Colorado Real Estate Journal - September 21, 2016
Prospective buyers came out of the woodwork when a former lumberyard on the Harmony Road corridor hit the market. “It’s just such a unique infill site right in the middle of Fort Collins,” Matt Patyk of CBRE said of the 5.68-acre property, which drew numerous offers above the listed price. Located at 224 Harmony, it is on the MAX bus rapid-transit line that connects to Colorado State University and Old Town Fort Collins. “Dealin’ Doug” Moreland, who owns car dealerships along the Front Range, bought the site for $3.75 million. L&N Real Estate LLC was the seller. “We brought it to market last October for $3.2 million and we had 11 offers come in, most over asking price,” said Patyk, explaining the buyer that was selected eventually chose “to go a different direction.” “We brought it back out to the market at $3.55 million, and we had another round of offers come in, all over asking, and went with one we felt confident we could get to closing,” he said. The longtime lumberyard has been vacant for many years. The site comprises two parcels of 4.78 and 0.9 acres, along with 23,748- and 3,902-sf buildings. Railroad tracks split the two parcels, and little value was attributed to the smaller parcel, said Patyk. “I think Dealin’ Doug is going to be able to use it for storage of vehicles, which is perfect for him,” he said. Moreland plans to renovate the large building on site and move the Jeep dealership that’s part of Fort Collins Dodge Chrysler Jeep to the property, according to Craig C. Hau, a commercial broker with The Group Inc. Real Estate who represented Moreland in the deal. It’s one of the last locations on Harmony Road where zoning allows car dealerships. Most prospective buyers were interested in the property’s retail and multifamily potential, according to Patyk. Patyk represented the seller with CBRE’s Marty Roth, Eric Roth and Tyler Carner. Moreland has been making headlines in Northern Colorado recently with his decision to sell 113 acres along Interstate 25 in Windsor rather than continue to seek approvals for car dealerships he wanted to develop there. Windsor and Fort Collins have an intergovernmental agreement covering uses in the area around the Highway 392 intersection, and those don’t include auto dealerships. They do include offices, fast-food restaurants, grocery stores, mixed-use residential, apartments and a number of other commercial uses, however. Hau has the property listed for sale at $28.79 million.