Colorado Real Estate Journal - June 1, 2016
A retail strip center at Mulberry & Lemay Crossing in Fort Collins sold for $6.52 million, according to public records. U.S. Property Trust bought the 18,988-square-foot center at 1251-1281 E. Magnolia St. from Ft. Collins Partners I LLC, which is affiliated with a publicly traded real estate investment trust. It also bought two associated land parcels used as landscaping and drainage for $133,000. The center is located at the corner of corner of East Lemay Avenue and South Mulberry Street. It is part of the 328,495-sf Mulberry & Lemay Crossing center, anchored by Walmart and Home Depot. Tenants in the strip center include Chase Bank, Qdoba, Dairy Queen, The UPS Store, Papa John’s Pizza, State Farm, Radio Shack and others. “Mulberry & Lemay Crossing has an excellent tenant mix and is located at the hard corner of two heavily traveled thoroughfares. The ongoing development of Woodward Inc.’s global headquarters on the northwest corner of this intersection will only improve the strength of this location,” said Garrette Matlock, an investment specialist in Marcus & Millichap’s Denver office and senior director of the company’s National Retail Group. According to Marcus & Millichap, 54,326 cars per day pass through the intersection. Matlock handled the transaction with Ryan Bowlby, senior associate and associate director, also in the Denver office. “We generated a lot of interest and multiple offers within the first few weeks of taking Mulberry & Lemay to market,” said Bowlby. “The supply of quality retail product in Fort Collins is fairly constrained and there are a lot of investors, particularly from California, who are actively targeting the city due to its strong fundamentals.” Mulberry & Lemay Crossing was built in 2002. Other News Pfankuch Storage 2534 LLP purchased 2.88 acres of land at 2534 in Johnstown for construction of a ministorage facility. The project at 4560 Ventura Drive is being driven by new home construction in Thompson Ranch and nearby apartments being developed by AG Spanos Cos., according to Steve Griffith of Griffith Realty Advisors. The nearest self-storage facility is several miles away, he said, noting construction will begin immediately. Griffith represented the buyer in the transaction. Nathan Klein of LC Real Estate Group represented the seller, Thompson Ranch Development Co. The price wasn’t released, but public records indicate the property sold for $503,192. Pfankuch owns two other self storage facilities in Northern Colorado. Level 10 Fitness, doing business as Farrell’s Extreme Bodyshaping, renewed its lease for 5,000 square feet at 2716 S. College Ave., Suite B, in Fort Collins. Terri Hanna of WWR Real Estate Services was the listing broker. Macalegin Electronics LLC leased 3,360 sf of industrial space at 800 Stockton, No. 1, in Fort Collins. Cobey Wess of SVN/Denver Commercial’s Northern Colorado office represented the landlord, CT Enterprises. Michelle Hickey of Re/Max represented the tenant. Agia Sophia Properties LLC paid $217,000 for a 1,975-sf industrial investment property at 1319 S. Garfield Ave. in Loveland. Randy Marshall of SVN/Denver Commercial was the listing broker. Karin L. Delaney was the seller. Mitch Benner of The Group Inc. represented the buyer.