LOVELAND — Schuman Cos. Inc., a Windsor-based commercial developer, has purchased the final parcel within the former Outlets of Loveland. The renamed Loveland Yards now includes all of the Outlets, which are being marketed either for rent or as commercial condominiums.
Melissa Moran and Jon Rue with commercial brokerage CBRE arranged the sale and are assisting Loveland Yards with marketing. To date, 71% of the previously nearly abandoned Outlets have been leased or sold.
Schuman, a company founded by brothers Alex and Philip Schuman, bought the south parcel for $12.3 million. It bought the north parcel in November 2022 for $15 million from Craig Realty Group Loveland LLC, which also owned the south parcel until this week. The combined north and south parcels include 340,800 square feet of retail and office space.
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 told BizWest in an earlier interview that leasing activity had been active on the north parcel, and he and his brother were anticipating the purchase of the south parcel in the coming months.
“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.”
CBRE said more than 10 tenants have purchased or leased suites, totaling 138,700 square feet or 71% of available space on the north parcel. Notable tenants joining the project include Avery’s Tea House, Slate Studios, Gold’s Gym, School of Rock, CycleBar, Citipointe Church, FyrePro, Ewing Leavitt Insurance and Trek Bicycles, which will likely be the first new tenant to open its doors this July.
“The velocity of tenant commitments at Loveland Yards is proof of concept for Schuman Companies’ vision to create a marketplace catering to Northern Colorado business owners. The diversity of businesses joining the project creates a compelling mix of goods and services for people in the community and will go far in transforming this location into a daily regional destination,” Moran, a vice president at CBRE, said in a press statement.
Schuman is repositioning the property into retail, office and flex condos. Schuman is investing in a range of improvements at the site, CBRE said, including replacing roofs, repainting the façades, installing new landscaping and a parking lot overlay, and rebranding with new signage and a new website.
Philip Schuman, chief financial officer for the company, said exterior improvements will be complete in August, when the company will host NOCOchella (nocochella.org), an event to raise awareness and support for special needs kids and families,
Located at 5600-5721 McWhinney Blvd., Loveland Yards sits at the interchange of Interstate 25 and U.S. Highway 34, with more I-25 frontage than most other commercial sites in Northern Colorado. A half-million people live within 15 miles of the site, including the communities of Loveland, Greeley, Fort Collins, Johnstown, Berthoud and Windsor.
Condos are priced between $185 and $250 per square foot with lease rates ranging from $16-24 per square foot, CBRE said. The property’s zoning allows for retail, office, light industrial/flex and entertainment use.