Colorado Real Estate Journal - July 1, 2015
A powder-coating company will expand its footprint with the acquisition of an industrial building in Longmont. Premium Powder Coating will relocate to a 61,000-square-foot building at 1850 Lefthand Circle. It currently is located in a 15,300- sf building on two acres in Frederick. “It’s a significant expansion for them,” said Keith Kanemoto of Re/Max Traditions Commercial, who represented the buyer, BFSL Holdings LLC. The company plans to remodel the building and move in in late summer or early fall. Jason Kruse of the Colorado Group represented Beaver Creek Investments in the $2.75 million sale. Beaver Creek Investments built the building for a beer distribution company and rented it out after that business sold. It recently decided to sell the property. “The property had two offers, and then another offer after we were under contract. The fact that the sales market is robust and it was priced below replacement cost made the property attractive,” said Kruse. The building also offers 20-foot ceiling clearance, and Kanemoto said there is a lack of high-bay warehouse space for sale in the market. Built in 1977, it has dock-high and drive-in loading.
-A three-building retail/office center in Longmont recently sold for $1.72 million. Lashley Retail Center LLC, a local investment group, bought the 33,958-square-foot Lashley Retail Center at 310, 340-380 and 390 Lashley St. from Lashley 3 LLC. The buyer plans exterior upgrades, including signage and landscaping, as well as roof and HVAC improvements, said Matt Call of NavPoint Real Estate Group, who represented the buyer. “The buyer’s intention is to go in and really clean up the center. It was really a value-add play for the buyer,” said Call. The center was 85 percent occupied at the time of the sale. Tenants include Odyssey Yoga, LifeBridge Christian Church, Rainbow Laundry & Dry Cleaning, a chiropractor and others. Built in 1984, it is located 10 blocks east of Main Street and less than a quarter-mile north of Highway 119. Sallie Taylor of Irwin & Hendrick represented the seller. -Motherlode Provisions LLC, a food products company, leased 4,625 sf of industrial space at 950 S. Sherman St., Unit 100, in Longmont. The lease included six months of rent abatement to compensate the tenant for installation of tenant improvements. Larry Hawe of Sperry Van Ness/The Group Commercial represented the landlord, Resolution Fund LLC. Jeff Erickson of LIV Sotheby’s International Realty represented the tenant.