Unico sells Fort Collins commercial portfolio days after purchase

FORT COLLINS — Six days after Seattle-based Unico Properties Inc. announced its purchase of a 507,239-square-foot portfolio of commercial property in Fort Collins from WW Reynolds, real estate brokerage CBRE announced Thursday that Unico has sold the property to Prospect Development Partners LLC.

The purchase price was not disclosed, and the deed has yet to be filed with the Larimer County assessor’s office.

The portfolio in Fort Collins consists of 20 office, flex and industrial buildings located between East Prospect Road, Midpoint Drive and Sharp Point Drive. It was part of a deal that had Unico Properties buying 1.5 million square feet of commercial property in Boulder and Fort Collins from Boulder-based WW Reynolds.

Jeremy Ballenger with CBRE said WW Reynolds would not sell Unico the property in Boulder unless it also bought the property in Fort Collins.  Ballenger said Unico hired CBRE to sell the Fort Collins portfolio when it completed the larger deal.

Prospect Development Partners LLC was formed Jan. 29 by Ronald M. Abramson of Niwot, according to documents filed with the Colorado Secretary of State.

CBRE’s Ballenger, Tyler Carner and Geoff Baukol represented Unico Properties.

“A targeted marketing campaign was formulated focused on buyers that could work with the provisions and timeframes of the larger transaction, provide a certainty of close, act quickly and recognize the opportunity to immediately be one of the largest property owners in the fast growing Fort Collins market,” Carner said in a prepared statement.

Peter Kelly, vice president with CBRE’s Fort Collins office, assisted the sales team with the local market underwriting. He commented, “This transaction demonstrates the strong interest in the Northern Colorado market from larger investment groups.”

“We saw significant interest from several buyers but Prospect Development Partners, LLC quickly emerged the most capable buyer for this opportunity,” Ballenger said.

The Fort Collins portfolio includes Spring Creek, One Prospect, Midpoint Park, Lake Center One, Plum Tree Plaza and River Center. WW Reynolds will retain management and leasing of the properties.

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