Separate users buy new Fort Collins medical office condos
Two medical office condominiums at a recently redeveloped site in Fort Collins sold within a year of being constructed and listed.
Following WP 3609 Timberline LLC’s purchase of 3609 S. Timberline Road last December, the former RiteAid store was gutted and redeveloped into a 13,871-square foot building comprising two Class A medical office condos.
The property underwent a change of use from retail to medical office, and a complete interior and exterior remodel took place to accommodate the change. SPD Architecture was the designer on the project, while Swift Builders was the general contractor.
Last month, Timberline Road LLC, the owner of Rocky Mountain Family Vision, purchased Unit B, the 5,463-sf condo, for $1.43 million, or $261.76 per sf. Rhett Strom of The Group Inc. represented the buyer in the transaction, while Josh Guernsey, Greg Roeder, Jake Arnold and Nick Norton of Waypoint Real Estate represented the seller in the transaction.
According to Guernsey, the condo garnered significant buyer interest due to its high-visibility location, ample parking and brand new construction. Unit A, the other condo at the property, received similar interest earlier this year before selling to Colorado Dermatology.
Guernsey attributed the strong buyer interest in both properties to the high demand for medical office space across Colorado. This holds true for Denver, as CBRE’s Medical Office MarketView report, released in September, shows that a total of 124,200 sf of medical office space was built in the first half of 2020, with 88.8% of that space preleased. Guernsey said the new office condos added much needed supply to the market.
With the purchase of the new space, Rocky Mountain Family Vision will nearly double its office size from its original location at Timberline Plaza at 2105 Bighorn Drive in Fort Collins. It will consolidate its operations to the new condo in 2021, following a custom build-out.
Featured in the November 4-17, 2020, issue of CREJ