Colorado Real Estate Journal - June 17, 2015
A 1970s apartment community in Greeley, one of the tightest apartment markets in the state, sold for $6.73 million, or $62,269 per unit. The 108-unit Columbine Apartments is located at 3208 W. Seventh St. in central Greeley. The apartments were 100 percent occupied at the time of the sale, according to Marcus & Millichap’s Denver office, which handled the transaction. The names of the buyer and seller weren’t disclosed; however, public records show J&J Enterprises Property Management sold the asset to a group of limited liability companies that included Cedarbridge Delaware LLC. The buyer intends to renovate the units with new flooring, kitchens and baths, and upgrade the pool area, clubhouse and picnic areas. The property will feature a dog run/play area. Marcus & Millichap’s Jacob Steele, associate vice president of investments, and Nick Steele, senior associate, handled the transaction. “The Greeley market is one of the tightest rental markets in Colorado currently, despite the turmoil in the oil and gas market. Area owners are experiencing little to no vacancy,” said Nick Steele. “Columbine Apartments will benefit from the strength of the market and an anticipated renovation of the property.”
-Fort Collins investor Roy Martin paid $750,000 cash, or $49.32 per square foot, for a 15,200- sf industrial property at 1230 and 1290 S. Grant Ave. in Loveland. The property consists of 19 storage units in two buildings. It is 100 percent leased, primarily to small contractors, said Jack Trethewey of Berkshire Hathaway, who listed the building with John Baker of Baker Western Group LLC. This was the third time over the years that Trethewey has sold the property, which is located along Highway 402 (14th Street Southwest), just west of Highway 287. Randy Marshall of Sperry Van Ness/The Group Commercial LLC represented the buyer. Jim Licaretz was the seller. -Kelly Foley sold 6,080 sf of industrial space at 7350 Greendale Road in Windsor to 7350 Greendale LLC for $760,000. Stuart Thomas and Nate Heckel of DTZ represented the buyer. Annah Moore of Realtec Commercial Real Estate Services represented the seller. -Jack and Beverly Schneider purchased 6,113 sf of office space at 363 W. Drake Road in Fort Collins from BC Limited & Smoke LLC for $650,000. Aki Palmer and Jim Palmer of DTZ represented the seller. Erik Broman of Realtec represented the buyer. -Energy Erectors leased 5,200 sf of industrial space at 5801 Wright Drive in Fort Collins from Kessler Wright LLC. Steve Stansfield and Jeffrey Doran of Realtec handled the transaction. -Colorado Home Mortgage Inc. leased 4,730 sf of office space at 255 E. Monroe Drive in Fort Collins. Jason Ells of DTZ represented the landlord, Arman Enterprises LLC. Nathan Klein of Loveland Commercial represented the tenant. -Brinkman Brokerage LLC handled a trio of transactions in Fort Collins and Severance. Brinkman’s Jake Arnold handled the $275,000 sale of two vacant lots on Red Cedar Circle in northern Fort Collins. PWS Properties LLC purchased the property from Andrew Miscio, Charles Miscio, Jeffrey Eggleston and Allison Headrick. In another transaction, Mack Web Solutions leased 2,967 sf at Lincoln Office Center, 419 Canyon Ave., in Fort Collins. Greg Roeder of Brinkman Brokerage represented the tenant. Mike Eyer of CBRE represented the landlord, 419 Canyon LLC. Silicon Ranch Corp. paid $675,000 for 75 acres of agricultural land on Highway 14 in Severance. Brinkman’s Ashley Hergenreder represented the seller. Seth Hayden of Hayden Outdoors represented the buyer. -Which One’s Pink Inc., doing business as The Lost Cajun restaurant, leased 3,276 sf of retail space at 331 S. Meldrum St. in Fort Collins. Cobey Wess of Sperry Van Ness/The Group Commercial represented the landlord, JJ Enterprises 331 LLC. James Hopkins of Real Estate Consultants of Colorado LLC represented the tenant.