McWhinney Building Sells for $10.75M

January 29, 2010 Posted In

By Pat Ferrier

Rangeview Two, part of a four-office building complex built by McWhinney in Loveland, has been sold for $10.75 million.
The 39,000-square-foot office building, which houses Abound Solar, EMC2 and the Women’s Clinic of Northern Colorado, among others, was sold to MJB RV2 LLC, a limited liability company with investors in California.
MJB RV2 LLC registered with the Colorado Secretary of State’s Office this month.
Ron Kuehl, McWhinney’s vice president of real estate, said MJB officials approached the company about buying the lakefront office building, which was not on the market.
“This is a testament to how attractive Centerra is throughout the country because of its location, aesthetics and amenities.”
MJB was looking for investment opportunities in several states and settled on Colorado. With that done, it scoured the Front Range, Kuehl said.
“The fact that it is in a master-planned community, on the lakes with unobstructed views of the mountains, and it’s very difficult to duplicate,” he said.
McWhinney’s office buildings are part of the 3,000-acre Centerra development.
“Rangeview Two in Centerra definitely stood head and shoulders above other properties we researched,” Michael Browning of MJB said in a statement.
“It’s a Class A property on a gorgeous lake and part of an exceptional master-planned community. It’s rare to have so much open space and spectacular mountain views, along with other amenities, all together. There really is a limited supply of this type of building across the country. It’s an investment we didn’t want to pass it up.”
Rangeview Two was valued at $7.4 million by the Larimer County Assessor’s Office. Actual value does not necessarily reflect market value.
The sale frees up some capital for McWhinney to reinvest in new development, Kuehl said.
McWhinney has a five-year contract to continue managing the building, including leasing.
McWhinney still owns Rangeview One, Three and Four and has plans to build three more Rangeview buildings north of Crop Production Services on Rocky Mountain Avenue in Loveland.
Rangeview Two is 100 percent leased, and the four office buildings combined are 99 percent leased, Kuehl said.
Rangeview One was on the market about 18 months ago, but Kuehl said the company did not find “an acceptable transaction that made sense for us.”
McWhinney has since pulled it from the market.