Timnath’s Riverbend nearly sold; Neenan seeks more

FORT COLLINS — Design-build developer The Neenan Co. said 94% of the 39,000 square feet at Plaza at Riverbend, in Timnath, is sold.

The remaining space, roughly 2,400 square feet, had been intended for a restaurant, but Neenan director of real estate Randy Myers said some prospects have backed off as COVID’s Delta variant began to hit the news, and Neenan may sell it as retail instead.

Riverbend is a for-sale commercial condo project. Buyers had committed to about 20% of the space prior to breaking ground in 2018, helping seal Neenan’s decision to move forward. About 40% closed as early buyers moved in the following year, and sales continued apace during the pandemic with one-third of the total going to owners since March 2020.

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Most buyers are health-related: medical-clinic locations for UCHealth and Banner Health; a chiropractor and a dentist’s office; a franchised children’s gym; and a combination pediatrics provider and aesthetics spa.

Two locations are from both ends of the restaurant spectrum: Domino’s Pizza on the corporate side of the ledger, and the first physical location of Backyard Bird, a chicken and donut food truck purveyor seeking to put down roots.

Real estate brokerage The Group plans a Timnath office at Riverbend in early 2022.

Myers recalled seeing “all these planned [residential] neighborhoods with infrastructure” touring Timnath before agreeing to buy the dirt. He said buyers of the spaces were motivated in part by the ability to own a piece of the town’s growth and have something to offer lenders as collateral on the tenant improvements.

“It cuts their equity requirements,” he said. “We’re trying to solve people’s problems.”

He said the company is scouting locations for similar projects, with Longmont a possible landing place, and a focus on professional and medical offices.

Timnath’s population reached 6,487 in 2020, according to the latest Census data.

Riverbend is its first commercial development.

Realtec-Greeley’s Tom Reznik is lead broker.

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