Early on the team found a Fort Collinsbased investor/developer/contractor that not only had specific local knowledge of the Fort Collin office market, but also understood the value of buying this well-located office asset for almost half the cost to build a new office building in this submarket. Preston Center sold for $9,600,000 to Brinkman Capital, LLC in October of 2018.
- For the buyer, Austin-based Cypress Real Estate Advisors Inc., the sale/ leaseback provides an income-producing property as they work through entitlement with the municipality to develop a first-phase with 359 multi-family units.
- The stage is set for a transition to an anchoring, close-in urban neighborhood centered on the light rail station with access to the urban core and proximity to vibrant arts and culture.
- Shortly after listing the property, three investors made offers around a 6.30% capitalization rate, resulting in pricing $500,000 over seller expectations.
- In January of 2017, Smoky Hill, LLC & Chase Adam, LLC (two local investors) closed on the property at a sales price of $1,926,000.
Shortly after listing the property, several interested parties submitted offers for review. However, one local institution—Colorado Credit Union— located nearby pursued the acquisition hard. They paid more than expected in order to attain a much more visible than the asset they currently occupied
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