Hines, U-Haul parent plan separate Loveland projects after land buys

LOVELAND — Hines Interests LP will develop two industrial buildings totaling 188,000 square feet, and U-Haul will build seven acres of do-it-yourself moving and storage facilities on Byrd Drive between Interstate 25 and the Northern Colorado Regional Airport after two land buys involving Martin Lind.

Brands West Phase I LLC bought 19 acres on Oct. 11 for $4.3 million, and Amerco Real Estate Co. on Oct. 15 paid $3.46 million for seven acres, according to Larimer County Clerk and Recorder records.

Brands West shares a Houston address with Hines Interests LP, the global real estate developer with $84 billion in assets under management. Phoenix-based Amerco (Nasdaq: UHAL) owns U-Haul and has $5 billion in annual revenue and a $14 billion market cap.

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The seller was Byrd Drive Development LLC, which is at the same Windsor address as developer Martin Lind’s Water Valley Co.

The Hines land is just south of a BW Integrated Systems facility, which makes packaging equipment and robotics systems. The manufacturer is part of Illinois-based Barry-Wehmiller Container Systems Inc.

The U-Haul site is east of that facility, between it and I-25, and northeast of the Hines land.

Hines

The Hines buildings are in the Brands West part of the mixed-use Brands at the Ranch.

A Hines application with the city of Loveland asks that its land be divided into two parcels for buildings of 107,000 square feet and 81,000 square feet with separate addresses. A press release said the larger one is 200-feet deep with 32-foot clear height; the smaller is 180-feet deep with 28-foot clear height.

The project includes parking for up to 43 tractor-trailers and about 500 standard and ADA-parking spaces, as well as an employee basketball court.

Peter Kast, a CBRE senior vice president in Fort Collins, was broker on the deal, Lind said. Kast and Pete Kelly, a first vice president with CBRE, will lease the space.

The architect on the project is Powers Brown in Denver; engineer is TST Inc. in Fort Collins; contractor is Alcorn Construction in Lakewood.

The project is expected to be finished in the third quarter next year. Lind said Hines already “has scrapers out there moving dirt.”

U-Haul

An Amerco application with Loveland City Planning couldn’t be found.

Lind expects a U-Haul service center with pick-up and drop-offs, and some indoor storage.

Leonard Shoen founded U-Haul in Washington in 1945. The current chairman, president and CEO, and the vice chairman, are Shoen family members, who collectively own about 43% of Amerco shares.

The Shoens also own a holding company and an investment firm that buys and develops self-storage facilities under SAC Holding Corp. U-Haul runs those on a fee-basis.

The broker on the deal was Ryan Bach of Re/Max Alliance in Loveland.

Future

Byrd Drive Development LLC owns another 102 acres to the south along Byrd Drive and west, nearing the airport. The southern land, three parcels totaling 30 acres, faces I-25 and touches the two-building Axis 25 campus, developed and recently sold by Etkin-Johnson.

The 72 acres west of that on the other side of Byrd Drive comes near where Lind is developing Discovery Air, a four-building office-and-hangar project that’s about 25% done.

The 84,000-square-foot Northern Colorado Veterans Administration Clinic is under construction nearby.

Asked about a “Brands West Phase II,” a Hines spokesperson said via email, “We hope to move to phase 2 after we lease these buildings, but ultimate timing will be dictated by market demand.”

Nine of Lind’s 102 acres are across Byrd Drive, directly east of Hines’ current dirt between it and I-25.