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Flex property at Gateway Center sold for $4.85M

JOHNSTOWN — An industrial flex property occupied by an oil and gas firm has a new owner.

Camp Creek Holdings Inc., a Johnstown company with registered agent listed as Paul Harter, purchased the 24,885-square-foot building at 321 Basher Drive, located in the I-25 Gateway Center, for $4.85 million.

Sellers were the joint venture of Stover LLC, Cheyenne I LLC and Cheyenne II LLC. The sellers bought the property in June 2017 for $3.5 million.

A press statement from Cushman & Wakefield, which advised the sale of the property, said it is leased to a single, undisclosed oil and gas tenant. Google Maps lists Oil States Energy Services as located at that address.

Cushman & Wakefield’s Jared Goodman, Anne Spry, Aki Palmer and Cole VanMeveren represented both parties in the transaction.  

“We were pleased to achieve the sellers’ portfolio goals through this transaction by accomplishing a robust sales price allowing them to strengthen their portfolio by facilitating a 1031 exchange into a stabilized, long-term, single-tenant core asset.”

VanMeveren said that the purchase gave Camp Creek a valuable asset for the future. “Our team successfully sourced an off-market property with a strong tenant, stable income, and substantial lease term remaining in one of the tightest industrial investment sales markets we have seen in recent years. The property has strong physical attributes, which makes it extremely leasable to future tenants.”

Built in 2008 and situated on about two acres, the property consists of approximately 20,000 square feet of warehouse or production space and about 5,000 square feet of office space. The property also includes a fenced yard.

The Gateway Center is across Weld County Road 48 from the future location of the Buc-ee’s convenience store. 

Source: BizWest