- April 20, 2017
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Leasing activity slower than last three quarters.
Q1 Sales Volume on par with last year Q1.
“Flatiron” Was A Common Name On The Big Deals In NoCO CRE March Deals
Flatiron Park in Boulder saw a 19-property portfolio trade and 5 other in separate deals. Goff Properties unloaded the 19 properties to a venture consisting of Crescent Real Estate, Goldman Sachs, and Lionstone Properties for $148 million. Goff had squired the properties in 2011 for $61 million. The properties amount to about 745,000 SF, and sold for $198 PSF. The other 5 properties in the park were sold to a CO buyer for $27.5 million. 4 of those traded in a portfolio sale at $147 PSF over the 151,000 SF in total, and the other traded for $161 PSF.
Meanwhile, Flatiron Athletic Club in Boulder sold for $8 million to a New York Buyer, and the health club penciled out at $191 PSF.
Several hotel deals also featured in March. The Bugle Point on Fall River in Estes Park sold to a Texas buyer for $2.2 million, or $148,000 per room. Fort Collins’ Courtyard Hotel, and neighboring Residence Inn in the Oakridge area sold for $30 million to a Colorado base lodging firm. The two hotels had 112 and 113 rooms respectively, so the combined average price per room was about $123,000.
For a change, the only apartment sale was Montview Meadows in Longmont, the 27-unit property sold for $2.9 million, or $74,000 per unit, to a CO buyer.
Leasing activity featured Industrial and Flex property for the most part. 19,000 SF in Boulder’s Foothills Business Park led the way by size. That was followed by PCI Calibration’s 11,000 SF lease of a flex property in Lake Center Plaza in Boulder, a 10,400 SF lease on county road 4 in Brighton to Allied Wireless Services, and 10,200 SF at the flex Campus at Longmont property. Another Industrial lease of note was the 9,000 SF lease in the former Army Reserve Center north of Fort Collins on I-25.
Of note on the leasing side is the return of some oil and gas service firms to the market, as fracking activity slowly ramps up again.