
capable of housing one or more
large corporate users.
Etkin Johnson currently owns
and manages 10 state-of-the-art
industrial/flex properties total-
ing 900,000 sf in the Colorado
Tech Center.
s
ing medical technology com-
pany, leased 4,883 sf of office
space at 4007 S. Lincoln Ave. in
Loveland Tech Center.
Greg Roeder
and
Josh
Guernsey
of
Brinkman Bro-
kerage LLC
represented the
landlord, the
Colorado State
Land Board. Amy Aldridge
of
JLL
represented the tenant.
n
Grilled Inc.,
a clothing
accessories business, leased
1,875 sf of industrial space at
1401 Duff Drive, Unit 800, in
Fort Collins.
Steve Kawulok
and
Dan
Leuschen
of
Sperry Van Ness/
The Group Commercial
rep-
resented the landlord,
1997
Stewart Trust. Nate Heckel
of
DTZ
represented the tenant.
n
Academy of Modern
Pilates
signed a lease for 1,668
sf of retail space at Harmony
Market Center, 1526 W. Har-
mony Road, Suite 120, in Fort
Collins.
Greg Roeder
of
Brinkman
Brokerage LLC
represented the
tenant.
T.J. Antinora
of
Realtec
Commercial Real Estate Ser-
vices
represented the landlord,
Harmony Marketplace 12
LLC.
s
office space left at PearlWest. We
are now working on retail leases
and expect to be 100 percent by
next spring, when the project
opens,” said Lynda Gibbons of
Gibbons-White Inc.
Gibbons is working with the
Nichols Partnership on the four-
story PearlWest development
at 11th and Pearl streets, which
will include a rooftop restaurant,
space for an art film theater, pub-
lic plazas and a robotic, below-
grade parking system.
SolidFire, amarket leader in all-
flash storage system for the Next
Generation Data Center, has 50
employees in Boulder and anoth-
er 150 in regional offices around
the world. “With a 46 percent
employee growth rate by the end
of 2015 alone, SolidFire is looking
forward to having all our Colora-
do-based employees under one
roof with enough breathing room
to continue expanding our team
and meeting the ever-increasing
worldwide demand for Solid-
Fire’s all-flash scale-out storage
platform,” SolidFire founder and
CEO Dave Wright said in a press
release.
According to CBRE, down-
town Boulder’s office vacancy
rate was 5.3 percent at the end
of the second quarter, compared
with 6.5 percent for the Boulder
submarket as a whole and 12.5
percent for metro Denver. That’s
up from a low 2.6 percent in the
first quarter.
Direct lease rates in downtown
Boulder averaged $39.30 per sf
full service gross, with Class A
rates averaging $42.13 per sf.
s
‘With the new
lease that is out for
signature following
the SolidFire signing,
we will have no
office space left at
PearlWest.’
– Lynda Gibbons,
Gibbons-White Inc.
Ryan Good
