LOVELAND – A subsidiary of Loveland Commercial LLC paid $4,575,000 for The Shops on 29th, a retail shopping center at 216-288 E. 29th St. in Loveland.
The subsidiary, called 216 East 29th Street, bought the shopping center from 29th Street Plaza LLC, an investment group in Northern Colorado managed by Fort Collins-based Brinkman Partners. BizWest first reported that the sale was under contract in December, though no purchase price was disclosed at the time.
The sellers had purchased the shopping center in 2013 for $3.1 million, according to public records. The property was 64 percent occupied at the time, and now is 92 percent occupied.
The 36,990-square-foot center between Lincoln Avenue and East 29th Street has 17 retail tenants including Papa John’s, Subway, Fantastic Sams, Curves, Trans Martial Arts, Today’s Nails and Loveland’s Oasis Aesthetics.
Josh Guernsey, Greg Roeder and Jake Arnold of Brinkman Partners represented the ownership group in the sale, and Nathan Klein of Loveland Commercial represented the buyer.