The El Centro Building is one of two properties to be purchased by Estes Park-based JT Enterprises LLC. Courtesy CBRE

Historic buildings in downtown Loveland sell for $3.25M

LOVELAND — An Estes Park-based investment group has acquired two commercial buildings in downtown Loveland.

JT Enterprises LLC purchased the El Centro Building at 141 E. Fourth St. for $2.3 million and a multi-tenant office building at 441 and 443 E. Fourth St. for $950,000.

Julius Tabert and Jon Rue, brokers with CBRE’s Northern Colorado office in Fort Collins, represented the sellers of the properties. CBRE, in a press release, did not identify the sellers, describing them as “Loveland-based investors.”

However, documents on file with the Larimer County Assessor list the seller of 141 E. Fourth St. as 141 East 4th Street LLC. The Colorado Secretary of State lists James Ryan Hargrave as the entity’s registered agent.

The properties at 441 and 443 E. Fourth St. were sold by 441 East 4th Street LLC, which also lists Hargrave as the registered agent.

JT Enterprises acquired the properties through a 1031 exchange that closed in October.

“These sales are a testament to the improved desirability of downtown Loveland, which has seen a recent stream of commercial real estate investment activity, at elevated prices,” Tabert said in the press release.

The El Centro Building was built in 1877 and is described as “the oldest property in downtown Loveland.” The sale marks one of the highest prices per square foot — $214 — paid for a downtown commercial property. The two-story, 10,750-square-foot retail property is home to Mo’ Betta Gumbo, Black & Blues, Cup Cake Gypsy and Tommy Barber & Blades.     

The property at 441 and 443 E. Fourth St., built in 1932, includes a 6,442-square-foot building  with a mix of small businesses as tenants.

Both properties are located near The Foundry mixed-use development project.

 

LOVELAND — An Estes Park-based investment group has acquired two commercial buildings in downtown Loveland.

JT Enterprises LLC purchased the El Centro Building at 141 E. Fourth St. for $2.3 million and a multi-tenant office building at 441 and 443 E. Fourth St. for $950,000.

Julius Tabert and Jon Rue, brokers with CBRE’s Northern Colorado office in Fort Collins, represented the sellers of the properties. CBRE, in a press release, did not identify the sellers, describing them as “Loveland-based investors.”

However, documents on file with the Larimer County Assessor list the seller of 141 E. Fourth St. as 141 East 4th Street LLC. The Colorado Secretary of State lists James Ryan Hargrave as the entity’s registered agent.

The properties at 441 and 443 E. Fourth St. were sold by 441 East 4th Street LLC, which also lists Hargrave as the registered agent.

JT Enterprises acquired the properties through a 1031 exchange that closed in October.

“These sales are a testament to the improved desirability of downtown Loveland, which has seen a recent stream of commercial real estate investment activity, at elevated prices,” Tabert said in the press release.

The El Centro Building was built in 1877 and is described as “the oldest property in downtown Loveland.” The sale marks one of the highest prices per square foot — $214 — paid for a downtown commercial property. The two-story, 10,750-square-foot retail property is home to Mo’ Betta Gumbo, Black & Blues, Cup Cake Gypsy and Tommy Barber & Blades.     

The property at 441 and 443 E. Fourth St., built…