A Northern Colorado company bought 100,466 square feet of industrial space on 8.3 acres in Loveland for $6 million, or $59.72 per sf.
Schuman Cos., through a pair of limited liability companies, purchased Campion Industrial Park from the Rocky Mountain Conference of Seventh-day Adventists. The property includes three multitenant buildings and a 1.79-acre yard. It’s located at 225, 253 and 255 42ndSt. Southwest.
“We saw it as a good value-add property in an area where we’re going to see some growth between Loveland and Berthoud,” said Alex Schuman, president and co-founder of Windsor-based Schuman Cos.
“We’re looking at some capital improvement projects to do over the next year, but our goal is to improve the property and keep it cash-flowing,” he said.
The industrial park was approximately 95 percent occupied by a broad mix of small, local tenants. It is just off U.S. Highway 287.
Ranging from 25,007 to 44,290 sf each, the buildings are divided into 14 units. Built in 1967, they have been updated over the years and feature predominantly 12-foot clear heights.
“Colorado’s industrial market has continued ramping up over the past year. Vacancy is low, lease rates are rising, and there are very few properties for sale right now. When we brought this opportunity to Schuman Cos., they recognized its potential to increase in value and the benefits of gaining a stronger foothold in Northern Colorado’s booming industrial sector,” said Rue, vice president with CBRE’s Northern Colorado office.
Campion Industrial Park’s tenants include Integrated Communications Group, Ability C’omposites, White Buffalo and Sun Valley Farms Marketing.
“Industrial vacancy rates in Northern Colorado remain at record low levels, making it difficult for local companies to find the space they need to operate and expand their businesses. As industries like energy and construction services continue to thrive in our region, we anticipate demand to only get stronger for industrial spaces like Campion, positioning this as a solid investment for Schuman,” said Tabert, vice president with CBRE’s Northern Colorado office.