Colorado Real Estate Journal - March 18, 2015
A medical group bought a 12,382-square-foot office building in Centerra with plans to occupy the first floor and possibly lease out the upper level to medical and/or office tenants. Front Range Medical Holdings LLC paid $3.28 million for the Class A building at 1605 Foxtrail Drive in Loveland. The price per sf of $265 is the highest paid for property within Foxtrail Office Park, according to Ron Kuehl of Realtec Commercial Real Estate Services. Kuehl represented the seller, a tenants-in-common group with investors in Montana and Colorado. Regus University occupied the property. It is consolidating the Loveland location to its Longmont campus. Foxtrail Office Park is an office condominium development at Rocky Mountain Avenue and McWhinney Boulevard – one of the best locations in Centerra, according to Kuehl. “This is the 10th property I’ve sold within the Foxtrail business park and the price was reflective of the high demand for quality real estate in Northern Colorado,” he said, noting the region’s office vacancy rate is 7 percent and only 4.3 percent for Class A space. “The ownership group had no intention of selling the building and we were approached by a user that we couldn’t turn down,” said Kuehl. Matt Haskell of URealty Inc. and Travis Ackerman of DTZ represented the buyer. Foxtrail Office Park, developed by McWhinney in 2005, is home to more than 20 local businesses. When 1605 Foxtrail sold, the park was approximately 94 percent occupied.