Woodward Inc. trades North Co. assets
A Colorado aerospace manufacturing company swapped industrial properties and will relocate its operations from Loveland to Windsor.
Woodward Inc. sold its 209,000-square-foot industrial campus at 3800 Wilson Ave. in Loveland and concurrently acquired the 42,161-sf, Class B industrial property that sits on 10 acres at 753 Champion Drive in Windsor. Southgate One was the seller of the Champion Drive property and is the new owner of the Loveland campus. According to public records, Woodward sold the Wilson Avenue property for $4.2 million and purchased the Champion Drive property for $7.6 million.
Peter Kast of CBRE’s Fort Collins office represented Woodward in the trade. There were no other brokers involved in the off-market sale.
According to Kast, the trade will allow Woodward to expand its Rocky Mountain Technology and Innovation Center, which sits on an adjacent parcel at 871 Champion Drive. He said the company plans to “totally redo the Windsor site” but declined to comment on any specific renovation plans. Woodward will lease back the Loveland property, for up to three years, while renovations take place at its new Windsor facility.
Woodward is familiar with the Northern Colorado real estate market, as it’s headquartered at the Fort Collins Lincoln Campus and has owned multiple properties across the state’s northern region in the past.
“This was a strategic move by Woodward to concentrate its real estate footprint. Woodward’s continued investment in Northern Colorado is a testament to the strength and resiliency of our region,” said Kast.
According to CBRE research, the Northern Colorado industrial market remained strong through the first half of 2020 with sales totaling $65.2 million, up 64.5% compared to the same period last year.
With the Northern Colorado industrial market showing continued success, Kast said the trade was advantageous for both parties, as Southgate One now has an investment property in Loveland that has future upside potential, and Woodward is able to optimize its Colorado footprint at its new property.
Published in the Oct. 21-Nov. 3, 2020, issue of CREJ.