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Dallas-based investment firm buys Eos Building for $46.5M

Posted on: Jan 11 18

by: admin

BROOMFIELD — Dallas-based Invesco Real Estate has purchased the Eos at Interlocken building in Longmont for $46.5 million from EOS Development I LLC, according to public records. This marks another commercial property sale in Longmont.

The 186,231-square-foot, four-story Class A office building at 105 Edgeview Drive is at the southeast entrance to the Interlocken Advanced Technology Park. It was constructed on speculation in 2011 by Hines, a global real estate developer headquartered in Houston. Invesco Real Estate is a global investment management firm.

The building, designed by Forum Architects of St. Louis, is LEED Platinum-certified by the U.S. Green Building Council. The building has 10-foot floor-to-ceiling windows, and mechanical systems that reduce energy consumption. Half of the roof is covered with an array of solar panels that produce approximately 8 percent to 10 percent of the building’s electrical power needs. The parking lot has 18 vehicle-charging stations.

NKF Capital Markets handled the sale on behalf of Hines Holdings Inc. Kevin Shannon, president, West Coast Capital Markets; Ken White and David Hart, executive managing directors; and Laura Stumm, managing director of NKF Capital Markets, represented Hines in the deal that closed Dec. 28. Leading up to the sale, Hart leased the building to 100 percent occupancy on behalf of Hines Holdings Inc.

Tenants include GoGo Business Aviation LLC, which occupies 65 percent of the building, Blue Horse Solutions Inc., Blue Spruce Capital Corp., Access Longmont Chamber and North Shore Energy LLC.

 

The Eos Building- Interlocken

Flatiron Marketplace demolition still pending; Project should be before council within three months

Posted on: Jan 11 18

by: admin

Flatiron Marketplace will be demolished for housing and retail, meaning new apartment development along Highway 36 in Longmont.

Plans to demolish of a portion of Flatiron Marketplace and redevelop the space still are in the works.

Provident Realty Advisors, Inc., has been working with the City and County of Longmont to finalize agreements related to the project.

Provident Realty Advisors wants to redevelop the east portion of the Marketplace, which includes 20 acres on the southwest corner of U.S. 36 and East Flatiron Crossing Drive.

Flatiron Marketplace 2013, LP owns the property, which will be managed by a third-party.

“Once these are complete, we will schedule the council hearing,” Community Development Director Dave Shinneman said. “I would expect this in the next two to three months.”

The demolition project, which was pitched to Longmont City Council at a concept review in March of last year, was recommended for approval by the Planning and Zoning Commission on Aug. 28.

Plans include removal of the major buildings on the site, with the exception of the parking garage, Twin Peaks restaurant, and the in-line buildings along Flatiron Crossing Drive, Shinneman said.

The proposed development should take place in three phases with the potential for 1,200 residential units with approximately 12,000 square feet of commercial property. Phase one of the project includes 327 apartments constructed around (and using) the existing parking garage and approximately 4,000 square feet of commercial, Shinneman said.

At the last year’s concept review, Bonnie Niziolek, of Norris Design, said the owners hope to revitalize this area and complement the nearby RTD hub. Ideally, it would blend dense urban residential with an active pedestrian space.

An existing parking structure would serve both businesses and apartments. Developers of the three-phase project would make plans on future expansions based on how the first phase works

Plans also include a dog park on the south side of the parking structure, three internal courtyards, a pool, outdoor kitchen, sports courts, and an area to host farmers markets and community events, she said.

Buildings and parking structures are anticipated to be four to seven stories.

At the time, council and members of Longmont’s Planning and Zoning Commission were generally supportive of the plans, but raised some concerns about parking, rubble and asked whether the project could include affordable housing options.

Jennifer Rios: 303-473-1361, riosj@longmontenterprise.com or Twitter.com/Jennifer_Rios

Source:  Longmont Enterprise By Jennifer Rios Staff Writer

Smaller SFR Investors Will Benefit from Agency Financing for New Acquisitions

Posted on: Jan 11 18

by: admin

Fannie Mae and Freddie Mac have both announced programs that provide long-term financing at competitive interest rates to help investors refinance and acquire SFR properties.

Investors in single-family rental (SFR) homes are increasingly buying assets from mom-and-pop operators who own just one or two properties.

