Loveland industrial campus sells for $15.5M
The Rocky Mountain Center for Innovation and Technology is under new ownership following a $15.5 million sale of the multibuilding campus.
RMCIT LLC purchased the 811,817-square-foot, Class B office/flex industrial campus in Loveland from Kentucky based seller Cumberland & Western Resources LLC. Mike Eyer, Mike Camp, Julius Tabert and Greg Haynes of CBRE represented the seller. The buyer was unrepresented.
The campus, located at 815 14th St. SW in Loveland, comprises four buildings across 177 acres. The buildings were constructed between 1962 and 1980 to accommodate a variety of uses, including office, research and development, testing, and product manufacturing and assembly. Eyer said the buildings have not undergone any major renovations since their construction. He said the campus is approximately 25% occupied by multiple tenants, including Lightning eMotors, which is the largest occupier, leasing 85,880 sf at the property.
The campus offers on-site fiber-optic cabling and up to eight megawatts of power capacity. It features secured fencing with controlled access points, ample parking, and common and recreational areas. It’s also accessible to heavy freight rail, high-speed road corridors and trucking access, allowing the facility to accommodate both large- and small-scale shipping and receiving operations.
The highly equipped campus garnered significant interest from prospective buyers, Eyer said. The team received multiple offers, proving the industrial market’s continued strength through the pandemic.
According to CBRE Research, the Northern Colorado industrial market continued to post strong sales numbers in the first half of 2020 with a total volume of $65.2 million, up 64.5% since the same time in 2019.
The property’s Loveland location, with proximity to Interstate 25 and U.S. Highway 34, was another attractive feature for prospective buyers, Eyer added.
“Large flex space continues to be hard to find in Northern Colorado. We are pleased to see the property sell to local ownership that can continue the legacy of innovation and unlock additional value for the property,” Eyer said.
Featured in the December 2-15, 2020, issue of CREJ