McWhinney pays $4.55M for building in Fort Collins

FORT COLLINS — McWhinney Real Estate Services Inc. has purchased a standalone office building in Fort Collins for $4.55 million.

McWhinney, a real estate investor and developer with offices in Loveland and Denver, bought the two-story, 36,450-square-foot building at 3351 Eastbrook Drive from Vaiday Co Holdings LLC, formerly known as TGS Colorado Holdings LLC, based in Wooster, Ohio. TGS Colorado paid $3.3 million for the building in 2006, according to public records.

CBRE’s Mike Eyer and Julius Tabert represented the seller. Eyer said that with construction costs continuing to increase, more investors are seeking out existing buildings where they can do some light improvements and see a strong return.

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“With McWhinney’s vast development experience in the Northern Colorado market, the company knows exactly what local office users want and will do a great job of strengthening this property,” said Eyer, vice president with CBRE office Northern Colorado.

McWhinney delivered or has underway five projects in Fort Collins, including The Elizabeth Hotel in Old Town developed with partners Sage Hospitality and Sage Restaurant Group, the 425 S. College Ave. site that will be home to Lucky’s Market, The Trails at Timberline, a 314-luxury apartment complex in Spring Creek; Cycle Apartments adjacent to Foothills mall that will have 405 apartments; and Lemay Medical Office Building and parking garage adjacent to UCHealth Poudre Valley Hospital.

“The purchase of this property signifies our continued commitment to and investment in the Fort Collins area,” Ashley Stiles, Northern Colorado vice president of development at McWhinney, said in a prepared statement. “We feel the property’s central location in Fort Collins will continue to see business growth, and we’re thrilled to contribute to the area’s ongoing investment.”

Built in 1982 and remodeled in 2007, 3351 Eastbrook is a block from the intersection of South Timberline Road and East Horsetooth Road in central Fort Collins. The property consists of four acres and has 204 parking spaces. It is 77 percent leased to CACI International Inc., with the remaining 8,400 square feet available for lease.

The property is adjacent to the proposed 17-acre Platte River Power Authority headquarters campus redevelopment, which is being designed to be 80 percent landscaped with native trees and shrubbery. Also, the Power Trail, used for biking/fitness, runs just west of the property.