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9/20/23
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A 6.8k sf office building in Fort Collins, CO traded to a Colorado-based limited liability company in a recent $3.2 mil ($471/sf), off-market transaction. The property is located at 2024 E. Harmony Rd.
Built in 2015, 2024 E. Harmony Road is a multi-tenant office building at the intersection of Harmony Road and South Timberline Road, a stoplight that sees more than 80,000 vehicles per day.
CBRE’s Jason Ortiz and Tyler Swenson represented the buyer. Jon Rue, also with CBRE, represented the seller, a private investor.
“Harmony Road is among the most-sought-after corridors in Northern Colorado by retailers, tenants and investors alike, and this building is arguably the best-located office building in Fort Collins,” said Ortiz. “While the office sector is making headlines for its challenges, Class A buildings with irreplaceable locations command interest in any market cycle.”
“The buyer was attracted to this property because of its potential for retail and office use. It’s ideal for office tenants but also appealing to retailers because of its high-visibility location at an important intersection,” added Swenson.
Fundamentals improved in Northern Colorado’s office market in the first half of 2023, according to CBRE research. The market saw 59k sf of positive net absorption—a measure of net move ins and move outs—marking a 31% increase year-over-year. Direct vacancy decreased from a year prior, dropping to 4.7%, while the average asking rent increased to $16.91/sf/NNN.
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