Colorado Real Estate Journal - June 17, 2015
A local partnership that paid $2.2 million for a singletenant industrial building in Longmont is repositioning the property as multitenant flex/ warehouse space. Bowen LLC, managed by Dave Waldner of RMCS LLC, bought the vacant 61,792-square-foot building at 20 Bowen St. and already has a tenant for 17,000 sf. Hickey & Hickey LLC, an affiliate of MetalTech, sold the property. Waldner said the buyers knew there was demand for industrial space based on his own company’s experience in Longmont. RMCS had acquired a building on Sunset Street that had some shop space in back, and it expected that space might be vacant “for a long time.” “We were able to lease that up literally overnight with zero advertising, so we knew the demand was there. When the opportunity to buy the MetalTech building came up, we were pretty sure that the underlying market for that sort of warehouse/light-industrial space was very strong in Longmont,” he said. Pet360 Inc., which is associated with a natural pet food company, signed a lease for 17,000 sf and will relocate from Boulder. The building’s repositioning will include installing demising walls, redoing the office space, upgrading the heating and electrical systems and reskinning the exterior, Waldner said. OZ Architecture is doing the design. The work is expected to be completed in mid-July. “Activity on the building has been very good as the vacancy rate for true warehouse in Longmont is very low – less than 5 percent – and especially for buildings with 20-foot-clear (ceilings), dock-high doors and extra yard space,” said Brian Bair of NAI Shames Makovsky, who is marketing the property with Shames Makovsky’s Dax Gitcho. Jason Kruse of The Colorado Group represented Hickey & Hickey in the sale of the building, which was built in 1990. “It sat vacant for a long period of time during the downturn, and all of the sudden there was a flurry of activity,” he said. The newly renovated building will have individual private entrances with common restrooms. Asking rates are $9 to $12 per sf triple net, and space is available from 5,000 to 45,000 sf.