- November 22, 2017
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Tri-county NoCO CRE Activity led by Apartment Sales
Though Boulder, Larimer and Weld county commercial real estate transaction levels slowed down a bit from the last couple months, investors stay active in the region. Sales activity was led by two larger apartment complex sales.
The month ended with the largest deal, as the Uptown Broadway Apartments in Boulder sold for $35 million. The 116-unit apartment complex sold for just over $300,000 per unit. The Buyer, Cardinal Group, is a Denver area group of investors. Three years ago, the same property sold for $27 million. Earlier in the month, Village Gardens Apartments in Fort Collins sold for $26.6 million. That 151-unit complex sold for $176,000 per unit. When it sold previously in 2008, the price per room was almost $100,000 less than this recent sale. The Buyer in this recent sale was Inland Private Capital out of Oak Brook, IL.
Bill Reynolds continued his divestment and re-positioning in area real estate, as the Boulder property owner sold a three building Gunbarrell flex portfolio for $23.5 million to a Greenwich CT investor. The 135,000 SF portfolio had multiple tenants, and sold for about $170 PSF.
On the retail front, Centennial Commons in Greeley sold for approx. $5.5 million, or $145 PSF to a Colorado buyer. The 37,000 SF complex reportedly yielded a 6.5% Cap rate.
The AmericInn in Windsor sold for $2.8 million to an Oklahoma City OK hotel operator. Champion Properties paid only $46,000 per key for the 61-unit hotel.
On the leasing front the top deal was the placement of Spyder Active Sports into the Walnut Business Center office building in Boulder. Spyder took 26,000 SF in that property. Other office leases in Boulder last month included a 24,000 SF tenant placement in the Colorado Building, and 11,000 SF in the Pearl East complex.
Industrial leasing was led by a property on Teleen St. in Erie, where Transportation and Crating Services, Inc. leased 12,000 SF.
Retail leasing was moderate, but included a 8,000 SF lease at The Square in Fort Collins and 5,100 SF at Hillside Shopping Center in Greeley.
Construction activity appears to be commensurate with market activity.