Editor’s note: This version updates the pricing on the sale, as it occurred in two transactions and one of them was not included in the original report. BizWest regrets the error.
JOHNSTOWN — United Properties Development LLC has sold its Trade@2534 property, which included two industrial buildings in Johnstown for a total of $37.2 million. The sale occurred in two transactions.
United Properties purchased land for the buildings in 2021 for $953,706. It sold the completed, leased buildings to California company Nor Co 2534 Holdings LLC, a division of Nearon Enterprises LLC from Walnut Creek, California. The property at 4201 Ronald Reagan Blvd. sold for $12.35 million and the property at 4151 Ronald Reagan Blvd. sold for $24.85 million, according to Larimer County property records.
The Class A industrial buildings were completed in 2022. Tenants include PODS, Kroger, Radial Engineering, SCP Distributors and Stevens Equipment Supply.
“Trade@2534 addressed a need for Class A industrial space in the Northern Colorado region and was well received by tenants,” Mindy Rietz, vice president of commercial development for United Properties, said in a written statement. “We believe the recent sale to Nearon Enterprises is a testament to the continued maturation of the region.”
One building in the development is a 72,896-square-foot single-load building, and the other building is a 145,008-square-foot cross-dock facility. The development provides clear heights of 24 feet and 28 feet and features energy-efficient “Cool Roofs,” ESFR sprinkler systems and modern truck courts with available car parking.
Jeremy Ballenger, Tyler Carner, Jim Bolt and Jessica Ostermick with commercial brokerage CBRE represented United Properties in the sale.
“Class A assets like Trade@2534 in the I-25 North submarket are extremely rare and are the most coveted among users,” said Ballenger, executive vice president of capital markets and industrial properties for CBRE. “Both of these buildings offer additional divisibility, plus the park has a leased industrial outdoor storage site that also provides future upside as either a development site or IOS.”
Trade@2534 was part of a joint venture partnership between United Properties and PCCP LLC, a Los Angeles-based real estate investment management firm that has $23.1 billion in assets under management.
United Properties Development LLC has sold its two industrial buildings that it called Trade@2534 in Johnstown.
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