Colorado Real Estate Journal - October 5, 2016
One of the largest office properties in Fort Collins sold for the first time in 25 years, for $11 million. A group of local and tenants-in-common investors bought Continental Plaza from entities owned by Bruce Deifik and Rhys Christensen. The two-building property is located at 3665 JFK Parkway, directly south of the new Foothills Mall. The buildings comprise 55,158 square feet and were 100 percent occupied at the time of the sale. Tenants include Ayers & Associates, which has been at the property for 25 years; Northwestern Mutual; MWH; Snapfish; Berkshire Hathaway HomeServices Rocky Mountain, Realtors; and others. Many tenants have been there for a decade. The sellers recently finished a complete remodel of all three floors in Building 2, and with the property fully leased, “We just thought it was a good time to sell,” said Christensen. He and Deifik acquired Continental Plaza from Traveler’s Life Insurance Co., which had foreclosed on it, during the savings and loan crisis in the early 1990s. They have leased and managed it ever since. Continental Plaza was built Medema Homes, owned by Charles Keating Jr.’s American Continental Corp., in the early 1980s. Keating was part of the S&L scandal and served time in prison for fraud. Located within a block of shops and restaurants at the new mall, the property offers 4.4 surface parking spaces per 1,000 sf and a timeless architecture. “It’s kind of an iconic building, and it’s located in the middle of the south business district,” said Christensen. “Even though it’s 30 years old, it’s still fresh and new,” he said. Chase Christensen of Cushman & Wakefield’s Fort Collins office represented the sellers in the transaction. Aki Palmer and Jim Palmer, also of Cushman & Wakefield, represented the buyers.