PetDine-linked LLC sells building it bought in July to ADM

WINDSOR — Diamond Valley Properties LLC sold a 100,000-square foot building to Archer Daniels Midland Co. (NYSE: ADM) for $16.83 million.

Weld County Clerk & Recorder records show the Oct. 7 sale. Diamond Valley was formed by PetDine Properties LLC on May 21. The LLCs share a Fort Collins address with pet food supplement and treats maker PetDine.

Diamond Valley bought the one-year-old industrial building from Five M Enterprises LLC for $17.25 million on July 30. A PetDine spokesman at the time said it always tries to buy the real estate it occupies.

Five M bought a 62,000-square foot building in the same area for $8.1 million, after selling to Diamond Valley. Five M is connected with an investment company in Englewood, the secretary of state shows.

ADM bought a 75% stake in PetDine on Sept. 9 for $450 million. At the time it was an LLC owned by Ken Munsch, his son Preston and Kurt Stricker, the Munsch’s Illinois-based partner.

PetDine LLC in 2018 said it was making 500 million treats a month. It projected annual revenue of about $35 million by the end of 2019, a 50% annual growth rate.

The spokesperson this summer said the new space in Windsor will drive monthly output to 750 million. It plans to begin production there in January, current press releases have said.

© BizWest Media LLC

on Facebook on LinkedIn