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The Local Market Experts

Frederick Industrial Property sold by Summit Commercial Brokers on 11/08/18

Posted on: Nov 14 18

by: Rachel

35.52 Acre sold at 7251 Miller Dr, Frederick, CO

Longmont Restaurant Week a Success

Posted on: May 7 18

by: admin

Longmont, a city which courts culinary businesses as primary employers, had its first restaurant week which has been a big hit with local diners, according to restaurant owners and event organizers.

More than 40 establishments have participated in the 10-day event, which wrapped up on Sunday April 29th. Each participant is offering special deals priced at $18.71 — a nod to the year Longmont was founded.

“It’s a pretty great deal and gives us a chance to check out some places we’ve really wanted to try,” local diner Tony Swartz said between bites of a burrito at Jefe’s Tacos & Tequila.

Longmont retail commercial real estate establishments included The Post, Open Door Brewing, Wild Game, The Dickens Tavern, Left Hand Brewing, Samples, Jefe’s, The Roost, Wibby, and Sugarbeet.

 

Source: Dailycamera.com http://boulderdailycamera.co.newsmemory.com/?token=Sgpon7caVotiE1%2fXcXlXcXtvH09lfTgl&product=eEdition_bc

256 Unit Apartment Complex Breaks Ground in Longmont

Posted on: May 7 18

by: admin

Construction has started on a 256-unit, eight-building northeast Longmont commercial real estate apartment complex.

Union Pointe, at the intersection of 17th Avenue and County Line Road, is a partnership between Fort Collins-based Brinkman, Jensen LaPlante Development in Fort Collins and Keystone Real Estate. The project’s design and construction team includes Kephart Architects in Denver, Permontes Group in Longmont and Shaw Construction in Denver. They will offer one, two and three bedroom units. The complex will have amenities such as a pool, spa, an outdoor lounge, grills, private balconies, car charging stations, a fire pit and a dog wash station.

The clubhouse will feature a full kitchen for entertaining, a 24-7 fitness facility, a yoga/Pilates/cycling studio, game room, coworking lounge with laptop bar, and private work stations for residents.

Jay Hardy, president of Brinkman, said in a prepared statement, “Union Pointe is tailored to enhance the existing fabric of the surrounding community. It will provide residents with a much-needed rental-housing option that will be just one component within many lending to the attractiveness of the area.”

The Longmont multi family apartments are scheduled to be delivered in the summer of 2019.

 

Source: Bizwest. https://bizwest.com/2018/04/27/construction-begins-on-union-pointe-apartments-in-longmont/?member=guest

Office Evolution to open cowork space in Longmont

Posted on: Apr 19 18

by: admin

LONGMONT — Louisville-base Office Evolution is opening is 13th location in Longmont.

1979 S. Hover St. will be the new home of coworking commercial office space in Longmont, private offices and business services.  OE will have 24/7 access.

Tenants can choose from several packages that include business mailing and telephone answering services and administrative support. Rental options include hourly, daily, month-to-month and longer-term leases.

The center has 21 private furnished offices, a coworking business lounge, two conference rooms that can accommodate from four to 10 people, a community kitchen, and a micro-market that offers snacks, drinks and office essentials.

Office Evolution has 42 open commercial office locations and another 29 under development, and has awarded franchises for another 66 locations throughout the United States.

A grand opening to tour the facility is scheduled from 3:30 to 7 p.m., Tuesday, April 17. A ribbon-cutting ceremony will start at 4 p.m.

Source: Longmont Times-Call

Longmont Commercial Real estate

Posted on: Apr 6 18

by: admin

BROOMFIELD — The Hyatt House Boulder/Longmont, a 123-room extended-stay hotel in Longmont, has been acquired for $18.3 million by a group of investors in Melville, N.Y.  The hotel is located at 13351 W. Midway Blvd. in Longmont, Colorado.

The investor group is headed by the father-son team of Lawrence and Adam Levine, who are principals of  The Levine Organization in Melville. The Levine Organization develops, owns and manages hospitality and other properties throughout the United States.

“We believe in the Longmont and Boulder area,” , “It is a growing corporate market.” said investor Adam Levine, who was a 2012 graduate of the University of Colorado.  

This author believes that Longmont will prosper as the northern front range develops in the years ahead.  This hotel and others like it are located close to corporate centers in Interlocken and away (well away) from the congestion of Denver and close to the plentiful open space of Boulder and Longmont counties.

Source: https://bizwest.com/2018/03/06/n-y-based-investors-buy-hyatt-house-longmont/?member=guest

 

 

 

 

 

 

 

 

 

 

 

 

 

Photo, Courtesy, Hyatt House Boulder Longmont.

 

Solutions in Progress for Empty Anchor Stores in Longmont

Posted on: Apr 6 18

by: admin

Empty anchor stores in Longmont Commercial retail spaces — most notably the shuttered Safeway on Pace Street — are dragging down neighboring stores and eateries, members of the local business community told Longmont officials Wednesday at the year’s first Local Business Advisory Committee meeting.

