RMCIT almost triples occupancy in 30 days after purchase

LOVELAND — New, local owners of the Rocky Mountain Center for Innovation and Technology in Loveland have wasted no time in adding tenants since the property was purchased Oct. 30.

Within 30 days of the close, the 811,000 square-foot facility on 177 acres moved from 16% occupancy, or 129,000 square feet, to 41% or 330,000 square feet, according to Jay Dokter, CEO of RMCIT LLC, the ownership group.

RMCIT, known locally as the former Hewlett-Packard facility at South Taft Avenue and 14th Street SW,  has added new tenants that have yet to occupy their locations and saw its largest tenant, Lightning eMotors, expand to occupy both Buildings A and B for a total of 231,000 square feet. Prior to the purchase, Lightning occupied Building A.

Lightning announced just last week that it will become a publicly traded company on the New York Stock Exchange.

“Based on their growth trajectory and ongoing success in the electric vehicle market, they have expanded their footprint significantly,” Dokter told BizWest in an email. 

Dokter also said some members of the coalition of investors who formed RMCIT LLC will bring their operations to the facility, which includes four buildings.

“Of the four companies planning to establish their businesses in the space, the first two companies will be securing their space, building out and moving in as early as Q1 2021,” Dokter said.

“Additionally, we have seen positive growth in the pipeline for other companies interested in the property since our acquisition. The increased interest is from companies and individuals who are excited about the vision and the energy we are creating.  They want to see the campus flourish and desire interactive tech engagement with other like-minded businesses,” he said.

Dokter said the interest expressed was organic, even before real estate agents got involved in helping to recruit tenants.

Dokter would not reveal the names of tenants; he said the timing of the release of information will be at the discretion of the tenants.

He did say that education software company Bongo will occupy 13,000 square feet of space in Building D beginning in the first quarter of 2021. Bongo, the trade name for eduPresent LLC, is a Loveland company registered to Daniel Kamrath, who along with Dokter is among the owners of the RMCIT. Bongo’s CEO is Josh Kamrath. Bongo is currently on Fourth Street in downtown Loveland.

Dokter said that additional companies discussing leases at the property represent an additional 110,000 square feet, which would bring occupancy to 440,000 square feet, or 54% of the facility, by the end of 2021.

Manufacturers, corporate offices and software companies are among those showing an interest, he said. 

“They are leaders in their industry and have a national or international focus. They are growth-minded and create primary jobs.  They desire collaboration with other tenant companies and see great value in being part of a Northern Colorado innovation ecosystem with a strong tech DNA,” he said.

Kelly Jones, economic development director for the city of Loveland, said she was not surprised by the pace of leasing.

“Having worked alongside Jay Dokter and Dan Kamrath for a decade; it is no surprise to me that they have built a team to purchase RMCIT and continue the Loveland innovation legacy. The city of Loveland is fortunate to have this facility in great local hands to activate the property’s true potential,” she said.

RMCIT LLC did not seek public assistance when it bought the facility, and so far none of the tenants or potential tenants have sought assistance. “The property is affordable and the logistics and financials work for most inquiring companies,” Dokter said. 

The RMCIT  ownership group wants the employment base at the facility to exceed 500 people by the middle of 2021. At that point, the group will add amenities available to all tenants such as a café/food service, shared common space, coffee shop, fitness center, locker rooms, hiking trails, and outdoor seating and recreation, he said.  “Based on the expansion of Lightning and new planned tenants, we expect to hit our goal.”