Colorado Real Estate Journal - September 2, 2015
A small, nicely finished office park in Greeley recently changed hands for $1.65 million, or $60.53 per square foot. Originally listed at $2.99 million, the four-building property was bank-owned and 62 percent occupied. “The four buildings are nicely finished. The tenants that are in there are pretty quality tenants,” said Aki Palmer of DTZ. “We were able to find the right investor to see the potential that the property has,” he said. Tommy C’s Square consists of 27,256 sf of two-story office space at 1011, 1015, 1019 and 1023 39th Ave. The buildings were constructed from 2003 to 2005 and feature craftsman-style finishes, break rooms and high-end restrooms. Tenants include NexCare Urgent Care, Barcelona Clinical Spa & Salon, a chiropractor, insurance agency and certified public accountant. Community Banks of Colorado, a subsidiary of NBH Bank Inc., obtained the office park through its acquisition of several branches of the failed Bank of Choice. The bank sold the property to Timothy Hume of Walsh. “They are very well-built buildings, and he’s got some good tenants in there,” said Ron Randel of Wheeler Management Group, who represented the buyer with Wheeler’s Jim Vetting and Brian Smerud. Randel said there is good potential to increase occupancy in the park, which is in a growing area of Greeley, “and possibly getting a little bit more per sf that we’re currently getting.” Wheeler will manage and lease the property. Palmer, along with Jim Palmer and Brian Mannlein of DTZ, represented Community Banks in the transaction. Other News Universal Field Services Inc., an oil field services company, leased 3,848 square feet of office space at 3400 W. 16th St., Building 2, in Greeley. The space comprises Unit P as well as basement area. Larry Hawe of Sperry Van Ness/The Group Commercial represented the landlord, Bittersweet Group Ltd. J. Grant Hortenstine of Avison Young represented the tenant.