Colorado Real Estate Journal -
A landmark Old Town Fort Collins building sold to a tenant for $1.38 million. Longtime local investment partners Chris Ray and Bill Warren sold the 9,400-squarefoot building at 167-169 N. College Ave. to Dan Mladenek, who owns Hodi’s Half Note, a music venue that has been in the building for several years. The price was $250 per sf based on the usable square footage on the main floor; there is an upper floor with boarding house-style rooms that is closed off, Warren said. “He (Mladenek) felt it was in the best interest of his business to own his real estate so he could plan the future growth and success of his business,” said Nate Heckel of Cassidy Turley, who represented the buyer. “We admire and respect Dan for his passion to perpetuate Hodi’s as a successful and important music venue and agreed that his ownership of the real estate he occupies would be very beneficial to the future of his business,” said Warren. Warren secured an option to purchase the turn-of-the-century building in 1979, and the partnership acquired it in 2007. It wasn’t listed for sale, although the partnership has received numerous offers in the recent past, according to Warren. The deal closed within 20 days of the contract signing. “It was a very simple transaction with this particular buyer. We knew that he was the best buyer for us,” he said.