“The middle of the market is growing at the expense of the mom-and-pop sector,” says Daren Blomquist, senior vice president of property data firm ATTOM Data Solutions. “The handful of 800-pound gorillas in the industry who own tens of thousands of properties are not acquiring a lot more, other than through mergers and acquisitions.”

As investors consolidate their portfolios, agency lenders are there to help. Fannie Mae and Freddie Mac have both announced programs that provide long-term financing at competitive interest rates to help investors refinance and acquire SFR properties—in some cases potentially building up portfolios large enough to attract the interest of the largest companies, like Invitation Homes or American Homes 4 Rent.

“It feels very much like the apartment industry did in the early 1990s,” says Anthony Cinquini, managing director in the Los Angeles office of Berkadia, a Berkshire Hathaway and Leucadia National company. Berkadia now offers financing for SFR assets through Freddie Mac, with fixed interest rates and loan terms as long as 10 years.

Today, “institutional investors are growing their portfolios primarily through consolidation,” says Diane Tomb, executive director of the National Rental Home Council, a non-partisan advocacy for the SFR industry.

The total number of non-owner-occupied single-family homes grew by just 2 percent between February and November 2017, according to Attom data. “Prices are continuing to increase rapidly in many of the markets that are attractive to single-family rental investors, making those markets less attractive for new acquisitions,” says Blomquist.

At the same time, some smaller investors are graduating to become owners of mini-portfolios, with three to 10 properties. “Folks who dipped their toes in the market in 2015 or early 2016 and bought one or two single-family rentals are now buying more,” says Blomquist.

Larger investors are also expanding. The number of investors who owned more than 100 houses grew by more than 36 percent between February and November 2017. “Single-family operators who already owned 100 or more properties are buying even more and are moving up into the 250-plus and 500-plus and even 1,000-plus categories,” says Blomquist.

Fannie and Freddie fuel the fire

Fannie Mae and Freddie Mac now offer financing that is helping to make this consolidation possible.

“Fannie and now Freddie’s backing of the single family rental market is a game changer,” says Blomquist.

At the beginning of 2017, single-family rental giant Invitation Homes received a 10-year loan for $1 billion from Fannie Mae and Wells Fargo. Since then, both agencies have launched lending programs that allow the owners of smaller portfolios to find financing with competitive, fixed interest rates and loan terms as long as 10 years. For example, through Freddie Mac’s program, Berkadia offers five-year, seven-year and 10-year loans with either fixed or floating interest rates.

Before these programs, many SFR investors relied on bank loans with shorter loan terms. The interest rates on these loans often floated at around 5 percent compared to the much lower fixed-interest rates available to owners of multifamily buildings.

The new programs from Fannie Mae and Freddie Mac will probably have the most impact on investors who own from a few dozen to 100 rental houses, said Cinquini. The larger companies like Invitation Homes, though they will also benefit, have many other ways to raise money and, in some cases, can even issue their own bonds.

“It should help lower mortgage rates for single-family rental operators, helping them to increase their rate of return on current rentals without having to raise the rent, and also opening up more potential rental acquisition opportunities that may not have penciled out previously with higher mortgage rates,” says Blomquist.

Source: National Real Estate Investor by Bendix Anderson Jan 08, 2018

Benefiting Longmont and the Hwy 36 Corridor a $36 million affordable housing project breaks ground in “new” “Downtown Westminster”

Posted on: Jan 5 18

by: admin

Eaton Street Apartments, a five-story mixed-use project, will break ground in downtown Westminster Tuesday evening. The 118 units will be available to residents who earn 60 percent or less of the area’s median income — approximately $50,000 annually for a family of four. This is an exciting example of new affordable housing in Longmont. Located at 8855 Eaton Street, it is expected to be completed in late 2018. This development lies just 4 miles from the heart of Longmont and will be a prime residential area in the new downtown Westminster. “This project serves a larger goal of ensuring that downtown Westminster is inclusive and meets the needs of the entire community,” said Sarah Nurmela, downtown Westminster real estate and development manager. The five-story project will have four stories of residential units over a ground floor common area, townhomes and retail along Eaton Street and 89th avenue. Eaton Street Apartments will move the city closer to its goal of having 20 percent of the housing in Westminster be affordable. “Now more than ever are we in need of more affordable and workforce housing,” said Westminster Mayor Herb Atchison. “The metro Denver area has seen unprecedented population growth and rising housing costs in the last five years, and unfortunately Westminster is not immune to this issue.” Westminster teamed up with Mile High Development, Koelbel and Company and Longs Peak Advisors to build the apartments. It will wrap the north and east sides of the recently completed parking garage in downtown. Mile High Development and Koelbel and Company are Denver-based real estate developers. Longs Peak Advisors is a Longmont-based consultant.

