A 146,100-square-foot south parcel at Loveland Yards in Loveland has been sold for $12.3 million. The purchase completes Schuman Companies’ acquisition of the former Loveland Outlets site, after buying the north parcel in November 2022.
Melissa Moran and Jon Rue with CBRE’s Fort Collins office arranged the sale and are marketing Loveland Yards for sale and lease.
The final, south parcel acquisition follows months of strong tenant activity at the north parcel. Over 10 tenants have purchased or leased suites, totaling 138,700 sq. ft. or 71% of available space. Notable tenants joining the project include Avery’s Tea House, Slate Studios, Gold’s Gym, School of Rock, CycleBar, Citipointe Church, FyrePro, Ewing Leavitt Insurance and Trek Bicycles, which will likely be the first new tenant to open its doors this July.
“The velocity of tenant commitments at Loveland Yards is proof of concept for Schuman Companies’ vision to create a marketplace catering to Northern Colorado business owners. The diversity of businesses joining the project creates a compelling mix of goods and services for people in the community and will go far in transforming this location into a daily regional destination,” said Moran, vice president, CBRE.
Schuman Companies is repositioning the property into retail, office and flex condos, which are available in a unique structure —both for sale and for lease. The for-sale option provides tenants with the option to build real estate equity in a central, accessible and highly visible location. Schuman Companies is investing in a range of improvements at the site, including replacing building roofs, repainting the property’s façade, installing new landscaping and a parking lot overlay, and rebranding with new signage and a new website.
“Our goal of repositioning the Yards into a center of commerce powered by local businesses is well on its way. We look to have the exterior improvements completed by August of this year in time for the first annual NOCOchella (nocochella.org), an event to raise awareness and support for special needs kids and families in our community,” said Philip Schuman, CFO, Schuman Companies.
Located at 5600-5721 McWhinney Boulevard, Loveland Yards 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, Johnstown, Berthoud 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 120,700 sq. ft. or more, with the option to combine or demise existing suites. Condos are priced between $185 and $250 per sq. ft. with lease rates ranging from $16-24 per sq. ft. Ceiling heights vary with a minimum clear height of 15 ft. The property’s zoning allows for retail, office, light industrial/flex and entertainment use.
