A southwestern Longmont office/retail property sold to a local partnership for $8.04 million.
Meadowview Center LLC paid $144.01 per sf for MeadowView Village Center, a three-building property at 600 S. Airport Road. The center consists of a two-story office/retail building and two single-story buildings with office, medical office and retail tenants, for a total of 55,800 sf of net rentable area. It was 100 percent occupied at the time of the sale.
The Colorado Group broker Jason Kruse, who handled the transaction and also was part of the group that acquired the asset, said the center is located in a developing part of the city that is drawing new companies as well as a new 276-unit apartment community, Renaissance Village. “There is a lot of new development going on in southwest Longmont,” he said, adding the center offers good access as well as signage for tenants.
The partnership liked the multitenant nature of the property because it minimizes lease rollover risk, and the center was acquired below replacement cost, Kruse said.
MeadowView Village Center has 21 tenants, including CyclHOPS Bike CANtina, Mystic Garden Spa and Salon, MeadowView Cleaners, Proto’s Pizza, a liquor store, real estate office, dentist and others. There is a 3,000-sf retail/medical space available for sublease. The Colorado Group is marketing that space.
Meadowview LLC, a local partnership, sold the center, which occupies 4.44 acres at the southeast corner of Airport and Nelson roads. It developed the property in 1998 and had owned it ever since.
Meadowview Center LLC plans to replace the roofs on all three buildings as well as improve asphalt at the property.