(Reference: Denver Business Journal, Dec 19, 2017, 3:07pm, By Kelcey McClung – Reporter, )

Marriott Scores Again; Dual Branded Fairfield Inn & Suites and Residence Inn opens in Longmont, Colorado

Posted on: Jan 5 18

by: admin

BROOMFIELD, COLORADO – Marriott International, Inc. announced that a dual-branded 90-room Fairfield Inn & Suites and 122-suite Residence Inn property opened this December in Longmont, Colorado. Located at 455 Zang Street, the hotel is owned by Bedford Lodging of Dallas, Texas and managed by Aimbridge Hospitality of Plano, Texas. This wonderful new facility lies in the heart of Interlocken. The hotel features a mountain lodge themed decor, complete with earthy colors, rustic woods, and natural textures. The two brands on the property will share an outdoor swimming pool, a modern fitness center, an in-house movie room, a lobby bar, a complimentary shuttle and 3,110 square feet of meeting space. Located 10 minutes from Boulder and 20 minutes from downtown Denver, the hotel offers guests convenient access to the FlatIron Crossing Mall, the University of Colorado at Boulder, the 1STBANK Center and Sports Stable. The property is located in the Longmont HWY 36 Corridor and nearby to many companies including Ball Aerospace and Oracle. “Attracting both business and leisure travelers, the Boulder/Denver area is an ideal location for this dual opening,” said Janis Milham, senior vice president, Classic Select Brands for Marriott International. “Each brand offers distinct amenities and services that tailor to all visitors.”

Fairfield Inn & Suites

Longmont lowers Nextlight internet rates

Posted on: Jan 5 18

by: admin

LONGMONT — Longmont’s city-run internet service has reduced the rate that it charges to residential customers for its 1-gigabit service.

The Longmont Times-Call reported that the rate has been reduced to $69.95 per month, down from $99.95, an amount charged since the service’s launch in 2014.

Residents are still eligible for a loyalty bonus, the Times-Call reported, which will drop rates to $59.95 per month if customers stay on the service for 12 months.

The service, which operates under the name NextLight, is the state’s first city-operated internet provider. It is being closely watched by cities across the state that are evaluating whether to offer city-run internet utilities. Longmont commercial real estate utility costs are lower because of NextLight.

 

 

Holman acquires Audi Flatirons building, land in Longmont

Posted on: Jan 2 18

by: admin

BROOMFIELD — The Holman Automotive Group Inc., based in New Jersey, has acquired the building and land of the Audi Flatirons auto dealership in Longmont from Kuni Automotive of Vancouver, Wash.

Holman Automotive paid Kuni Automotive $20 million for the 4.5-acre site and building, according to public records. The dealership is near the intersection of the Northwest Parkway and Via Varra, just north of U.S. Highway 36 and the Flatiron Crossing mall.

In 2016, Holman Automotive acquired Kuni Automotive to form one of the country’s largest private dealership groups, with Kuni operating as Kuni Automotive, a Holman Enterprise.

Ryan Watson, vice president and general manager of Audi Boulder and Audi Flatirons, explained that when Holman acquired Kuni in 2016, the Audi Flatirons dealership was under construction and not included in that deal.

Source: Bizwest.com

930 Main Street Longmont – Automotive Center for sale

Posted on: Jan 2 18

by: admin

Sale Price:         $1,400,000

Zoning:               C  – Commercial

Taxes:                $26,074

Year:                  1967

Parking:             50 (on site)

Traffic                 ~32,000 v/day

Pro Form NOI:                 $120,840

Pro Forma Cap rate        8.6%

Multi tenant building. Superior location on Main Street with great signage, 50 parking spaces and multiple grade level doors (16 total). Lease income is below market, offering long term upside to either a value-add investor or an owner user.

 

Boulder One of the Top 10 Cities for Tech Jobs

Posted on: Dec 12 17

by: admin

NerdWallet canvassed the country and came up with the ten best cities to find a tech job, and–guess what!–Boulder shares the honor alongside some much bigger cities (hi there, D.C.) and some old standbys, like San Jose in the Silicon Valley. Those guys don’t have the Rocky Mountains, though. Just sayin’.

