Colorado Real Estate Journal - July 1, 2015
A rail company is rolling out a rail-served industrial park in the town of Eaton, just north of Greeley. “Eaton is a great location in relation to energy opportunities and future agricultural opportunities. It’s just kind of in a sweet spot,” said Bud Mushlitz, president of rail services and facilities for Omaha Track, the park’s developer. A grand opening for the 118- acre Eaton Industrial Rail Park will occur July 16, celebrating transformation of a brownfield site that housed a sugar-beet factory into a rail-served regional industrial park. Located alongside U.S. Highway 85, “This is one of the few rail-served facilities that’s going to have direct access to Union Pacific,” said Mushlitz. Bounded by Weld County Road 72 on the south and East Fifth Street on the north, the park consists of 100 acres on the south side of East Collins Street and approximately 18½ acres to the north. There are three energy users on site, and Omaha Track expects to attract traditional and alternative energy users, agricultural companies and more. The growth in the dairy industry, for instance, opens opportunities for companies that provide inbound feed product and outbound agricultural byproducts, Mushlitz noted. Omaha Track anticipates leasing land for build-to-suits, but, “We’re really open to anything that makes sense for both parties,” he said. The town of Eaton demolished the sugar-beet factory approximately two years ago and “has been a wonderful partner in this development,” said Mushlitz. Originally a railroad tie removal and resale company, Omaha Track is a major North American rail materials and services provider. “We are diversified, and we provide multiple services, all associated with the rail transportation industry, and one of those is we design, develop and build industrial rail sites,” said Mushlitz. “This is probably going to be our biggest and boldest facility,” he said. While Eaton Industrial Rail Park is focused primarily on rail users, sites are available for other light-industrial, manufacturing, warehouse and storage uses. “It has great highway access and very few limitations,” said Mushlitz. “There is a lot of growth up there,” he said, adding that while the traditional energy industry ebbs and flows, it continues to play an important role in the region. “I think the next 10 years is going to be fueled by the energy growth. I think beyond that it’s going to be a lot more diversified,” he commented. The Eaton Industrial Rail Park sits on what was one of 21 dormant brownfield sugar-beet factory sites in Colorado. Located in the heart of Eaton’s business center, for 40 years it served as a daily reminder of its former life as a major employer that supported Colorado agriculture and provided revenue for the town, said Stephanie Salazar, Eaton economic development consultant. “Redevelopment of the Eaton sugar-beet factory site is a testament to the perseverance of Town Manager Gary Carsten, and town board members over the past 40 years. Thanks to the support and vision of several partners, including U.S. Environmental Protection Agency Region 8, Union Pacific Railroad and Omaha Track Inc., this project has become a reality,” Salazar said. Salazar said the park will help the town’s vision of attracting businesses from diverse industry sectors. “We want people who work here to buy homes in Eaton and become part of the fabric of the community,” which has top rated K-12 school system, 18-hole golf course and new housing that ranges from starter homes to executive housing. More rooftops will grow the retail sector, providing goods and services to residents and generating sales tax dollars for amenities including a planned regional recreation center scheduled to break ground next year. The industrial park also will create a greater awareness of the town and what it has to offer, Salazar said. “The town of Eaton is a hidden gem. Most people don’t know where it is located or that it is named after the fourth governor of Colorado, Benjamin Eaton. That is about to change,” she said.
-Colorado Heirloom Inc. paid $1.5 million for a 16,200-squarefoot industrial property at 1215 S. Grant Ave. in Loveland. Aki Palmer and Jim Palmer of DTZ represented the seller, Cadeka Proeprties LLC. -David C. Fry purchased 13,600 sf of office space at 1501 S. Lemay Ave. in Fort Collins for $1 million. Fry is affiliated with Sage Benefit Advisors, which will occupy a portion of the space. Largely vacant for many years, “The building, during escrow, leased up quite a bit through some relationships with the buyer,” said Stuart Thomas of DTZ, who represented Fry in the acquisition. The buyer is improving the property, which will be approximately 70 percent leased upon completion of the upgrades. Mark O’Donnell of Doberstein Lemburg Commercial Inc. represented the seller, David Cooper. - Allura Properties LLC paid $675,000, or $211.60 per sf, for 3,190 sf of office space at 1615 Foxtrail Drive, Suite A3-190, in Loveland. Flatirons Sports Medicine LLC was the seller. The property will house a skinlaser treatment and wellness center. Patrick O’Donnell of RealtecLoveland represented the seller. Bill Reilly of Sperry Van Ness/ The Group Commercial LLC represented the buyer. -Denver Development LLC, an affiliate of Cutarelli Vision, purchased a 0.92-acre lot at Harmony School Shops in Fort Collins for construction of a medical office building. “A new building with a highquality user such as Cutarelli will be an excellent addition to the high-quality users, including 24 Hour Fitness, Walgreens, Chipotle, Mad Greens, Firehouse Subs, etc., currently located within the Harmony School Shops retail center,” said Jake Hallauer of Chrisland Real Estate Cos. The center is at the northeast corner of Harmony and Timberline roads. Hallauer and Ryan Schaefer, also of Chrisland, represented seller Revesco (USA) Properties of Fort Collins 2 LLLP in the transaction. Aki Palmer and Jim Palmer of DTZ represented the buyer. -Merrill LLC leased 4,500 sf of office space at 436 W. 67th St. in Loveland from Jonathan C. Fosse. Patrick O’Donnell of RealtecLoveland handled the transaction. -The Church in Denver paid $461,000, or $113.21 per sf, for a 4,072-sf church building at 717 Whedbee St. in Fort Collins. New Hope Fellowship Inc., formerly known as Victory Chapel of Fort Collins, was the seller. Annah Moore of Realtec Commercial Real Estate Services and Kelly McBartlett of The Group Real Estate were the listing brokers. Roni Froelich of ERA Herman Group represented the buyer. -Martin and Reed LLC, a law firm, leased approximately 3,000 sf of office space in The Jerome Building at 800 Eighth Ave., near the Weld County Courthouse in downtown Greeley. The building recently was purchased by 800 Holdings LLC, which plans a major renovation of the property. Martin and Reed’s lease is the first to be signed since the building sold. -New Horizon Financial Group leased 3,000 sf of office space at 1501 S. Lemay, 100 A, in Fort Collins. Jerry Chilson of Sperry Van Ness/The Group Commercial represented the tenant. Mark O’Donnell of Doberstein Lemburg Commercial represented the landlord, 1501 S. Lemay Ownership Group.