Wednesday, August 31, 2011
Loveland Ale Works Leases Remaining Space in 102-136 W 4th Street
Congratulations to Nick Callaway of Loveland Ale Works for leasing the remaining 4,506 SF of retail space in the retail/industrial building located at 102-136 W 4th Street in Downtown Loveland. This Property is now 100% occupied, and Loveland Ale Works will soon have a tasting room open to the public. Nathan Klein of Loveland Commercial brokered this deal. For more information on brokerage services, contact Loveland Commercial at 970-667-7000.
Monday, August 29, 2011
Loveland Commercial Sells Five Industrial Condos in Carson Business Center
Nathan Klein of Loveland Commercial, LLC just sold five commercial condos in two separate transaction in the Carson Business Complex in Evans, CO. The first transaction, which closed July 22, included two units totaling 2,858 SF and sold for $134,625. The Seller was Advantage Bank, and the Buyer was Schneider Holdings Company, LLC The second transaction for the remaining three units, totaling 4,284 SF, sold for $180,000 on August 16. The Seller again was Advantage Bank, and the Buyer was LaSalle Rental Property One, LLC.
For more information on brokerage services, contact Loveland Commercial at 970-667-7000.
For more information on brokerage services, contact Loveland Commercial at 970-667-7000.
Monday, August 22, 2011
Loveland's ACE developer cuts bait
United exits negotiations for Agilent campus
By Tom Hacker For The Times-Call
LOVELAND -- Plans for the Aerospace Clean Energy Manufacturing and Innovation Park (ACE) remain on track despite Monday's exit of the lead developer, city officials and project backers say. Minneapolis-based United Properties, which partnered on the ACE project with the Colorado Association for Manufacturing and Technology (CAMT), abruptly ended its negotiations with the city to buy the Agilent Technologies Inc. campus where the technology manufacturing park is taking shape.
The Agilent Technologies Inc. campus in Loveland, pictured in an aerial view on Jan. 21, emerged on April 5 as the choice for the Aerospace Clean Energy Manufacturing and Innovation Park. Monday, United Properties of Minneapolis pulled out of the project, saying it could not close the deal under the current lending environment and under tight deadlines. ( RICHARD M. HACKETT )
"It is going to go forward, and it's going to explode," CAMT chief executive Elaine Thorndike said following the United Properties announcement. "The things that are crucial -- the interest from companies and our own initiatives -- are going better than we ever could have imagined," she said. "There are so many exciting things going on that we're not discouraged by this."
Thorndike and Loveland officials said within hours of the United Properties announcement that they had scheduled meetings with other developers -- including Northern Colorado companies McWhinney, Loveland Commercial, and Neenan Co. -- to fill the void left by the Minneapolis company.
7,000 potential jobs
Thorndike also said her agency, along with NASA and the Golden-based National Renewable Energy Laboratory (NREL), are in talks with scores of manufacturing companies that are interested in locating at the ACE park.
Project organizers say they plan to have as many as 100 companies, employing up to 7,000 people, engaged in turning NASA and NREL technology patents into products, getting them to market on a fast-track schedule.
United Properties president Frank Dutke said Monday that interest from large, national companies was insufficient to continue with the project. "It has always been our view that this not be a speculative project, and that there be users identified before we begin the redevelopment there," Dutke said. "We believe that in order to finance a multistory, multitenant industrial project that there must be at least some national companies on the rent roll."
CAMT and United Properties announced their partnership, and Loveland's choice as the ACE location, on June 21. United Properties then entered into an exclusive, 60-day negotiating process with the city to buy the 812,000 square feet of buildings and 130 acres of developable land at Agilent.
'Very good tenants'
City Manager Bill Cahill said he thought the decision by United Properties to pull out of the project was driven by the company's business plan. "I think UP had a business model that called for a certain proportion of the buildings to be filled by credit tenants by a certain date," Cahill said.
"A lot of the companies that have expressed interest in the project are very good tenants but do not fill the credit-tenant requirements." Credit tenants, in commercial real estate parlance, are large, national companies whose resources guarantee fulfillment of long-term leases, and whose presence would help secure favorable project finance terms.
City and CAMT officials will meet this week with four developers that Loveland officials had earlier identified as top prospects for the job of developing the ACE project. McWhinney, Loveland Commercial LLC and Fort Collins-based Neenan Co. all responded to the city's request for proposals on the project in February. The fourth is Richmond, Calif.-based Orton Development Inc.
Discussions with developer prospects likely will be the topic of a special closed-door meeting of the Loveland City Council that will convene tonight.
