88,000 sq. ft. Flex Medical Office/Industrial in Greeley Sells for $8.5M
Cushman & Wakefield recently brokered the sale of a unique 88,000-square-foot medical office/industrial flex facility in Greeley. The property is approximately 37 percent net-leased to one of the largest nonprofit health care systems in the country and sold for $8.5 million.
The asset was acquired by a private investor that plans to reconfigure the remaining 55,680 square feet (sf) of vacant space, converting approximately 42,000 sf into traditional warehouse space along with over 14,000 sf of office space, or demised into two units beginning at approximately 25,000 sf.
The seller was EWE Warehouse Investments XL Ltd, which was represented in the transaction by Cole Herk, CCIM, director and Aki palmer, managing director with Cushman & Wakefield’s Fort Collins office.
“The property offers tremendous upside with a combination of stable income and future value with the improvements the buyer intends to make on the vacant portion,” said Cole Herk.
Located at 244 Dundee Avenue, the single-story asset is located near the intersection of 71st Avenue and 4th Street and situated in an Enterprise Zone. The location is also proximate to Highway 34 and the entire local freeway network, the Greeley Mall and other key retail amenities as well as the University of Northern Colorado and the Northern Colorado Regional Airport.