You’ll find the list and NerdWallet’s criteria in the original article, below:

Best Places for Tech Jobs

October 12, 2017

Credit Cards

With so many websites offering free financial tools, it can be hard to know whom to trust. At NerdWallet, we spend literally 1,000s of hours researching partner offers and following strict editorial integrity to match you with the perfect choice. We even share how we make money so you can enjoy our expert advice and researched recommendations with total clarity and confidence.
 Best Places for Tech Jobs


Given all the ways that Americans stay in contact with each other, people who work in technology should be able to ply their trade from anywhere in the country with a fast, consistent internet connection. In theory.

It turns out, location still matters when it comes to conceiving and building the next tech thing. It’s why developers, engineers, designers, database administrators and all other manner of tech genius pile into Silicon Valley and a handful of other places around the country.

Our analysis

NerdWallet analyzed 381 U.S. metro areas with populations over 50,000 using data from the Labor Department’s Bureau of Labor Statistics and the U.S. Census Bureau’s American Community Survey to identify the regions that balance opportunity for tech workers with cost of living. To see the data, click here.

Key takeaways

The top metro areas have lots of people and tech employers. Seven of the top 10 metro areas for tech jobs (and 15 of the top 20) had over 500,000 residents. The top 10 places had an average population of 2.1 million. A few tech giants make repeated appearances in the list — Google, Apple and IBM.

Where the federal government sets up shop, tech jobs follow. Three metro areas in the top 10 had strong job options at a variety of federal departments and agencies. Two places had major research facilities (Huntsville, Alabama, and California-Lexington Park, Maryland), and one was the seat of the federal government — Washington, D.C., and its metro area.

Top cities are pricey, but salaries are high, too. The median gross rent — a U.S. Census Bureau metric, which includes the costs of monthly rent, utilities and heating fuels — for the top 10 metros averaged $1,340, significantly higher than the average overall median rent at $882. Meanwhile, median tech salaries in the top 10 averaged $101,118 annually, compared with an average of $75,707 for all 381 metros.

 

Best places for tech jobs

1. SAN JOSE-SUNNYVALE-SANTA CLARA, CALIFORNIA

If you can think of a big tech company, chances are that it’s headquartered, or at least has a major office, in the San Jose-Sunnyvale-Santa Clara metro area, one of two Silicon Valley areas in the top 10. Google. Apple. Intel. Netflix. They all have corporate offices in the region, and more startups are popping up all the time. With thousands of tech workers flocking there every year, it ranks first for technology-related employees per 1,000 jobs (134 per 1,000) and median annual salary ($121,064). It also is the least affordable metro area in our analysis, with median gross rent of $2,044.

2. HUNTSVILLE, ALABAMA

Home to NASA’s Marshall Space Flight Center, which designs, builds and tests vehicles and systems for piloted space flight, it’s no surprise that workers in tech fields flock to Huntsville. The region ranks seventh with just over 63 tech-related employees per 1,000 jobs. However, what vaults it even higher in our analysis is its affordability. Huntsville has by far the lowest median gross rent in the top 10 metros at $785 a month. That’s No. 233 in our analysis of 381 places.

3. SEATTLE-TACOMA-BELLEVUE, WASHINGTON

The Seattle metro area is headquarters to big tech employers such as Amazon and Microsoft, and though the Boeing Co.’s corporate offices are no longer there, it’s still home to many of the company’s operations. The region ranks third in our analysis for tech employees per 1,000 jobs, and fifth for median annual tech salary, $103,320. Meanwhile, living here is on the pricier side at $1,325 a month in median gross rent.

4. CALIFORNIA-LEXINGTON PARK, MARYLAND

Tucked away on the wooded shores of the Chesapeake Bay, about 60 miles from Washington, D.C., the California-Lexington Park area might seem a strange destination for tech workers. The draw: the Patuxent River Naval Air Station, which hosts, among other facilities, a research and development division for military aircraft. The area ranks second in our analysis for job opportunities, with 83 tech employees per 1,000 jobs.

