Rangeview Two Office Building at Centerra Sells for $10.75 Million
January 28, 2010 Posted In
Vice President of Real Estate
LOVELAND, CO.—JANUARY 28, 2010—While economists label the region’s commercial real-estate market “slow,” properties at Centerra in Loveland continue to attract considerable attention.
McWhinney, developer of the award-winning, 3,000-acre master-planned Centerra community at the corner of I-25 and Highway 34, today announced an investment group has purchased the Rangeview Two lakefront office building for $10.75 million, which equated to a sales price of $275.00 per rentable square foot.
MJB RV2, LLC, a Colorado LLC with investors in California, purchased the 39,000-square-foot, three-story office building after exploring other properties in Arizona, Idaho, Utah and along Colorado’s Front Range.
Rangeview Two, built in 2006, is part of the Rangeview office campus on Rocky Mountain Avenue in Centerra. Rangeview Two is 100 percent occupied, with such well-regarded tenants as international IT consulting company EMC2, Abound Solar, Wells Fargo Home Mortgage, FirsTier Bank, Women’s Clinic of Northern Colorado and the Youth Clinic of Northern Colorado.
“Rangeview Two in Centerra definitely stood head and shoulders above other properties we researched,” said Michael Browning, with MJB RV2. “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.”
“McWhinney, as a company, is very particular about the properties we develop and sell,” said Ron Kuehl, Vice President of Real Estate for McWhinney. “Rangeview Two wasn’t on the market, but a buyer approached. This is a testament to how attractive Centerra is throughout the country because of its location, aesthetics and amenities.
“MJB RV2 has been incredible to work with,” Kuehl added. “We developed a close relationship throughout this process”.
MJB RV2 has contracted with McWhinney to oversee day-to-day management and leasing of the facility.
Peter Kast of Realtec Commercial Real Estate in Fort Collins and Mark Norem of Mark Norem Real Estate in Big Timber, Mont., assisted in the sale.
For more information, call McWhinney at 970-962-9990 or visit www.McWhinney.com.
About McWhinney: Headquartered in Loveland, Colorado, McWhinney is a team of talented people who are passionate about creating great places for people and providing fabled experiences to our customers. We develop innovative and sustainable master-planned communities and award-winning vertical commercial and mixed-use projects. Since 1991, McWhinney has planned and developed more than 6,000 acres in several master-planned communities and over 3.6 million square feet of vertical commercial and mixed-use properties throughout the Rocky Mountain region and on the West Coast. In 2008, McWhinney moved up from No. 13 to No. 11 on the list of the 50 Best Small and Medium Size Companies to Work for in America. For additional information, visit www.McWhinney.com.
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