A Brinkman affiliate sold the company’s newly developed Harmony Commons retail center to a Denver investor for $13.15 million, or $511 per square foot.
Jeff Hermanson, owner of Denver’s Larimer Square and an investor in numerous other Colorado properties, purchased Harmony Commons, a spokeswoman said. Urban Villages will manage the property.
Harmony Commons, completed in 2017, consists of two buildings totaling 25,701 sf. It is located at 3541 and 3581 E. Harmony Road, just east of Interstate 25 along the heavily trafficked Harmony corridor. The center is within the 105-acre Harmony Technology Park and near many of Fort Collins’ largest employers.
Tenants include Tokyo Joe’s, Famous Toastery, Potbelly Sandwich Shop, DC Oakes Brewhouse and Eatery, Harbinger Coffee, Rush Bowls, Peak Dental Services, and Taste and Savor Wine Bar.
“There has been a flight-to-quality trend in recent years, and Harmony Commons is a great example of that,” said Jon Hendrickson of Cushman & Wakefield. “The property has fundamental strengths that will carry forward, including being squarely located in the path of growth for the Fort Collins market.”
Hendrickson and Aaron Johnson, managing directors in Cushman & Wakefield’s Denver Capital Markets Group, represented the seller.
Holliday Fenoglio Fowler arranged $8.6 million in acquisition financing for the transaction. Guaranty Bank and Trust provided the 10-year, fixed rate, nonrecourse loan. The HFF debt placement team representing the borrower consisted of Senior Managing Director Eric Tupler and Director Brock Yaffe.
“The HFF team again demonstrated their value by creating a competitive financing environment for this unique shopping center and, ultimately placing attractive long-term debt,” said Nick Murray, Urban Villages chief operating officer.
