Beef distributor sells one of two buildings at Loveland HQ

LOVELAND — An affiliate of Meyer Natural Foods LLC sold one of two buildings at its headquarters here to two health care providers in two transactions.

According to Larimer County property records, Rocky Mountain North LLC sold part of the building — Rocky Mountain North Condos, Lot A — to Baltoro Properties LLC for $4 million. It sold the building’s Lot B to Legacy Front Range Plastic Surgery LLC for $2.2 million.

Both buyers list Loveland addresses on the deeds. Baltoro Properties’ shares its Ginnala Drive address with Range View Oral & Facial Surgery PLLC. Legacy Front Range’s offices are on Denver Avenue.

The deals were both done Oct. 1.

Meyer’s broker, Ron Kuehl, a partner in Realtec Commercial Real Estate Services of Loveland and RJK Consulting Services LLC, said the separate sales were complicated.

“We’ve been working on it for more than a year, ” he said.

The building had to be made into a condo with two units, under an ‘arm’s-length’ approach to both sales.

Range View’s larger unit is 9,742 square feet. Legacy Front Range took 5,364 square feet.

“No partnership or connection between the doctor groups, different brokers for each, closing concurrently with both,” he said.

Kuehl and his partner in RJK Consulting, Jamie Globelnik, represented Meyer. Tom Reznik of Realtec Greeley represented Range View. Kyle Lundy of C3 Commercial in Fort Collins was Legacy Front Range’s broker.

Kuehl has worked with the natural-beef and pork distributor for 15 years, he said, beginning during his time with McWhinney. Their first few offices, growing with each move, were in Centerra. He retired from the McWhinney real estate work in 2014 “and started up with Realtec.”

Six years ago, he said, “Meyer wanted to do a build-to-suit so they bought land from UCHealth” — 4.5 acres for about $2 million — and built two buildings. Rocky Mountain North, at 15,000 square feet, was sold; Meyer retained Rocky Mountain South, which is 18,000 square feet.

The north building that sold is at 1996 Rocky Mountain Ave., on two acres. The south building, which Meyer retains for its headquarters, is at 1990 Rocky Mountain Ave., on two and a half acres.

Kuehl represented Meyer on the land buy and helped put together the development team, he said.

The combined $6.2 million purchase price works out to about $410 per square foot. Kuehl believes this is the highest price paid for ‘core and shell’ space — no tenant finishing — statewide.

“There isn’t even a ceiling inside,” he said.

He estimated that at buildout, the buyers will have put about $600 per square foot into the acquisition. “There are buildings next to Union Station in Denver going for the $500s.

“There is no comparable building,” he said. “It’s the highest-quality office building in Northern Colorado and right in front of Medical Center of the Rockies,” which fits the needs of the buyers.

Other buyers have approached Meyer in the past about a sale, he said.

The beef company’s California owner, he said, wanted “to make sure they had the right neighbors.”

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