Colorado Real Estate Journal - February 4, 2015
A Loveland office/flex building will undergo a major transformation following its recent $1.4 million sale. An investment group affiliated with the owners of Loveland Commercial LLC purchased 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 Commercial. “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” upgrading the exterior with new finishes, 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 Commercial 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, Tran's Martial Arts, Today’s Nails and Loveland’s Oasis Aesthetics. A Northern Colorado investment group managed by Brinkman Partners sold the property, which it had owned since 2013. The center was 64 percent occupied when the group acquired it, and with capital improvements 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 central Loveland location,” he said, adding it’s something that his group can easily manage because it’s in its own backyard. Josh Guernsey, Greg Roeder and Jake Arnold of Brinkman Partners represented the seller in the transaction. Klein represented the buyer.