Colorado Real Estate Journal -

Harmony Marketplace trades in off-market deal for $10.8m

by Jill Jamieson-Nichols

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The developer of Harmony Marketplace at Harmony Road and McMurray Avenue in Fort Collins sold the retail center for $10.8 million.

The Barclay Group, a commercial real estate company with offices in Arizona and Florida, sold the property to Harmony Marketplace 12 LLC in an off market transaction.

The sale reportedly included approximately 59,610 square feet of multitenant and freestanding retail space. It did not include the 48,326-sf Safeway anchor.

Tenants in the center include Jason’s Deli, Massage Envy, Little Caesars Pizza. Cost Cutters, Blockbuster, Dairy Queen, Liberty Tax and others.

A Barclay spokesman said the timing was good for the sale because pricing is coming back and a permanent loan was coming due, which allowed the buyer to acquire the property without being subject to existing debt.

Harmony Marketplace was approximately 95 percent occupied at the time of the sale. The center was developed in 2000.

A representative of the group that bought the center wouldn’t comment on the transaction, citing a confidentiality agreement.

Other News

The Elmwood Apartments, a 21-unit property at 521-529 E. 13th St. in Loveland, sold for $1.1 million. Owl Investments LLC, whose members own apartments in Fort Collins and Loveland, was the buyer.

Erik Broman of Realtec Commercial Real Estate Services and Brian Mannlein of Cassidy Turley Fuller Real Estate were the listing brokers. Laurel Kross, an independent broker, represented the buyer, which she said found the price attractive.

Pierre Enterprises LLC sold the apartments, which total 15,725 square feet. They were fully occupied at the time of the sale.

The Bar SU Inc. purchased two parcels of land on 117th Avenue in the Greeley Tech Center for future industrial development. The tech center is located near Noble Energy and a Pepsi distribution facility.

The buyer paid $623,500 for a 198,000-sf parcel and $320,000 for another parcel totaling 102,000 sf.

Dan Leuschen and Steve Kawulok of Sperry Van Ness/ The Group Commercial LLC represented the buyer in the transactions. Leuschen also represented the seller of the smaller of the two parcels, B and K Rentals.

Russell Baker of Cassidy Turley Fuller Real Estate represented the seller, Golden Eye Investments LLC, in the sale of the smaller piece.