FORT COLLINS – McWhinney, a Colorado-based real estate investor and developer, has purchased a 36,450-square-foot, standalone office building located at 3351 Eastbrook Drive in Fort Collins for $4.55 million, in a sale that closed July 20.
CBRE’s Mike Eyer and Julius Tabert represented the seller, an investment group out of Ohio. McWhinney represented itself in the purchase.
“3351 Eastbrook offered a value-add investment opportunity in a central location that is seeing some exciting new development. With construction costs continuing to rise, more investors are seeking out existing buildings where they can do some light improvements and see a strong return. With McWhinney’s vast development experience in the Northern Colorado market, the company knows exactly what local office users want and will do a great job of strengthening this property,” said Mr. Eyer, vice president with CBRE’s Northern Colorado office.
The property represents McWhinney’s expanding footprint in Fort Collins. The developer has previously delivered or has underway five Fort Collins projects including The Elizabeth Hotel in Old Town developed with partners Sage Hospitality and Sage Restaurant Group; the 425 S. College Ave. site that will be home to Lucky’s Market; The Trails at Timberline, a 314-luxury apartment community located in Spring Creek; Cycle Apartments adjacent to Foothills Mall, delivering 405 apartment homes; and Lemay Medical Office Building and parking garage adjacent to UCHealth Poudre Valley Hospital.
“The purchase of this property signifies our continued commitment to and investment in the Fort Collins area,” said Ashley Stiles, Northern Colorado vice president of development at McWhinney. “We feel the property’s central location in Fort Collins will continue to see business growth, and we’re thrilled to contribute to the area’s ongoing investment.”
Built in 1982 and remodeled in 2007, 3351 Eastbrook is a two-story building located a block from the intersection of South Timberline Road and East Horsetooth Road in central Fort Collins. The property sits on four acres and features 204 parking spaces. It is adjacent to the proposed 17-acre Platte River Power Authority headquarters campus redevelopment, which is being designed to be 80 percent landscaped with native trees and shrubbery. Also, the Power Trail, used for biking/fitness, runs just west of the property. 3351 Eastbrook is currently 77 percent leased to a top-tier government contractor, with the remaining 8,400 square feet available for lease.
“The remaining space available at 3351 Eastbrook features a wide open, very functional layout that could suit a variety of users who also appreciate giving their employees a convenient location close to outdoor recreation,” added Mr. Tabert, vice president with CBRE’s Northern Colorado office.
McWhinney holds a long-standing history in Northern Colorado, with an office located in Loveland. The company currently has more than 45 Northern Colorado projects spanning residential, mixed-use, hospitality, industrial, office, medical and retail, including the award-winning 3,000-acre Centerra master-planned community in Loveland.