Avison Young negotiates sale of a 57,287-square-foot class B+ office building in Fort Collins, CO6 Nov 2018
Denver, CO – November 2, 2018 – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated the sale of Preston Center, a 57,287-square-foot office building in southeast suburban Fort Collins, CO. Preston Center is located in the heart of the East Harmony Road commercial corridor at Corbett Drive, immediately south of Front Range Village Shopping Center.
Avison Young Principals David Tilton and Rick Egitto, who are based in Denver, and Sam Crowe, an Associate in the firm’s Denver office, represented the seller in the transaction.
MSCI 2006-HQ10 East Harmony Road, LLC, also known as LNR Partners, LLC, sold the building for $9.6 million to Brinkman Capital.
“This was an opportunity to invest in an 85% leased high-quality suburban office building in the heart of a fast-growing city north of Denver in order to take advantage of substantially below- market, in-place rents, which will lead to outsize returns over time,” comments Tilton.
“The growth of business along the Harmony corridor has always been a goal for us as a company,” says Kevin Brinkman, CEO of Brinkman Capital. “We’re excited about making improvements to this property that will revitalize interest in the vacant units and bring a new state-of-the-art office location to South Fort Collins. Among other immediate improvements, we plan to rebuild the entryway and redecorate the interior for a more modern feel. Our property management team is excited for the opportunity to build relationships with the current tenants and create an energizing workspace for them.”
Egitto adds: “The investor was able to purchase a building in a very solid office submarket for slightly more than half of what it would cost to construct new, in a location that cannot be duplicated. Brinkman Capital, based in Fort Collins, was a very logical buyer given its background in office construction and this submarket specifically.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.