Colorado Real Estate Journal - March 2, 2016
TMI Hospitality, a national hotel development and management company, has acquired 2.5 acres at the Centerplace North Retail Center in Greeley for construction of a 106-room Holiday Inn Express. The hotel will be located at 2407 44th Ave., immediately north of Dairy Queen. The site reportedly sold for $7.50 per square foot. Mark Bradley of Realtec Greeley and Scott Hagan of David Hicks Lampert were the listing brokers. Peter Kast of CBRE Inc. represented TMI Hospitality. Based in Fargo, North Dakota, TMI operates nearly 200 hotels in 25 states, including five hotels in Colorado. Located across the street from retailers including Target and Kohl’s, Centerplace North includes approximately 25 acres of commercial and 17 acres of medium-density residential land. Mariner Real Estate Management is developing the project. The Holiday Inn Express is one of several users for the commercial property. Others include Arby’s, Fuzzy’s Taco Shop, McAlister’s Deli, Smashburger and Popeye’s Chicken. Centerplace North has been planned for many years but was stalled by the recession. “We’re very excited to be able to get to the point that we are able to install the infrastructure and begin selling lots,” said Bradley, managing broker at Realtec Greeley. “We have been able to bring new life to a project that has been stalled for many years as a victim of the recession. Centerplace is already a dynamic center for Greeley, and Centerplace North will just add to the activity in the area, making it a very desirable area for retailers and consumers.” CORE Development of Greeley, a sister company of Realtec, is the project manager for Centerplace North. Hagan and Bradley are marketing the development for owner Mariner Real Estate Management. Other News Flag Drive LLC bought a 24-unit apartment property at 4125, 4205 and 4213 Flag Drive in Laporte for $1.79 million. Brian Mannlein of Cushman & Wakefield represented the seller, Twin Owls LLLP. Northern Colorado Elite Cheer leased 5,634 square feet of office space at 1001 Harmony Road in Fort Collins from Harmony Market LLC. Cole Herk of Cushman & Wakefield represented the landlord. Michelle Hickey-Crawford of Re/Max Alliance Inc. represented the tenant. ABAO Operating LLC leased 4,952 sf of industrial space at 601 First St. in Berthoud. Cobey Wess of Sperry Van Ness/Denver Commercial represented the landlord, HMC Properties LLC. Mark Casey of Tenant Wisdom LLC represented the tenant. LKCK LLC, doing business as Kustom Kurbs, paid $350,000, or $2.98 per sf, for Lot 1 at Falcon Point Business Park in Windsor. The lot totals 2.69 acres. East Pointe Windsor LLC was the seller. Michael Ehler of Realtec Commercial Real Estate Services handled both sides of the transaction. James Johnson paid $150,000, or $120 per sf, for a 1,250-sf industrial space at 217 Racquette Drive, Unit 6, in Fort Collins. Erik Broman of Realtec Commercial Real Estate Services represented the buyer and seller, Seven Twelve Properties LLP.