Brinkman Capital Buys Office Building in Fort Collins
DENVER – Brinkman Capital has purchased Preston Center, a 57,287-square-foot office building in southeast suburban Fort Collins, in a deal valued at $9.6 million. 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.
“This was an opportunity to invest in an 85 percent 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.
Kevin Brinkman, CEO of Brinkman Capital said that a renovation of the building will include rebuilding the entryway and redecorating the interior.
“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. Our property management team is excited for the opportunity to build relationships with the current tenants and create an energizing workspace for them.”
“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,” added Egitto.