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Tech-centric office building trades for $20.99 million

3420 E. Harmony
The three-story building at 3420 E. Harmony Road is leased to Comcast, Madwire and Micro Focus.

McWhinney recently acquired a Class A office building on the Harmony Road corridor for $20.99 million, or $116.87 per square foot.

The 179,688-sf building at 3420 E. Harmony Road in Fort Collins is 100% leased to telecommunications provider Comcast and two strong technology companies: Madwire and Micro Focus.

“We’re pleased to expand McWhinney’s collection of commercial offerings in Northern Colorado with this purchase,” said Troy McWhinney, McWhinney chief investment officer and co-founder. “Northern Colorado is the birthplace of McWhinney. In a region with a combined population expected to grow to 1 million people by 2035, we are committed to its future.”

Hewlett Packard Enterprise Co. sold the building, which is located in a corporate campus environment next to the Arapahoe Bend Natural Area and its roughly 4 miles of trails. It is across the street from numerous retail and dining amenities.

The property drew interest from a variety of commercial real estate investors, including investment advisers, syndicates, high-net-worth individuals and real estate investment trusts, according to CBRE Vice President-Capital Markets, Institutional Properties Chad Flynn.

“These groups were attracted to the strong tenancy and corresponding cash flow in addition to the rare opportunity to acquire a Fort Collins property in the region’s tech corridor along Harmony Road,” he said.

The three-story building was built in 1997 to accommodate HP Enterprise’s growth at the time. It has been renovated with a new lobby, common areas and tenant finishes and offers 6.6 parking spaces per 1,000 sf.

Comcast occupies about 82,000 sf. Madwire is a 66,000-sf tenant, and Micro Focus leases 31,000 sf.

Flynn represented the seller with CBRE’s Tim Richey, Mike Winn, Charley Will and Jenny Knowlton in Denver, along with Alex Somerville of CBRE’s San Francisco office and Peter Kast in the Fort Collins office.

McWhinney is a Colorado based real estate investor and developer of office, retail, mixed-use, hospitality, multifamily and residential assets and the master developer of Centerra in Loveland.

Featured in CREJ’s June 5-18, 2019, issue

Kris Oppermann Stern is publisher and editor of Building Dialogue, a Colorado Real Estate Journal publication, and editor of CREJ's construction, design, and engineering section, including news and bylined articles. Building Dialogue is a quarterly, four-color magazine that caters specifically to the AEC industry, including features on projects and people, as well as covering trends…