October 2, 2019
Buyer new to Colorado pays $12.5M for Harmony retail
A buyer new to Colorado and planning to expand its presence paid $12.5 million for a Kohl’s-anchored building on the Harmony Road corridor in Fort Collins.
Hartland, Wisconsin-based Investors Associated LLP was selected from a pool of buyers to acquire the 115,862-squarefoot building at 813-831 E. Harmony Road. Kohl’s occupies approximately 100,000 sf of the building. Guitar Center is the other tenant.
“We really like the Colorado market, and this is our first attempt at getting into it,” said Jamie Stefan, vice president of investor relations and operations. “We have a very diversified portfolio, not only by type and industry, but also by geographic region,” she said, noting Fort Collins is a market in which the company would like to “build a hub” of both commercial and residential properties that it could operate in tandem.
“The Fort Collins market was attractive to a lot of groups, being a growing market,” said Ben Synder of Matthews Real Estate Investment Services in Cleveland, who represented seller Kimco Ft. Collins 367 LLC with Kyle Matthews in the firm’s Los Angeles headquarters.
“We ran a pretty robust marketing process. We had over a dozen offers,” said Matthews. “It was a nice blend of active local buyers as well as coastal 1031 exchange buyers who were looking to go into Colorado markets.