Colorado Real Estate Journal - August 19, 2015
A Fort Collins manufacturing building will be converted to office space after being acquired by a local investor for $3.66 million, or $91.36 per square foot. The former Value Plastics building at 3325 Timberline Road will deliver 25,000 sf of office space to the market, which has seen little new office development in the current commercial real estate cycle. “This transaction demonstrates the real need today for high-quality office space in southeast Fort Collins,” said CBRE Senior Vice President Peter Kast, who represented buyer RPM Timberline TNC LLC with CBRE’s Pete Kelly. “Our client recognized the value of this property’s excellent location and the potential it has to become successful office space with its high ceilings and abundance of natural light.” The 40,062-sf building’s transformation into multitenant office space is expected to start Nov. 1 and be completed by the end of the year. Tenants from 3,000 to 25,000 sf could be accommodated. The owner, which is affiliated with The Neenan Co., plans to occupy the balance of the space. The location is close to the King Soopers shopping center and down the street from Poudre Valley Hospital and the Harmony Road corridor, with its numerous retail amenities and restaurants. It’s also 10 minutes from amenities and government offices in d o w n t o w n Fort Collins and offers quick access to Interstate 25. Kast said the property makes sense for office vs. i n d u s t r i a l use because there are more affordable locations for manufacturing, and Timberline isn’t ideal for truck traffic. “Timberline is a great office corridor,” he said. Value Plastics, which manufactures plastic tubing components for medical use, is leaving the space to expand to a new, larger property in north Loveland. Jeff McClintock of Newmark Grubb Knight Frank represented the seller, a Denver investment group called 3325 Timberline Road LLC. Other News Diesel Services of Northern Colorado, which repairs and services trucks, trailers and industrial equipment, is increasing its presence in the market with the $1.39 million acquisition of a 11,400-square-foot building with two acres of yard in Johnstown. “The demand is there,” said owner Marybeth Synder, who said the company is growing and turnaround time is of utmost importance to her customers. “We thought it would improve our turnaround time a little bit if we had more people and more space,” she said. Diesel Services will continue to operate its facility on Mulberry Street in Fort Collins, but the Johnstown location will be more convenient for customers who drive from Berthoud, Longmont and surrounding locations. Just completed, the building features 8,400 sf of warehouse and 3,000 sf of office build-out. Craig Hau, formerly of Sperry Van Ness/The Group Commercial LLC and now a commercial broker with The Group Inc., represented the buyer, Wapiti Holdings CO LLC, and seller, Panilolo LLC. CFR Investments LLC purchased a 30-unit apartment property at 1745, 1753, 1757, 1761, 1765 and 1773 30th St. in Greeley for $2.38 million. Arkadia LLC and Tiny Properties LLC sold the apartments. Brian Mannlein and Cole Herk of DTZ represented the seller. Alex Schuman of Schuman Cos. represented the buyer. Erdmann Land Management LLC paid $1.03 million for 3.95 acres of land directly north of Thunder Mountain HarleyDavidson, along Interstate 25 in Loveland. Jake Arnold of Brinkman Partners represented the seller, In Kahoots LLC. The town of Berthoud sold 8.6 acres of land behind Berthoud High School to Thompson R2-J School District for $705,000. The school district bought the land in case it needs to expand in the future, said Jack Trethewey of Berkshire Hathaway HomeServices Rocky Mountain, Realtors in Loveland. “It was a good sale for the town. It was a great purchase for the school district,” said Trethewey, who represented the school district. Trethewey said there was a lot of interest in the property, which was listed by Nathan Kline of Loveland Commercial and was zoned for multifamily development. Team Industrial Services Inc. leased 10,400 sf of industrial space at 4370 Woods Ave. in Loveland. Patrick O’Donnell of Realtec-Loveland handled the transaction. Ward East Ltd. LLP is the landlord. Total Renal Care Inc., an affiliate of DaVita Healthcare Partners Inc., leased 8,080 sf of flex space at 1601 Prospect Parkway, Suite 180, in Fort Collins. Terri Hanna of WWR Real Estate Services LLC represented the landlord. Debbie Lachlan of Newmark Grubb Knight Frank represented the tenant. Knowledge Universe Education LLC leased 6,455 sf of space at 4059 W. 11th St. in Greeley to Tendercare Learning Center LLC. Gage Osthoff of Realtec-Greeley handled the transaction. n Spruce Top LLC leased 4,125 sf of industrial space in Fort Collins to Rainbow International of Northern Colorado. The property is located at 5837 Wright Drive, Unit 1. Steve Stansfield of Realtec Commercial Real Estate Services was the listing broker. Perry McCormac of McCormac Real Estate represented the tenant. Holiday Horror LLC leased 3,600 sf of retail space at 109 E. 22nd St., Units 2 and 3, in Greeley. Forest Equity Partners LLC is the landlord. Gage Osthoff of Realtec-Greeley handled both sides of the transaction. Morrison-Shores LLC purchased 3,385 sf of office space at 375 E. Horsetooth Road, Building 3, Suite 101, in Fort Collins for $600,000, or $177.25 per sf. Wire Force LLC was the seller. Annah Moore of Realtec Commercial Real Estate Services handled both sides of the transaction Jeff and Brenda Doran paid $260,150, or $57.81 per sf, for a 4,500-sf industrial property at 211 Versaw Court in Berthoud. Doran, a broker with Realtec Commercial Real Estate Services, represented the couple in the transaction. Suzan Gruman of Re/Max represented the seller, 211 Versaw Court LLC. Imago Enterprises purchased 3.86 acres of land on Triangle Drive in Fort Collins as an investment. Musick Family Trust sold the property for $230,000 cash. Bill Reilly of Sperry Van Ness/ The Group Commercial handled the transaction.