By Tom Hacker For The Times-Call
LOVELAND -- Plans for the Aerospace Clean Energy Manufacturing and Innovation Park (ACE) remain on track despite Monday's exit of the lead developer, city officials and project backers say. Minneapolis-based United Properties, which partnered on the ACE project with the Colorado Association for Manufacturing and Technology (CAMT), abruptly ended its negotiations with the city to buy the Agilent Technologies Inc. campus where the technology manufacturing park is taking shape.
"It is going to go forward, and it's going to explode," CAMT chief executive Elaine Thorndike said following the United Properties announcement. "The things that are crucial -- the interest from companies and our own initiatives -- are going better than we ever could have imagined," she said. "There are so many exciting things going on that we're not discouraged by this."
Thorndike and Loveland officials said within hours of the United Properties announcement that they had scheduled meetings with other developers -- including Northern Colorado companies McWhinney, Loveland Commercial, and Neenan Co. -- to fill the void left by the Minneapolis company.
7,000 potential jobs
Thorndike also said her agency, along with NASA and the Golden-based National Renewable Energy Laboratory (NREL), are in talks with scores of manufacturing companies that are interested in locating at the ACE park.
Project organizers say they plan to have as many as 100 companies, employing up to 7,000 people, engaged in turning NASA and NREL technology patents into products, getting them to market on a fast-track schedule.
United Properties president Frank Dutke said Monday that interest from large, national companies was insufficient to continue with the project. "It has always been our view that this not be a speculative project, and that there be users identified before we begin the redevelopment there," Dutke said. "We believe that in order to finance a multistory, multitenant industrial project that there must be at least some national companies on the rent roll."
CAMT and United Properties announced their partnership, and Loveland's choice as the ACE location, on June 21. United Properties then entered into an exclusive, 60-day negotiating process with the city to buy the 812,000 square feet of buildings and 130 acres of developable land at Agilent.
'Very good tenants'
City Manager Bill Cahill said he thought the decision by United Properties to pull out of the project was driven by the company's business plan. "I think UP had a business model that called for a certain proportion of the buildings to be filled by credit tenants by a certain date," Cahill said.
"A lot of the companies that have expressed interest in the project are very good tenants but do not fill the credit-tenant requirements." Credit tenants, in commercial real estate parlance, are large, national companies whose resources guarantee fulfillment of long-term leases, and whose presence would help secure favorable project finance terms.
City and CAMT officials will meet this week with four developers that Loveland officials had earlier identified as top prospects for the job of developing the ACE project. McWhinney, Loveland Commercial LLC and Fort Collins-based Neenan Co. all responded to the city's request for proposals on the project in February. The fourth is Richmond, Calif.-based Orton Development Inc.
Discussions with developer prospects likely will be the topic of a special closed-door meeting of the Loveland City Council that will convene tonight.
Tuesday, August 16, 2011
Loveland City Council Will Focus on Downtown Loveland
Key downtown development projects appear on councilors' menu Tuesday
By Tom Hacker, Reporter Herald
Loveland city councilors will be asked, twice, to set the table for downtown revitalization projects.
First, they'll hear a recommendation from planners to expand a taxing district set up for the Lincoln Place project to include a planned five-story, 70,000-square-foot mixed-use building on the southwest corner of Sixth Street and Lincoln Avenue.
Then, they will get a request to remove a development roadblock by buying the contaminated site that housed a dry-cleaning business at Third Street and Lincoln Avenue.
Those two actions, planners say, would unlock the potential for developers to breathe more life into Loveland's downtown district, and ignite further redevelopment in the city's core.
"These two, together, are really key pieces in the downtown redevelopment plan," Loveland senior planner Mike Scholl said.
The Sixth-and-Lincoln project proposed by Fort Collins-based Brinkman Partners would put 72 rental apartments, plus several combined live-work spaces, on the downtown market.
A groundbreaking planned for early next year will depend on some creative financial strategies, including the expansion of an urban renewal authority established eight years ago to generate revenue from the full-block Lincoln Place project.
That will require a "blight" study by city planners to demonstrate the area meets requirements established by state law for the creation of a URA.
"The URA law was specifically designed for just this kind of project," Mayor Cecil Gutierrez said Monday.
Under the URA, a portion of taxes generated by the added value of a project are returned to the developer as an incentive for building -- a so-called tax increment financing tool.
The URA contributions to the developers of Lincoln Place, amounting to about $150,000 annually, expire in two years and could then be directed to Brinkman in time for the project's opening in spring 2013.
Councilors in June asked the planning staff to provide specifics on the proposed URA change for the $12 million Brinkman project that would take shape on the quarter-block occupied by the former Home State Bank branch.
"I saw pretty good support for this at that time," Gutierrez said. "It looks to most of us that it's a project that will move things forward downtown."
