A 37,514-square-foot retail center in central Greeley sold to a California buyer in a competitive deal that closed at $5.45 million, or $145.28 per sf.
CWC Income Properties 6 bought Centennial Commons, a three-building center at West 10th Street/U.S. Highway 34 and 35th Avenue, from West Greeley Associates LLC.
Centennial Commons consists of buildings at 3483, 3487 and 3489 W. 10th St. They total 11,578, 21,551 and 4,072 sf, respectively, and were 93 percent leased at the time of the sale. Two inline retail buildings were built in 1979. The smaller multitenant building was built in the early 2000s.
O’Reilly Auto Parts anchors the center, which is leased to a total of 13 tenants. Advantage Dental also is a sizeable tenant.
Kit Brown of CBRE’s Northern Colorado office in Fort Collins said O’Reilly’s national credit and a lack of competing properties in the market helped drive interest in Centennial Commons.
“We got a lot of interest from out of state, so it turned into a competitive bidding situation, and we managed to find the right buyer for it. We were really impressed with the activity level,” he said.
Kit Brown
“There weren’t many other competing properties, so it was a good location, good tenants and lack of product in the area,” Brown added. “It turned out to be a win for all sides.”
Brown represented the seller with CBRE’s Mike Eyer, Jon Rue and Julius Tabert. The buyer was represented by a broker out of California.
