- July 23, 2018
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While there were no monster deals in the tri-county region of Boulder, Larimer, and Weld counties, the start of summer still had some traction.
We know the area values fitness and health, and Genesis Clubs out of Wichita KS bought into the market with its $7.9 mil. purchase of the long established Fort Collins Club in central Fort Collins. The transaction calculated to a $143 PSF purchase.
Our region isn’t known for manufacturing, but a 65,000 SF industrial facility in Firestone was purchased by a Boston MA firm for $7 mil., or $107 PSF. Sparton, a printed circuit board manufacturer is the tenant that attracted the investor’s interest in the building.
A central Fort Collins apartment complex on Davidson St. with 48 units, sold for $6.25 mil, or $130,000 per unit, to a local buyer. The 38 year old complex reportedly sold at a 6.05% cap rate yield to the investment group who purchased it out of Greeley.
An investment fund out of San Francisco added to its Colorado holdings with a purchase of two office properties on Center Green in Boulder to $5.75 mil, or $191 PSF. The two properties were fully leased at time of sale.
Boulder Scientific Co. bought the building it occupied in Longmont for $4.4 mil. The industrial building sold for $146 PSF from the landlord to the tenant. Located on Specialty Pl. road, the building is actually in Weld County, with a Longmont address.
At $4.3 mil, The Star Ready Mix cement plant building in Evans sold to a local private investor. The sale calculated to an amount over $700 PSF for the specialty building at this 35 acre site. Land value contributed to the value obtained in the sale.
A $3.8 mil three-building multi-tenant retail portfolio on Sherman St. in Longmont sold to an investor for a 6.3% cap rate, showing the high demand for income producing properties in the region suitable for investors. A local Longmont investor purchased the portfolio from a Longmont based seller.
Two 17,000 SF leases led the light tenant activity in June. Note our charts accompanying this report which highlight this slowing of lease absorption and the concurrent impact on landlord asking rates. One of the larger leases was on Century St. in the flex building Centennial Business Park in Louisville, while the other was an office sublet in the Flatiron Business Park on 55th St. in Boulder.