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Average Sales Prices rise with high profile portfolio sales.

Big CRE Sales in May propels YTD regional total to almost $1 billion.

High Profile Portfolio Sales Deals Drive Tri-County CRE Sales to Approximately $1 Billion Thus Far in 2017

Outside investors drove a very busy CRE sales market in Boulder, Larimer and Weld counties in the month of May. New York based JP Morgan led the charge with a $101 million purchase of three office buildings in Boulder’s downtown core area. 217,000 SF of office were involved in the purchase from New York’s Blackstone Properties. Private capital firm Cress Capital from California then came to the CRE headlines with a purchase of 23 buildings in Fort Collins primarily at Prospect East, for $56.5 million, or about $110 PSF over the approximate 500,000 SF portfolio.

Local investors also were active in the region. A Loveland buyer purchased The Plaza at 2534 in Loveland for $4.7 million at a reported 5.75% cap rate. The Front Range Labs flex building in Loveland sold for $3.7 million at a reported 7.9% cap rate. A Boulder investor purchased the 1900 Folsom office building for $5.6 million, $265 PSF, and a 6.6% cap rate. Wrapping up these investment deals was a $2 million, $88 PSF Fort Collins buyer for the Fort Collins Long’s Drug building.

Owner occupant purchases included the Food Bank of Larimer County transaction for a $4 million warehouse in the Loveland-Fort Collins airport area, and Adcon Signs ownership who purchased a warehouse they operate out of in Fort Collins for $3.85 million, or $85 PSF.

Another interesting sale was the downtown Fort Collins Armstrong Hotel, which sold for $10.1 million, or $141,000 per “key” to a Jackson WY operator.

Google made the most leasing “noise”, as it took 33,000 SF at 3333 Walnut for a three-year period as it finishes up its new complex not far away from this location in Boulder. Interstate Construction Services leased a 21,000 SF industrial space in north Fort Collins, Log Rhythm leased 16,000 SF of office in Two Pearl East in Boulder, Namaste Solar leased 15,000 SF of flex space in the Gunbarrel region of Boulder, and United Subcontractors rounded up the major leasing news with 11,000 SF of Loveland flex space.

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