Rangeview Two under way at Centerra development

LOVELAND – Office space vacancy rates in Loveland should loosen up a bit with Rangeview Two, a new office building under construction in Centerra. But vacancy rates may not change for long.

About 40 percent of the new 39,190-square-foot building is already leased, said Ron Kuehl, vice president of real estate for McWhinney Enterprises, the developer of Centerra. Centerra is a 3,200-acre development of office buildings and shopping centers at Interstate 25 and U.S. Highway 34 in Loveland.

Some of the newest additions to Centerra include Heska Corp.’s new headquarters, the Promenade Shops at Centerra, Medical Center of the Rockies and the expansion of the Marketplace at Centerra retail plaza.

Construction on Rangeview Two started in August, and the building is expected to be open by mid-March. Names of committed tenants have not yet been released, but they are financial, medical and technology companies, Kuehl said.

The three-story building, located just south of its twin, Rangeview One, will have seven units, each with 11 offices. One of the units will take up the entire third floor, a total of 13,800 square feet.

Leasing rates will range from $18.75 to $19.75 per square foot, Kuehl said.

Both buildings’ amenities feature a lakefront location, indoor shower facilities and easy access to other parts of Centerra, including eight miles of trails of the High Plains Environmental Center, a dozen restaurants and the Marketplace at Centerra within walking distance.

McWhinney Enterprises has its headquarters in Rangeview One, which was completed in 2002. The building is 100 percent leased with a dozen tenants, including Alliance Construction Solutions, Colorado Financial Management, Harrison Resource Corp., Heubner Peterson Marketing, Information Real Estate Services, Chrisland Inc. and Northern Colorado Economic Development Corp.

Building for demand

The original plan was to construct two buildings with a total of 92,000 square feet of office space. But demand for office space decreased in the months following the terrorist attacks of Sept. 11, 2001, so McWhinney Enterprises held off on the second building.

McWhinney decided to start construction on Rangeview Two earlier this year because office vacancy rates in Centerra had dropped to 1.2 percent, Kuehl said.

Office space vacancy in Loveland is about 5 percent, according to Realtec Commercial Real Estate Services, a Northern Colorado commercial real estate company.

“It’s a very healthy market to build,” Kuehl said.

McWhinney Enterprises is looking ahead to build Rangeview Three and Four if office space demand continues at the same levels, Kuehl said.

“They won’t necessarily be identical to the first two,” he said. “We’re looking at a new architectural design.”

RNL Design, the architect for Rangeview One, designed Rangeview Two. The second building will be a floor shorter than the first building, and it has been designed to be more energy efficient than Rangeview One, Kuehl said.

Rangeview One was named the 2002 Office Building of the Year by the National Association of Office and Industrial Properties, a Virginia-based commercial real estate development organization. Centerra was named 2003 Master Development of the Year by the same organization.

McWhinney Enterprises hopes for another award with the new building, Kuehl said.

“Our goal is to be the No. 1 real estate development company in the country,” he said. “To accomplish that, our buildings need to have that ‘wow’ factor. People have to walk in and say, ‘Wow, this is nice.’ If they are saying that, we know we’ve done something right.”

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