Church buys eight units of former Outlets at Loveland; center begins coming back to life

LOVELAND — Citipointe Church Inc. has purchased multiple units of the former Outlets at Loveland facility in Centerra, the first recorded sales since the Schuman Cos. Inc. of Windsor bought the property.

The church bought eight units of the facility in what is now called Unit A — the largest of the three buildings on the north parcel of the former Outlets. It paid $4.65 million in a deal that closed March 27. The church has been located in the south parcel, which Schuman does not yet own.

The church’s new units are on the west side and include the corner unit that at one time was the office for the Outlets.

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Seller was SC Loveland Yards LLC, the company that Schuman created to buy the north parcel for $15 million from long-time owner Craig Realty Group Loveland LLC, which operates outlet malls in Colorado and elsewhere. Three buildings are located on the north parcel of the Loveland Yards. The largest, Unit A, is 100,000 square feet. Unit B is 25,500 square feet and Unit C is 24,600 square feet.

The Outlets at Loveland were almost abandoned before the sale to Schuman, which found almost immediate success in repositioning the property as business condos for sale or lease.

Alex Schuman, president of the company that he owns with his brother Philip, told BizWest today that sales and leasing activity has been heavy, as well as work to freshen the appearance of the center.

He said 35,000 square feet of space has been sold, the company is under contract to sell an additional 100,000 square feet in the next 45 days, and it has 25,000 square feet that are close to being leased. “That leaves 35,000 square feet that are unspoken for,” he said.

Among the future owners and tenants are the church, an insurance agency, physical therapy business, a fitness facility, salons, a music studio, coffee shop, clothing boutique and large medical practice, he said. 

Schuman credits the concept of business condos for the success in bringing life back to the Outlets, which were nearly abandoned prior to the purchase.

“It’s affordable business space. There’s not a lot of space available in the area using the condo model for business,” he said. “Many small businesses want to own their space to build equity,” he said.

He noted that the previous owners of the facility “drove tenants out. It went vacant on purpose,” he said.

The activity has been so robust that Schuman will exercise its option to buy the south parcel, where Innomax mattress store is located, “within the next 60 days,” Alex Schuman said. The company will follow the same model for the south parcel and already is starting to direct some potential buyers and renters to space on that side of the development.

In the meantime, the company is working to restore the property to greater glory by fixing roofs, repairing stucco, painting, landscaping, and striping the parking lot. 

Schuman Cos., which has its office at 7385 Greendale Road in Windsor, is relatively new in the marketplace. Both Alex and Philip Schuman are natives of Hawaii who came to Colorado State University to study at the Everitt Real Estate Center in the CSU College of Business. They secured their real estate licenses and formed their company while still in college, bought a rental unit and expanded from there. They have multiple projects in the works in Northern Colorado with the Loveland Yards among the largest.