Downtown planners also want to add the Leslie the Cleaner to an assemblage of city-owned real estate on Third Street, opening doors for redevelopment of the decaying downtown neighborhood.
"A site like that, if it's not cleaned up, will really put a drag on downtown," senior planner Mike Scholl said.
Costs of purchase, cleanup and demolition of the site will total $555,800, but a $313,000 grant from the Colorado Department of Health and Environment will account for more than half that amount.
"The dry cleaner is really the final piece of the Third Street project that we're looking at," Scholl said. "The $313,000 in grant funds is a huge bonus for us."
Posted by Loveland Commercial
Friday, August 12, 2011
Congratulations to Jessica Lauren Photography
Congratulations to Jessica Moore of Jessica Lauren Photography for leasing 980 SF or prime retail space within The Harmony Center in Fort Collins. The Property, located at 115 E Harmony Road, is at the high traffic intersection of College Avenue & Harmony Road. The deal was brokered by Nathan Klein of Loveland Commercial, LLC.
Monday, August 1, 2011
Agilent site developers want more time
By Tom Hacker
Reporter-Herald
Developers of the ACE technology manufacturing park on Tuesday told city officials they need more time to consummate a deal on the Agilent Technologies Inc. campus that would house it.
And, they said the transaction would depend on the city's "long-term role" in financing the redevelopment of the site.
The request came near the end of a two-hour meeting that brought the city's negotiating team together with representatives from Minneapolis-based developer United Properties and the Colorado Association for Manufacturing and Technology, the agency partnered with NASA on the project.
City Manager Bill Cahill told city councilors that the development partners had asked that an agreement that was set to expire on Aug. 20 be extended to Oct. 1.
"They told us the project has turned out to be more complex than they had originally expected," Cahill said.
The development team last week failed to meet a deadline for a letter of intent spelling out the terms of their purchase offer for the four buildings, totaling 812,000 square feet, and 130 acres of land at Agilent.
But they submitted a four-paragraph letter on Tuesday that announced their intent to buy it.
"We will submit a formal proposal with more detailed terms by Oct. 1, 2011," said the letter signed by United Properties president Frank Dutke.
The letter also says that the deal is "conditioned upon a clarification of the City of Loveland's long-term role in the park and the extent of its financial support for the proposed redevelopment."
The city's obligation to pay operating expenses of the Agilent campus, estimated at about $90,000 monthly, made the request for an extension hard for councilor Hugh McKean to swallow.
"There haven't been any deadlines met at any time in this process by CAMT," McKean said. "You can miss deadlines, but when we`re writing checks for the extra time you need, I have a problem."
Cahill said city negotiators urged the development team "to strive to produce as much as they can by the original date."
The Aerospace Clean Energy Manufacturing and Innovation Park proposes to accommodate as many as 100 companies employing up to 7,000 people working on manufacturing projects based on patents controlled by NASA and the Golden-based National Renewable Energy Laboratory.
Reporter-Herald
Developers of the ACE technology manufacturing park on Tuesday told city officials they need more time to consummate a deal on the Agilent Technologies Inc. campus that would house it.
And, they said the transaction would depend on the city's "long-term role" in financing the redevelopment of the site.
The request came near the end of a two-hour meeting that brought the city's negotiating team together with representatives from Minneapolis-based developer United Properties and the Colorado Association for Manufacturing and Technology, the agency partnered with NASA on the project.
City Manager Bill Cahill told city councilors that the development partners had asked that an agreement that was set to expire on Aug. 20 be extended to Oct. 1.
"They told us the project has turned out to be more complex than they had originally expected," Cahill said.
The development team last week failed to meet a deadline for a letter of intent spelling out the terms of their purchase offer for the four buildings, totaling 812,000 square feet, and 130 acres of land at Agilent.
But they submitted a four-paragraph letter on Tuesday that announced their intent to buy it.
"We will submit a formal proposal with more detailed terms by Oct. 1, 2011," said the letter signed by United Properties president Frank Dutke.
The letter also says that the deal is "conditioned upon a clarification of the City of Loveland's long-term role in the park and the extent of its financial support for the proposed redevelopment."
The city's obligation to pay operating expenses of the Agilent campus, estimated at about $90,000 monthly, made the request for an extension hard for councilor Hugh McKean to swallow.
"There haven't been any deadlines met at any time in this process by CAMT," McKean said. "You can miss deadlines, but when we`re writing checks for the extra time you need, I have a problem."
Cahill said city negotiators urged the development team "to strive to produce as much as they can by the original date."
The Aerospace Clean Energy Manufacturing and Innovation Park proposes to accommodate as many as 100 companies employing up to 7,000 people working on manufacturing projects based on patents controlled by NASA and the Golden-based National Renewable Energy Laboratory.
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