- September 22, 2017
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Tri-county area approaching 1 million SF of positive absorption this year.
Buyers evenly divided between property classes. All spectrum of properties are selling in equal proportion.
Fort Collins leads the way with two large apartment sales
Tri-county commercial real estate sales in August featured two large transactions in Fort Collins.
The Summit on College, a 220-unit student oriented complex sold for $71 million to American Campus Communities, a Texas based REIT. The sale included a 3 story, 300 space parking structure, and a small land parcel. The River Glenn Apartments in Fort Collins also sold in August. That project is 300 units, and it sold for $47.5 million to a San Francisco CA based investment group. Per unit price was $158,000. The same property sold 10 years ago for about half the price of this recent sale.
Other housing type properties were of note in their trades last month. The Ponderosa Mobile Home Park in Boulder sold for $4.2 million to the City of Boulder. The park included 68 lots.
The Holiday Inn Express in Greeley sold for $4.65 million or $73,000 per room. A twelve-plex in Fort Collins on Remington St. sold for $304,000 per unit, or $3.65 million to a Boulder private investor. In a quick flip that netted the Seller a $1 million gain in only one year, two twelve-plexes in Longmont on Terry St., sold for $3.2 million, or $119,000 per unit.
Retail investment properties always attract interest in our area. A fast food restaurant sold for $4.1 million in the Centerplace shopping center in Greeley.
On the leasing front, industrial led the way with the largest transactions. Ball Aerospace (Lafayette) and Uber Technologies (Louisville) renewed leases in place for 48,000 and 33,000 SF respectively. Boulder featured two new sizable office leases at Flatirons North (29,000 SF) and Lake Centre (28,000 SF). Loveland featured the 18,000 SF lease to Mile High Labs, and Longmont was the location for a 15,000 SF retail lease to Redline Athletics.