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.
- After having the site under contract for the better part of 2016 to a hotel flag seeking a developer, the flag dropped contract. Within 30 days, KWB, LLC, a company which specializes in premium upscale and upper-midscale, select- service hotels such as Marriott, IHG, Hilton and Hyatt, bought the site for $2,525,000 in August of 2017.
- KWB built a 114-room hotel on the two-acre site.
- As a result of the transaction, the Seller was able to secure funds for their retirement and set a city-wide pricing record.
- In 1st quarter 2016, this group submitted an acceptable offer.
- In January of 2017, the hotel developer closed on the site for development of a Starwood element by Weston Extended Stay Hotel.
- The site sold for over $400,000 than the original list price in 2012.
- Property sold $200,000 over asking price to a well-capitalized gas/ convenience store user
- Client most pleased with ultimate result
- QuikTrip Corporation to open new gas station/convenience store by 2022
- 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
Shortly after listing the property, several interested parties submitted offers for review. However, one California-based 1031 exchange investor had the least sale contingencies.
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