FORT COLLINS — A group of local investors has acquired the Continental Plaza office building in Fort Collins for $11 million.
The investors bought the property that consists of two three-story office buildings at 3665 John F. Kennedy Parkway from Bruce Deifik of Denver and Rhys Christensen of Fort Collins through their entities CPJFK LLC and Ft. Collins Plaza Ltd. Liability Co.
The buyers’ entities 3665 JFK Office Park LLC and Beard 3665 Invest LLC are registered to Dimitrios Palmer and Dr. Douglas W. Beard of Fort Collins, respectively, according Secretary of State records.
Deifik and Christensen acquired the property in 1993 for $3 million from Traveler’s Life Insurance Co., according to public records. Traveler’s had foreclosed on the property during the savings and loan crisis in the early 1990s.
The sellers have leased and managed Continental Plaza, built in the early 1980s, since acquiring it from Traveler’s. All three floors in Building 2 were remodeled within the last two years.
At the time of the sale, Sept. 14, the buildings, located one block south of the Foothills mall, were 100 percent leased by about 15 tenants, including Ayres & Associates Inc., MWH, Snapfish LLC, Northwestern Mutual, John Deere and Berkshire Hathaway.
Palmer Property Management has been hired to manage the property for the new ownership group.
Palmer Property Management was founded by Spiro Palmer more than 25 years ago. The company manages approximately 550,000 square feet of office, retail and industrial space throughout Northern Colorado and Southern Wyoming.
Aki Palmer, Jim Palmer and Chase Christensen of Cushman & Wakefield have been hired to handle leasing for the property.