Colorado Real Estate Journal - January 21, 2015
Industrial buildings in Fort Collins are in high demand, as evidenced by activity on a pair of properties that sold in separate deals. A building on 4.35 acres in northern Fort Collins traded for $2.48 million, or $82.50 per square foot. Invex Ltd. sold the property at 1415 Blue Spruce Drive in Fort Collins to 1415 Blue Spruce LLC. CPP occupies approximately 75 percent of the 30,000-sf building, which was acquired by a local investment group. “We probably could have sold or leased it three times over,” said Matt Patyk of CBRE, who represented the seller with CBRE’s Peter Kast. The property was being offered to either a tenant or buyer, but the seller’s p r e f e r e n c e was to sell, he said. The building was constructed in 1977 and renovated in 2012. Mike Eyer and Kyle Lundy of CBRE represented the buyer in the transaction. There also was significant interest in a 14,344-sf industrial/flex building at 241 Racquette Drive, Patyk said. “It had been on the market for quite some time, but we did have quite a bit of activity on it. It just speaks to the lack of available product in the market now,” he said, adding Fort Collins’ industrial vacancy rate is around 4 percent. Neuworks LLC, which is affiliated with Neuworks Mechanical, purchased the property from 241 Racquette Drive LLC for $1.15 million, or $80.17 per sf. It is located within Fort Collins Industrial Park. Patyk said the buyer needed additional space and will occupy vacant space in the building, which also houses a couple of other tenants.