December 2-December 15, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 13
Larimer & Weld Counties
by Jill Jamieson-Nichols
A Colorado hotel owner-oper-
ator purchased two neighboring
hotels in Loveland for $6.2 mil-
lion, according to public records.
The Rodeway Inn at 1639 E.
Eisenhower Blvd. and Travelo-
dge at 1655 E. Eisenhower sold
to 8thAve Lodging LLC. Nation-
al Hospitality Services LLC will
manage the hotels.
The Rodeway is a 48-room
hotel that records show sold for
$3.4 million, or $70,833 per key.
The hotel includes an indoor
swimming pool and hot tub.
The Travelodge, with 49 rooms,
sold for $2.8 million, or $57,143
per key. Both hotels offer com-
plimentary breakfasts to their
guests.
The hotels received “very
good” investor interest fromown-
er-operators
and regional
i n v e s t o r s ,
a c c o r d i n g
to
Michael
Dubé,
vice
president of
HREC-Hos-
pitality Real
Estate Coun-
selors.
“They are the closest in Love-
land to Rocky Mountain Nation-
al Park, so they do great leisure
business. They’re really the only
two economy hotels in Love-
land,” said Dubé, who repre-
sented seller Pioneer Hotel
Investments with HREC Vice
President Jeffrey Duni, and
founder and CEO Mike Cahill.
“Although it was a long
process, everything was han-
dled professionally and effi-
ciently by HREC and we were
pleased that the end result was
a successful transaction for all
involved,” said K.J. Grewal,
a principal in Pioneer Hotel
Investments. Pioneer is a local-
ly based owner-operator of
limited-service hotels in select
Front Range markets.
Dubé said he couldn’t dis-
cuss the sales prices, but said
on a per key basis, they were
“pretty high for these assets.”
That dissuaded some inves-
tors who were unfamiliar with
the market, but those who are
familiar with it saw the value
in the pricing, he said.
“The Loveland market has
experienced
tremendous
growth in the current econom-
ic cycle and is right behind
Denver as the second-highest-
performing Front Range sub-
market in terms of RevPAR,”
he said. “With the continued
increase in Rocky Mountain
National Park visitors, these
assets are well positioned as
the closest economy lodging
options outside of Estes Park
and should continue their
excellent performance with the
new ownership group.”
“We have been fortunate
to work with 8th Ave Lodg-
ing LLC in the past and have
found them to be excellent
owners and partners,” said
NHS President Norman Leslie.
“We were very pleased to be
selected by 8th Ave Lodging
LLC to manage the Travelo-
dge and Rodeway in Loveland.
Both properties are uniquely
positioned to serve travelers
to the area with an excellent
location off Interstate 25 and
Highway 34. We are excited to
work as a strategic partner to
continue the properties’ suc-
cess and bring both hotels to
their peak performance.”
s
The Travelodge, located adjacent to the Rodeway, has 49 guest rooms.
CoStar Group
The Rodeway Inn hotel in Loveland sold for $70,833 per key, according
to public records.
by Jill Jamieson-Nichols
A fully occupied office build-
ing on East Horsetooth Road
in Fort Collins sold off market
for $3.1 million, or $228.13 per
square foot.
Lewis Melvin Johnson, a Fort
Collins investor, purchased
the 13,589-sf building at 375 E.
Horsetooth in the Shores Office
Park as part of a 1031 exchange.
Shores V LLC sold the property,
which was fully occupied by
three tenants.
Jared Goodman of Cushman
& Wakefield represented the
seller in the transaction. Cole
Herk and Stuart Thomas, also
of Cushman & Wakefield, rep-
resented the buyer.
Other News
n
BASE Camp Inc.
purchased
6,088 square feet of office space
at 1224 E. Elizabeth St. in Fort
Collins for $761,000, or $125
per sf.
The seller was
Cornerstone
Medical Holdings LLC.
Annah Moore
of
Realtec
Commercial Real Estate Ser-
vices
was the listing broker.
Dan Bernth
of
Doberstein
Lemberg Commercial
repre-
sented the buyer.
n
KSR LLC
purchased 95,832
sf of land at 3836 Manhattan
The office building at 375 E. Horsetooth Road in Fort Collins sold for $228.13 per square foot.
Michael Dubé
by Jill Jamieson-Nichols
A 7,500-square-foot inline
retail building in New Windsor
Marketplace changed hands in a
$2.6 million transaction.
Wisbon LLC paid the
equivalent of $346.67 per sf for
the building in an off-market
deal handled by CBRE brokers
Jon Rue, Blake Craig, Julius
Tabert and Mike Eyer. The seller,
Apache Retail 1, leased back
a single vacant space of 2,300
sf for a year, which increased
the net operating income and
helped achieve strong pricing,
according to Craig. There is a
letter of intent for that space.
Located at 1530 Main St. in
Windsor, the building is adjacent
to King Soopers. Tenants include
Dunkin’ Donuts, Little Caesars
and Burke Cleaners.
Other News
n
There is strong demand for
quality office space in Northern
Colorado,
Xceligent
noted in
third-quarter reports contained
in
Realtec’s
quarterly newsletter.
While the region’s overall
office vacancy rate is 7.1 percent,
vacancy inClassAproduct sits at
1.8 percent, Xceligent reported.
Overall rental rates average
$18.50 per square foot, and
tenant improvement costs have
