Outlets at Loveland sold, to become Loveland Yards
LOVELAND – The north parcel of the mostly vacant Outlets at Loveland has been sold and is being marketed as “Loveland Yards.”
Windsor-based Schuman Cos. closed Monday on the $15 million sale of the 169,000-square-foot parcel, with plans to close on the south parcel at a later date.
A brochure supplied by CBRE’s Fort Collins office indicates that Schuman is repositioning the property into retail, office and flex condos, which are available for sale or lease.
A media release issued Monday by CBRE said Schuman had purchased the parcel from “a confidential seller” and a CBRE spokeswoman would not confirm the seller’s identity. But as recently as last month, BizWest had confirmed the property’s owner as Craig Realty Group Loveland LLC, a division of Craig Realty Group, based in Newport Beach, California. Craig had purchased the Outlets at Loveland along with similar outlet malls in Silverthorne and Castle Rock in August 2005 from Calgary, Alberta-based TGS Real Estate Investment Trust.
Calls for comment from Craig Realty Group were not returned in time for BizWest’s Monday deadline.
Melissa Moran and Jon Rue, vice presidents in CBRE’s Fort Collins office, arranged the sale and are marketing Loveland Yards for sale and lease.
“There was a good deal of interest in this property, but Schuman Cos.’ plan to reposition the asset to meet a specific need for Northern Colorado’s small-business community propelled them to the top,” said Rue, who has worked with Schuman on several transactions throughout Northern Colorado.
“It’s rare for local, regional and national operations to be able to own their own real estate,” Moran added. “Loveland Yards’ for-sale condo model makes that possible, giving these businesses the chance to build equity in Northern Colorado’s most central, accessible and highly visible location.”
Located at 5661 McWhinney Blvd., the property sits at the interchange of Interstate 25 and U.S. Highway 34 with what CBRE says is more I-25 frontage than most other commercial sites in Northern Colorado.
The area already is a popular commercial district with four other retail centers — The Promenade Shops, Centerra, Johnstown Plaza and Centerra Marketplace — within two square miles. However, the 328,824-square-foot Outlets at Loveland, built in 1994 and the once-bustling home to dozens of national retailers, has declined in recent years. As of last month, only four businesses and two churches remained, and one retailer, the Christian Store, had a note on its window announcing a clearance sale. The other businesses were a used-car lot operated by Auto Integrity, Be Well Clinic and an Innomax mattress store.
Condo-suite availability at Loveland Yards ranges from 1,000 to 169,000 square feet, with the option to combine or demise existing suites. Condos are priced between $165 and $300 per square foot with triple-net expenses covered under a homeowners’ association. Ceiling heights vary, with a minimum clear height of 18 feet. The property’s zoning allows for retail, office and light-industrial use.
“We are excited for the opportunity to reinvent the Outlets,” said Philip Schuman, the purchaser’s chief financial officer. “The Outlets were a place I visited when I was younger. My hope is Loveland Yards will be a place that my children and grandchildren will enjoy for years to come.”
Schuman Cos., a full-service real estate investment company specializing in property acquisition, development and management, implemented a similar model of offering both for-sale and for-lease options at Crossroads Commons, at Crossroads Boulevard and Centerra Parkway. That mixed-use office and retail project, also marketed by CBRE, is still under construction but already is half pre-sold or leased with all the remaining space either under contract or under a letter of intent.
“Larimer County is one of the fastest-growing in Colorado,” Rue said, “and there’s significant appetite among retail, office and other businesses to locate in the middle of this expanding base of potential employees and customers.”