Colorado Real Estate Journal - December 3, 2014
A fully occupied, net-leased medical office property in Loveland is the latest addition to a Texas-based group’s Colorado portfolio. DDIT Texas LLC paid $3.54 million for two buildings on North Grant Street that comprise 24,090 square feet. The two-story building at 3850 N. Grant St. totals 15,150 sf, and 3880 N. Grant is an 8,940-sf, single-story building. The buildings are leased to A Step Ahead Foot & Ankle Center, Loveland Family Practice, Urgent Care, High Plains Physical Therapy, Colorado Health Medical Group, Banner Medical Clinic and others. “Our client saw this as a strategic acquisition opportunity do to some in-place, below-market lease rates with immediate term renewals approaching, combined with well-located real estate and a strong rent roll that was primarily medical in nature,” said Matt Call of NavPoint Real Estate Group, who represented the buyer with NavPoint's John Witt. “This client does own other assets in both Denver and Colorado Springs and saw Loveland as an opportunity for geographic diversity within Colo rado,” Call said. Patrick O’Donnell of Realtec Loveland represented the seller, SK Sun LLC. “We received a tremendous amount of interest and were under contract at full price within a couple weeks of listing the buildings,” O’Donnell said. “The deal enabled the selling partnership to accomplish their goals while presenting an opportunity to the buyer to add value over a two- to four-year horizon.” The larger of the two buildings was constructed in 1996. The smaller building was added in 1999. Other News n McWhinney has started public improvements to the 15-acre Bass Pro Shops site in Centerra. McWhinney will deliver the site at the northeast corner of Interstate 25 and U.S. Highway 34 next spring. The 100,000-square-foot store is expected to break ground at that time and be completed in summer 2016. n Walk About LLC, led by Ric Hansen of Bighorn Development, acquired 81 single-family lots in Cedar Estates in Pierce with plans to complete improvements and sell finished lots to developers. The lots comprise approximately 37.7 acres and sold for $462,500. JWT Enterprises LLC was the seller. Hansen, a longtime Northern Colorado developer, said he likes the property’s location between Greeley, Fort Collins and Cheyenne, Wyoming. “There is a lot of oil activity going on there and a need for housing,” he said, adding the inventory of finished lots in Weld County has dried up and vacancy rates both for single- and multifamily housing are very low. “I think the timing is perfect for revitalizing an old subdivision. We’re going to easily match the lowest price point that people can accomplish in this market for new housing,” Hansen said. Tom Reznik of Realtec-Greeley was the listing broker. n Genesis Hospitality, a handcrafted-millwork company, subleased 20,000 sf of warehouse space in Fort Collins from Advanced Energy. Genesis will use the space, which is located in the 244,561-sf Waterpik building at 1730 E. Prospect Road, for storage. Jared Goodman and Jason Ells ofCassidy Turley, along with Mike Deatly and Todd Roebken of JLL, represented the sublessor and sublessee. n Friesian Group LLC leased 2,275 sf of retail space at 2909 E. Harmony Road, Unit 102, in Fort Collins, for a restaurant use. Jerry Chilson of Sperry Van Ness/The Group Commercial represented the tenant. Aki Palmer and Jason Ells of Cassidy Turley represented the landlord, REK Investments LLC and EAK Investments LLC. n Surfside 7, a downtown Fort Collins restaurant, leased 1,850 sf of space at 238 Linden St. in Fort Collins and will be moving from its existing space around the corner. Cole Herk ofCassidy Turley represented the tenant. Patty Spencer of Commercial Real Estate Brokers LLC represented the landlord, Rolandi Properties LLC. n Physicians Greeley LLP, a general medical practice, leased 1,180 sf of retail space at 257 Johnstown Center Drive, Unit 110, in Johnstown from Johnstown Station Investors Ltd. LLLP. Cobey Wess of Sperry Van Ness/The Group Commercial handled both sides of the transaction.