CBRE announced the phase one sale on, November 21st, of the Loveland Outlets’ north parcel in Loveland, to Schuman Companies. Schuman Companies acquired the 169,000-square-foot property from a confidential seller for $15 million with plans to close on the south parcel at a later date. The company is repositioning the property into retail, office, and flex condos, which are available for sale or lease under the new name Loveland Yards.
Melissa Moran and Jon Rue with CBRE’s Fort Collins office arranged the sale and are marketing Loveland Yards for sale and lease.
“There was a good deal of interest in this property, but Schuman Companies’ plan to reposition the asset to meet a specific need for Northern Colorado’s small business community propelled them to the top,” said Rue, first vice president with CBRE, who has worked with the Schuman Companies on several transactions throughout Northern Colorado.
Moran, vice president with CBRE, continued, “It’s rare for local, regional, and national operations to be able to own their own real estate. Loveland Yards’ for-sale condo model makes that possible, giving these businesses the chance to build equity in Northern Colorado’s most central, accessible, and highly visible location.
Located at 5661 McWhinney Boulevard, the property sits at the intersection of Interstate 25 and Highway 34 with more I-25 frontage than most other commercial sites in northern Colorado. A half-million people live within 15 miles of the site, including the communities of Loveland, Greeley, Fort Collins, and Windsor.
The area is already a popular commercial district with four other retail centers within two-square miles: The Promenade Shops, Centerra, Johnstown Plaza, and Centerra Marketplace.
Condo suite availability at Loveland Yards ranges from 1,000 sq. ft. to 169,000 sq. ft. with the option to combine or demise existing suites. Condos are priced between $165 and $300 per sq. ft. with triple-net expenses covered under an HOA. Ceiling heights vary with a minimum clear height of 18 ft. The property’s zoning allows for retail, office and light industrial use.
“We are excited for the opportunity to reinvent the Outlets. The Outlets were a place I visited when I was younger. My hope is Loveland Yards will be place that my children and grandchildren will enjoy for years to come,” said Philip Schuman, CFO, Schuman Companies.
Windsor, Colorado-based Schuman Companies is a full-service real estate investment company specializing in property acquisition, development, and management. They implemented a similar model of offering both for-sale and for-lease options at another project in Loveland—Crossroads Commons, at the intersection of Crossroads Boulevard and Centerra Parkway. The mixed-use office and retail project, also marketed by CBRE, is still under construction but is already half pre-sold or leased with all the remaining space either under contract or under a letter of intent.
“Larimer County is one of the fastest-growing in Colorado, and there’s significant appetite among retail, office and other businesses to locate in the middle of this expanding base of potential employees and customers,” added Rue.
For more information, visit www.lovelandyards.com.
Photos courtesy of Boxwood Photos
