Real Estate: Investors purchase vacant Fred Schmid retail facility

FORT COLLINS – Languishing as one of the city’s signature vacant buildings for more than a year, the 32,000-square-foot former Fred Schmid building is under new ownership.Located at 4950 S. College Ave., the office and showroom building has been idle since the bankruptcy of the Fred Schmid consumer-electronics and appliance chain. Last month, however, a group of local investors acting as 4950 S. College LLC purchased the site for $1.3 million.
Fretter Real Estate of Ohio and Rhys Christensen of Realtec Commercial Real Estate Services Inc. handled the deal.
Christensen now is marketing the property to prospective lessees.
Already, a Denver-based heating, venting and air-conditioning supplier, Carrier West, has taken 12,000 square feet on the east side of the building. It will open Sept. 1.
Two or three more units will be designed from the remaining 20,000 square feet.
“We’re putting in new doors and windows,” Christensen said. “What we have left is high-visibility space.”
It’s best suited for tenants requiring showroom/warehouse space, Christensen said.Hardware store coming to Windsor
WINDSOR – Jim and Lisa Clay of Fort Collins hope to break ground next month on a 10,000-square-foot Ace Hardware here.
The two, who already work in a family business, Advanced Tank & Construction Co. of Wellington, had initially hoped to build an Ace in Wellington.
“But then this opportunity opened up in Windsor,” Lisa Clay said.
The couple purchased approximately one acre of land due east of the Holiday Inn Express and west of the shopping center anchored by Steele’s Market.
“This is another great project in the West Main Street corridor,´ said Greg Fisher, whose company, Greg D. Fisher, Architect, designed the hardware store.
A 2,000-square-foot lawn-and-garden center also will be featured.
Clay said the couple will have some flexibility in the products they carry and will try to feature items not readily available elsewhere in Windsor.
“We will offer some lumber and possibly some sporting goods,” she said.
Opening could take place in early March, she said.
The Clays will continue to work with Advanced Tank, which designs and builds large storage and water tanks.
Dohn Construction Co. of Fort Collins will build the Windsor project.More affordable housing planned
GREELEY – Sales have been so hot in Northview, a primarily manufactured-home project at 35th Avenue and Fourth Street, that developer Ken Crumb is planning a similar project near 35th Avenue and 37th Street.
“At Northview, we were almost half-way sold out in seven months,” Crumb said.
A lot and home at Northview cost about $100,000.
“I’m hoping to partner with Roche (Constructors Inc.) to purchase the land at 35th Avenue,” he said.
If it works out, the second affordable housing project likely will be called Southview.Real estate conference planned
FORT COLLINS – Based on Northern Colorado’s reputation as one of the fastest-growing areas in the country, a Northern Colorado Real Estate Conference has been planned for Sept. 18 at the Fort Collins Marriott, 350 E. Horsetooth Road.
The Executive Real Estate Roundtable of Denver is organizing the event, which is sponsored by Bromley Cos., Coldwell Banker, Coopers & Lybrand and Ras Builders. The Northern Colorado Business Report is media sponsor for the event.
Panelists will include Steve Stansfield, Steve Pfister and Rhys Christensen, all of Realtec Commercial Real Estate Services Inc. Other panelists are Marty McElwain of Pratt Management Cos. of Longmont; David Neenan of The Neenan Co.; David Everitt, president of Everitt Cos.; Chad McWhinney, president of McWhinney Enterprises; and Bill Stenberg, vice president of U.S. Homes.
Panelists on financing trends include: Greg McCann, vice president of real estate lending at Bank One; Tim Wiens, president of Firststate Bank; Harry Devereaux, executive vice president of Home State Bank; and Mary Salas, vice president of Northland Financial.
Political and environmental issues will be covered by John Clarke, Larimer County commissioner; Ray Emerson, mayor pro tem of Loveland; Terry Lucero, mayor of Brighton; Wayne Miller, mayor of Windsor; Vern Nelson, mayor of Greeley and Will Smith, mayor pro tem of Fort Collins.
The conference will take place from 12:45 to 5 p.m., with a reception from 5 to 7 p.m. Registration is $20. RSVP to Executive Real Estate Roundtable/Northern Conference; c/o Hope Fernandes, First United Bank; 14501 E. Alameda Ave., Aurora, CO 80012. Contact Mike Harrison at (303) 722-8555 with questions.Loveland bank building purchased
LOVELAND – Firststate Bank of Colorado bought the First National Bank Building at 205 E. Eisenhower Blvd. last month and will occupy the building after a lease for First National expires this fall.
The 16,000-square-foot building will become the site of Firststate Bank’s newest full-service facility in Northern Colorado and marks its third branch to open in the area this year.
Bank officials intend to modify the tenant mix in the Loveland building to reflect financial and professional services.
Firststate Bank is owned and operated by the Wiens family of Loveland and Westminster.School takes office building
FORT COLLINS – A 46,000-square-foot facility in the Prospect East Business Park recently was sold for $2.1 million to 1725 Sharp Point LLC from D&L Enterprises.
The building originally was constructed for Vipont Pharmaceuticals and was being leased by Teledyne Water Pik. The sale involved cancellation of the Teledyne lease.
A new lease was signed with the Poudre School District for the Liberty Common School, the first charter school in the district.
The Neenan Co. will conduct approximately $1 million of improvements for the building’s conversion to educational use.
The deal was handled by Peter Kast of Kast Real Estate Services Inc. and Geoff Kruesser of Colliers, Bennett and Kahnweiler Inc.Sales & leases
Larson Irrigation leased 948 square feet in the Solar Medical Plaza at 1355 Riverside Ave., Suite E1. Steve Stansfield of Realtec Commercial Real Estate Services Inc. and Dan Bernth of Veldman Morgan Commercial handled the deal.
The Arthritis Foundation leased 663 square feet at 344 E. Foothills Parkway, #1EB. Steve Pfister and Nick Christensen of Realtec handled the deal.