Teresa MacPhail, owner of Mac’s Place diner at Fox Creek Marketplace, told meeting attendees — who included Longmont Mayor Brian Bagley, and City Councilwomen Polly Christensen and Marcia Martin — that large vacant stores are “an eyesore” that result in lost revenue for nearby businesses.

She estimated sales at her restaurant, opened with husband Keith MacPhail in 2013, have been down 30 percent since the Safeway closed in September.

Part of the reason they chose to set up shop on Pace Street “was because we had a huge anchor” in the Safeway, she said, adding that it’s not just Mac’s Place that’s suffering.

“We have 12 other businesses in our shopping center that are losing between 10 and 30 percent (of sales),” she said. ” … It’s a huge concern to anyone attached (to a shopping center) where a large store decided to pull up its anchor and leave.”

She appealed to city leaders Wednesday for help addressing the vacancy issue.

The Local Business Advisory Committee, a volunteer board overseen by the Longmont Economic Development Partnership, was formed in 2016 in an effort to foster this type of dialog between business owners and city leadership.

Bagley said the Fox Creek Market place was designed to include a grocery, and — despite the opening of a King Soopers nearby — the neighborhood needs one there.

Many city business owners believe Safeway has a corporate policy that prohibits the sale of property to competing companies, therefore making the process of finding a buyer much more difficult.

Officials with Safeway did not return calls for comment Wednesday. The Times-Call reported in November that a company spokeswoman declined to confirm or deny if Safeway has a policy of not renting or selling vacant spaces to other grocery stores.

Christensen acknowledged that empty anchor stores are a problem, but the issue “is difficult because these are private properties” and the city can’t step in and force owners to sell or redevelop.

That doesn’t mean Longmont leaders must sit quietly until companies such as Safeway decided what to do with their empty stores.

Bagley said he and staff with the Longmont Economic Development Partnership will place calls to the grocery store’s corporate leadership to discuss possible solutions.

“Obviously grocery stores in that area work just fine — they’ve worked before and the King Soopers is working now,” he said, suggesting the possibility of appealing to Safeway to reopen or sell the property to another supermarket chain.

Regardless of the outcome of such a conversation, “it is worth a couple of phone calls.”

Jessica Erickson, president of the economic development partnership, agreed.

The advisory committee will work to develop “a list of potential solutions that city council might be able to help influence,” she said. “Then (Bagley) and I will schedule a call with the ownership and see if we can … put some creative ideas in front of them.”

Christensen said, “We just need to get (owners of vacant Longmont commercial real estate) jump-started. It’s not got good for anybody to have them empty.”

 

Source: Lucas High: 303-684-5310, lhigh@times-call.com

Longmont based UQM technologies to enter India’s EV market

Posted on: Mar 14 18

by: admin

UQM Technologies Inc. (NYSE: UQM) will provide the second-largest commercial vehicle manufacturer in India with 51 electric drive systems in a demonstration phase that could lead to a larger order.

Ashok Leyland in India will use Longmont-based UQM’s PowerPhase eDT traction-drive systems in electric transit buses. The order is the first step in a development program that would allow Ashok Leyland to gain market leadership and drive the overall 2030 India electrification initiative. The initiative is intended to reduce diesel emissions levels and improve operational safety and environmental conditions.

UQM is located in a Longmont industrial building located at 412 Specialty place. This Longmont manufacturing space is used for the production of UQM’s drive systems.

The demonstration program is scheduled to span 2018, with initial production anticipated to begin in 2019.

 

Source: https://bizwest.com/2018/03/07/uqm-set-enter-indias-electric-vehicle-market/?member=guest

New Climbing Gym to Open in Longmont

Posted on: Mar 1 18

by: admin

Climbers in Longmont will soon be able to wave good-bye to trekking to Boulder or Denver to practice, train and exercise at an indoor facility.

The Longmont Climbing Collective is set to open March 19, 2018 in a giant Longmont commercial warehouse space at 33 S. Pratt Parkway. Owner Paul Terhaar the property owner will remodel this Longmont industrial real estate building.

The facility will include apparatus for bouldering — a form of rock climbing that does not typically involve ropes or harnesses — along with space for yoga and general fitness activities such as weight lifting and cardio exercise.

“It has been a long time coming,” Maier. “Bouldering is where the sport (of climbing) seems to be going, and being first in Longmont is important to us.”

Shauna Hylenski, Bryan’s wife, operates Longmont’s Sri Studios yoga facility. She will bring some of her programs and classes to the new climbing gym.

“The two disciplines working together are a natural pairing,” she said. “Climbing is not just a physical experience, there’s a big mental aspect. Yoga is very much like that as well.”

Some of the yoga classes will be taught by climbers and specifically geared toward climbers, Shauna Hylenski said.

The founders — who met while living in South Korea, discovered a shared interest in climbing, and ultimately partnered to launch shoe company Butora USA — envision the Collective as something more than a gym.

“We are trying to get as much of the community involved as possible,” Maier said.

The gym will display the work of Longmont artists and Collective members will be eligible for special discounts and promotions at other local businesses.