5. DURHAM-CHAPEL HILL, NORTH CAROLINA

Perhaps as well known for its college basketball powerhouses as its status as a tech hub, the Durham-Chapel Hill area is the second most affordable metro in our top 10, though it still ranks in the top third of the highest median gross rents in our analysis at $947. In addition to being home to two universities, Durham-Chapel Hill also hosts locations of employers like IBM and Cisco.

6. RALEIGH, NORTH CAROLINA

The third corner of the Triangle, as the region is known, the Raleigh area also has its share of large employers, including the analytics firm SAS, in Cary, and computer-maker Lenovo in Morrisville. Like Durham-Chapel Hill, it’s affordable relative to the rest of the top 10 at $1,026 a month for median gross rent. Meanwhile, it ranks eighth in our analysis with nearly 63 tech employees per 1,000 jobs.

7. WASHINGTON, D.C., ARLINGTON-ALEXANDRIA, VIRGINIA, MARYLAND

Encompassing the nation’s capital as well as nearby suburbs in Maryland and the sprawling region known as Northern Virginia, the Washington, D.C.,-Arlington-Alexandria region doesn’t just host much of the machinery of the federal government. It’s also home to the many contractors that do business with here, such as Lockheed-Martin (Bethesda, Maryland) and Booz Allen Hamilton (McLean, Virginia). The metro area has 75 tech employees per 1,000 jobs, good for fourth in our analysis, and median tech income, $106,917 annually, is also fourth. That said, it also ranks as the sixth least-affordable metro.

8. BOULDER, COLORADO

With Google planning on opening a new campus, and IBM and computer hardware-maker Seagate already in the area, the Boulder metro area ranks fifth in our analysis with 74 tech employees per 1,000 jobs. Though it has the most tech jobs of any metro area in the Centennial State, it also has in the southeast the Denver-Lakewood-Aurora metro area, where tech workers will find a higher annual median salary, $98,391 to Boulder’s $95,091.

9. SAN FRANCISCO-OAKLAND-HAYWARD, CALIFORNIA

The other Silicon Valley metro area in the top 10, San Francisco-Oakland-Hayward is home to some giants — Facebook, headquartered in Menlo Park, YouTube in San Bruno and Pixar Animation Studios in Emeryville. The area doesn’t rank far behind San Jose-Sunnyvale-Santa Clara in any of the metrics in our analysis: it’s sixth with 73 tech employees per 1,000 jobs; second for median annual salary, $115,477; and second for median gross monthly rent, $1,757.

10. AUSTIN-ROUND ROCK, TEXAS

The region around Texas’ capital is home to no shortage of tech companies — Apple, Dell, Samsung — and it also has its own vibrant startup scene (SXSW, anyone?). The area ranks ninth with 62 tech employees per 1,000 jobs, but the median annual tech salary lags a bit compared with others in the top 10 at $93,039.

 

 

 

 

Capitalizing on Adaptive Reuse in Commercial Real Estate

Posted on: Oct 10 17

by: admin

Back in 1870, a group from Chicago came west to establish a site with an informative–if somewhat uninspiring–name: The Chicago-Colorado Colony. These intrepid souls sold colony “memberships” to bring new people in, a somewhat curious enterprise that laid the foundations for a rich history of entrepreneurial thinking. By the summer of 1871 the growing town was renamed Longmont (#Longmont!). An agricultural economy quickly took root (pardon the pun); the first flour mills opened in 1872, the first cannery in 1889, followed by a sugar beet factory and, by 1903, the Great Western Sugar Company.

145 years later, Longmont’s downtown real estate still holds the spirit, and in some cases the architecture, of those early industrious days. Of course, all this segues to a spanking new modern trend: adaptive reuse. Adaptive reuse simply means repurposing an old or historical site to fill a modern need. It allows businesses to leverage space and character that already exists: a potential boon to designs, budgets, and conservation efforts.

For some very cool examples of adaptive reuse, check out this link:
https://www.architecturalrecord.com/topics/2089-adaptive-reuse

Here’s one of our listings that’s primed for adaptive reuse: 611 2nd Avenue, Longmont, opened in 1910 as a carriage house. Carriages were driven through its large maw and lifted via hand-drawn elevator (think thick ropes and strong muscles) to the second floor for storage. This was Longmont’s first true garage. Of late, the building’s held an auction house and flooring company. It’s in the path of growth now, which makes it an especially promising investment—and one with a century’s worth of stories to tell.

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, 325 Interlocken Parkway Building A #105, Longmont CO 80021

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