Colorado Real Estate Journal - July 15, 2015
With very little office space available in Centerra – and in Northern Colorado, for that matter – McWhinney is launching the region’s first speculative office building in years. The 56,000-square-foot Hahns Peak Two will be the first spec building to be developed in the Loveland-Fort Collins region since McWhinney’s Rangeview Three, also at Centerra, in 2007. Office space at Centerra currently is 98 percent leased, and Northern Colorado’s office vacancy rate stands at 5.6 percent. “There is no availability. It’s been seven years since anybody has built a spec building in the Loveland-Fort Collins area. We believe the time to go is now,” said McWhinney spokesman Andy Boian, CEO of Denverbased Dovetail Solutions. “We are thrilled to see Centerra continue to flourish as we bring much-needed available office space to the market and larger community,” Ashley Stiles, McWhinney’s vice president of development, said in an announcement. “This project provides the ideal opportunity to build upon McWhinney’s commitment to creating great workplaces that connect employers to nearby amenities.” McWhinney expects to break ground on Hahns Peak Two this month and complete the building in early 2016. The Class A building will be part of a twobuilding office campus at 1880 Fall River Drive at Centerra, McWhinney’s 3,000-acre master-planned mixed-use community at Interstate 25 and U.S. Highway 34 in Loveland. Tenants will be able to walk to shops and restaurants at The Marketplace at Centerra and to other amenities within the development. The building will have high-quality fiber-optic technology, a shared lobby entrance, open floor plans, approximately 225 parking spaces for employees and “competitive” lease rates. Hahns Peak Two will add to Centerra’s existing base of 800,000 sf of office product. Brinkman Construction is the contractor for the building, which was designed by Ware Malcomb.
The former Bank of the West building at 1437 Mulberry St. in Fort Collins sold for $915,000, or $284.16 per square foot. Cosner Bank LLC purchased the freestanding, 3,200-sf building and has it listed for lease. Del Sol LLC was the seller. Jerry Chilson and Bill Reilly of Sperry Van Ness/The Group Commercial handled both sides of the cash transaction. Alberta Development Partners announced seven new tenants for its $313 million redevelopment of Foothills Mall. They include: Bad Daddy’s Burger Bar; Finish Line; Rocky Mountain Chocolate Factory; Lids; Matador, a Tex-Mex restaurant; CB & Potts; and Ulta. Previously announced tenants include H&M, White House/ Black Market, Longhorn Steakhouse, Bar Louie, The Melt, Smashburger, Gymboree, Ross, Vans and Grimaldi’s brickoven pizza. A dozen stores will remain open inside the enclosed mall, and four are in business elsewhere on mall property. The redevelopment will have 660,000 sf of retail space, including a 10-screen Cinemark alldigital movie theater, and up to 800 apartment units. It is scheduled for completion by the holidays. Asset Preservation paid $525,000, or $4.78 per sf, for 2.52 acres of commercial land at 1005 Riverside Ave. in Fort Collins. The buyer is affiliated with Houska Automotive, which owns neighboring land and will expand onto the property over time. Annah Moore of Realtec Commercial Real Estate Services handled both sides of the transaction. Riverside Lemay LLC was the seller. Arc of Larimer County paid $320,000 for 2,540 sf of office space at 1721 W. Harmony Road, Unit 101, in Fort Collins. The space will serve as the nonprofit’s regional office. Randy Marshall of Sperry Van Ness/The Group Commercial LLC represented the seller, Eastside Missionary Baptist Church of Minden Inc. Janet Scott of Janet Z Real Estate represented the buyer. n Phoenix Rising Properties purchased a 1,407-sf office space at 1101 E. Elizabeth St. in Fort Collins from Miramont Front Range. The property will house a medical office. Randy Marshall of Sperry Van Ness/The Group Commercial LLC was the listing broker. Bill Reilly, also of SVN/The Group Commercial, represented the buyer.