Rates for a day pass to the gym, which include access to the climbing and exercise equipment along with yoga classes, will range from $10 for kids to $16 for adults, according to the Collective’s website. Monthly memberships start at $39 for children and $69 for adults.

Source: http://www.dailycamera.com/business/ci_31699089/longmonts-first-climbing-gym-open-march.html

New Commercial Developments in Longmont

Posted on: Feb 26 18

by: admin

The pace of Longmont commercial developments continues with the announcement on February 19,2018 of a 208 unit apartment complex at 2175 Pike road and of a Hilton Garden Inn to be built at Harvest Junction on the north side of Ken Pratt Blvd. Cimmarron Hospitality, the developer for Hilton, purchased the 2.2 acre site for $1million ($10.43/sf) as a Longmont commercial land sale. McWhinney Real Estate Services will construct Creekside Silo Apartments as a Longmont multifamily development.

https://bizwest.com/2018/02/16/apartments-planned-creekside-business-park-longmont/?member=guest

https://bizwest.com/2018/02/15/texas-firm-plans-hilton-garden-inn-southeast-longmont/?member=guest

TODAY’s Longmonts Commercial Real Estate Market

Posted on: Feb 26 18

by: admin

OFFICE MARKET
There was over 6.5 million square feet of office space in Longmont during the second quarter of 2017, Square feet by office Class are shown in the table. All three classes of office space reported increasing vacancy rates and increasing average lease rates during the second quarter of 2017 compared with the prior year. The Class A and Class B office markets are similarly sized in Longmont, and posted a similar increase in the vacancy rate over-the-year. However, the Class B vacancy rate of 8.1 percent is 1 percentage point higher than the Class A rate. The Class C market, which is relatively small in Longmont, posted the largest increase in vacancy rate compared to last year, rising to 5.4 percent. Despite the increase in vacancy, the Class C market posted a 12.9 percent increase in the average lease rate, the fastest increase of the three classes. The average Class A lease rate increased 0.9 percent over-the-year to $28.73 per square foot, while the Class B market posted a larger increase of 7.7 percent to $25.15 per square foot. The Metro Denver office market recorded mixed trends between the second quarters of 2016 and 2017. The vacancy rate for Class A office space rose 2.7 percentage points over-the-year to 12.3 percent vacancy and the average lease rate fell 1.5 percent to $30.07 per square foot. This average lease rate was $1.34 per square foot more than the Longmont rate. Class B office space recorded a vacancy rate of 9.5 percent, 0.6 percentage points lower than the previous year, and the average lease rate rose 4.1 percent to $23.15 per square foot during the period. Class C space in Metro Denver reported no change in the vacancy rate over-the-year at 4.1 percent but an 8.8 percent increase in the average lease rate.

INDUSTRIAL MARKET
The Longmont industrial market had over 3.4 million square feet of space during the second quarter of 2017, but limited availability as the vacancy rate was just 0.4 percent, as shown in Table 3.6 on the next page. As a result of the tight market, the average lease rate increased 14.8 percent between the second quarters of 2016 and 2017, rising to $6.90 per square foot. Despite the increasing lease rate, the Longmont average lease rate was $0.66 per square foot lower than the Metro Denver average lease rate during the period. There was nearly 213 million square feet of industrial space in Metro Denver during the second quarter of 2017. The industrial vacancy rate rose 0.5 percentage points between the second quarters of 2016 and 2017 to 3.9 percent. This was 3.5 percentage points higher than the Longmont vacancy rate during the period. The average lease rate increased 1.1 percent over-the-year to $7.56 per square foot.

RETAIL MARKET
The retail market in Longmont totaled nearly 4.8 million square feet of space during the second quarter of 2017, representing 2.9 percent of the retail space in Metro Denver, as shown in Table 3.6 on the next page. The retail vacancy rate decreased to 9.6 percent during the second quarter of 2017, a 0.4 percentage point decrease in vacancy compared with the previous year’s level. The average lease rate for the retail market in Longmont rose 64.5 percent over-the-year to $18.31 per square foot, with the large increase due to an unusually low average lease rate posted last year at this time. Metro Denver had nearly 166 million square feet of retail space during the second quarter of 2017, 1.6 million square feet more than last year at this time. The retail vacancy rate fell 0.1 percentage points to 4.5 percent as the average lease rate increased 5.7 percent to $17.42 per square foot. The retail average lease rate was $0.89 per square foot lower throughout Metro Denver than Longmont during the second quarter of 2017.

Courtesy
Longmont Economic Development
One Descombes Drive
Longmont, CO 80020
(303) 464-5579

 

Longmont Commercial Real Estate provides commercial real state sales & Leasing to established businesses, to start ups, to property owners and to investors in the greater Longmont Colorado area

Contacts

Longmont Commercial Real Estate Brokerage: Summit Commercial Brokers, 6800 N 79th St Suite 103, Niwot, CO 80503

Longmont Commercial Real Estate
734 Arrowood St
Longmont CO 80503
Phone: 303-746-1490
timconarro@gmail.com Copyright 2014