Colorado Real Estate Journal - November 5, 2014
An out-of-state family investment fund acquired a two-building office complex in Fort Collins for $3.6 million, or $123 per square foot. Located at 4700 McMurry Ave. and 1609 Oakridge Drive, the buildings comprise 29,135 sf. They are fully occupied by five tenants: Coca-Cola, Interior Resource Group, IXYS, Automation X Corp. and Dresser-Rand. Duncan Oakridge LLC purchased the property from Oak Tech I LLC, Oak Tech II LLC and the Everitt Cos. of Fort Collins. The buyer has been investing in commercial real estate in Colorado since the 1980s. The acquisition was its first in Northern Colorado. Cassidy Turley Vice President Jason Ells said the group was looking for opportunities along the Front Range, but had a particular affinity for the Fort Collins market because of the market’s overall health, smaller size and diversity of industries. “The Northern Colorado market is such a healthy place for commercial real estate, it made for a very attractive market for the Duncan family to invest in,” he said. “It is very difficult to find stabilized assets with long-term leases in place. This property has been maintained extremely well and many of the main building components have been updated recently,” he said. The Everitt Cos. developed the buildings in 1987 and 1989.