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California Buyers Rush into NoCO at end of Year

  • January 23, 2018
  • News

California buyers made a splash in our region to close out the year.  Several of the sales were for apartment complexes.

Franklin Flats in Greeley was sold by a Colorado based owner to Alta Community Investments out of Thousand Oaks CA for $15.4 Million. That 108-unit project sold at a reported 6.76% cap rate, and it calculated out to $142,000 per unit. The Seller acquired the property in 2015 for $6.7 Million. Another multi-family project, the 69-unit Boulder View apartments in Gunbarrel region of Boulder, sold for $275,000 per unit to Irvine CA based Bascom Group.

A couple of other California buyers came into our market last month. Firehouse Self Storage in Loveland, a 160,000 SF facility, sold for $22.2 Million to FollettUSA out of Sacramento CA. Then, The Peaks at Old Laramie Trail in Louisville featured an assisted living center sale for $20.1 Million to Sabra Health out of Irvine CA. That center sold for $362 PSF over its 57,000 SF total.

Of course, Buyers in December also were local. The BROE company out of Denver purchased the former Maxtor Building in Longmont for a mere $18 PSF. The 461,000 SF Industrial/Flex campus was sold for $8.6 million after selling for $60 Million in 2006. BROE plans to upgrade and re-develop the property into a multi-tenant campus. Longmont has been a strong Flex market over the last few years.

WW Reynolds Company, who was mostly selling in 2017, purchased 1470 Walnut in Boulder right at the end of the year for $30 Million. The multi-tenant office building was fully leased to various professional services firms primarily. It sold at $573 PSF, which is reflective of downtown Boulder pricing.

CPP, a wind engineering firm in Fort Collins, leased 39,000 SF in nearby Windsor on Greendale St. to relocate their firm. The Boulder Commons project in Boulder featured several 9-10,000 SF office leases to kick off that new project at 30th and Pearl Street. The nearby almost-complete Google facility certainly will attract other technology firms to that part of Boulder.

December 2017 also saw a range of other deals in the $4-5 Million range, including the 19,000 SF North Hover Centre, a multi-tenant retail center in Longmont, which sold to a San Diego CA investment group for $233 PSF.
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2017 Year End Sales Volume

2017 Year End Vacancy Rate