Greeley mixed-use property sells, undergoes renovation
A mixed-use property, with office space and multifamily housing, sold for $2.9 million in Greeley.
LoHi SC LLC purchased the 33,250-square-foot property at 1020 Ninth St. in Greeley from seller LAM Ministries. The property consists of a three-story mixed-use building and two separate single-family homes, which are currently unlivable. Matthew Revitte of Pro Realty Old Town represented the seller, and the buyer’s representative was undisclosed. Jana Pickett of Plains Property Management will continue to handle leasing at the property.
Before the sale in late May, the office space was leased to a substance abuse treatment facility. A majority of the 28 residential units were occupied by patients of the center, though not all. The building offers one loft unit, 19 one-bedroom, and six two-bedroom units. According to Revitte, at the time of the sale, the residential space was 85% leased.
The treatment center has since closed, and Pickett said she is not leasing the property to another tenant or renewing any of the residential leases because the buyer has a complete renovation planned.
According to Pickett, the renovation will include the demolition of one of the houses, a complete restoration of the other, and an interior and exterior renovation of the mixed-use building. She said the buyer plans to bring in new paint and flooring to the office space, including removing the carpeting and adding polished concrete flooring. Revitte said there also are plans to condominiumize the residential units. Scott Nitzel of Rouse Realty is assisting the buyer with the renovation process.
Several of the apartments are still occupied by tenants and will be through 2020. Pickett said current residents are allowed to remain at the property through their lease terms unless the buyer makes a deal with them to vacate sooner. However, being built in the 1970s with few upgrades made since, she said residents are looking forward to the renovation.
“The residents are beginning to see a place they’ve lived for years transform into something updated and beautiful, so they’re excited even though they know they will have to move out,” Pickett said.
Published in the July 15-Aug. 4, 2020, issue of CREJ.