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  • Downtown Westminster soon to be more than J.C. Penney & a parking garage

    Jan, 15 18 Post by: admin | Comments Off on Downtown Westminster soon to be more than J.C. Penney & a parking garage

    Downtown Westminster soon to be more than J.C.Penney and parking garage

    Two apartment projects underway at site that was once home to Downtown Westminster soon to be more than JC Penny and a parking  garage Westminster Mall

    A rendering of the Ascent Apartment project that broke ground in August 2017 as part of the Downtown Westminster redevelopment project.

    By JOE RUBINO | | The Denver Post
    January 10, 2018

    Downtown Westminster is getting vertical.

    Construction of a new urban center on the site of the demolished Westminster Mall is picking up steam. The first business — the third Denver-area location of the trendy Alamo Drafthouse Cinema theater/restaurant chain — should open by the end of the year, city officials say.

    Work is also underway on a pair of apartment buildings near the J.C. Penny store and public parking garage that sit northwest of West 88th Avenue and Sheridan Boulevard. For now, the store and parking garage are the only completed structures in Downtown Westminster. But change will come soon.

    Crews in the waning weeks of December broke ground on the Eaton Street Apartments. The 118-unit project, with 20,000 square feet of built-in retail, will wrap two sides of the parking garage. It’s meant to serve as workforce housing, city officials said, and will be reserved for residents making between 30 percent and 60 percent of the area median income.

    Meanwhile, elevator shafts are rising for the Ascent Apartments, just east of J.C. Penney. The five-story, 255-unit project, which broke ground in August, will also feature 24,000 square feet of ground-floor retail space and is expected to be completed about the same time as its Eaton Street counterpart: mid-2019.

    Real estate firm JLL announced this week that some of its capital markets team members helped secure $66.2 million in financing for that project, which is being built by Minneapolis-based Sherman Associates. JLL representatives said multifamily housing in mixed-used developments is attracting a lot of investment now because people want to live in dense, pedestrian-friendly neighborhoods. They posit Downtown Westminster is particularly attractive because it is a mere 10-mile commute from downtown Denver.

    “The area is so desirable because of the incredible investment that the city of Westminster has put into redevelopment; an amazing amount of time, resources and funds that will make it a really special place,” Baxter Fain, JLL’s lead broker on the financing deal, wrote in an email Tuesday.

    The flurry of activity has city officials buzzing. The origins of Downtown Westminster date to at least 2009. That is when the city’s Urban Renewal Authority adopted a reinvestment plan for the area, located in the city’s most ideal area for a dense, pedestrian-centric neighborhood, just off U.S. 36 at Sheridan and adjacent to a busy Regional Transportation District bus station. The city acquired the mall property for $22 million in 2011, shortly before the buildings were torn down.

    “What you’re seeing is several years of progress that is actually finally coming out of the ground,” Mayor Herb Atchison said, adding he expects community excitement to begin rising this year along with the physical projects. “I think when they can see it, people start to understand.”

    In total, the city owns 100 acres in the area and can sell parcels and administratively approve projects that meet its planning criteria, leading to speedy development, city officials say. In the end, Westminster could add 2,300 condos and apartments (room for 4,500 or more people), upward of 2 million square feet of office space for primary employers, 750,000 square feet of retail and restaurant space, and roughly 300 hotel rooms.

    Atchison said he is hopeful the entire first phase of the project will be underway this year and the city can shift its focus toward selling parcels for Phase 2.

    John Burke, the city’s development and construction manager for Downtown Westminster, said the goal is to attract smaller, local businesses to the area. That jibes with the first announced retail lease in the area: Denver-based Marczyk Fine Food inked a deal in summer to open a 9,000-square-foot store on the ground floor of the Origin Hotel project.

    A city project in the neighborhood also is underway — a 5,000-square-foot central plaza that will be home to open-air concerts, movie nights and other civic events, Burke said. The first events could be held there this summer.

    It’s all part of an attempt to recapture the atmosphere the Westminster Mall had in its 1970s and 1980s heyday, when it was a hub of activity attracting people from across the metro area. That’s what residents said they wanted the city to focus on when redeveloping the area.

    “That sense of community has been lost,” Burke said. “What (residents) really wanted was that sense of community again.”

  • Matrix Group sells Waterpark II & III for $25,320,000 to Kaiser Permanente

    Dec, 21 17 Post by: admin | Comments Off on Matrix Group sells Waterpark II & III for $25,320,000 to Kaiser Permanente

    Denver Business Journal- by Kelcey McClung, Reporter

    December 7, 2017

    California-based healthcare provider Kaiser Permanente has purchased two office properties for $25,320.000 in Aurora.

    The two buildings, Waterpark II and III, were purchased by Matrix Group Inc. for $14 million in 2010. The sale of these two properties gives Kaiser Permanente full ownership of Waterpark Campus, as it already owned Waterpark I.

    The buildings are located at 2530 and 2550 S. Parker Road and total 210,838 square Feet.

    Waterpark II and III were built in 1982 and 1984, respectfully. They are 97.2 percent occupied with 60 percent of the space leased by Kaiser Permanente.

    Matrix Group is a Denver-based property management company. Transwestern, a privately held real estate firm based in Houston, advised Matrix Group on the sale of Waterpark II and III.

  • $11.73m deal one of many for Matrix

    Oct, 08 14 Post by: admin | Comments Off on $11.73m deal one of many for Matrix

    Colorado Real Estate Journal- by Jill Jamieson-Nichols

    September 23, 2014

    It’s been a busy four months for Matrix Group Inc., which just acquired a Fort Collins shopping center for $11.73 million.

    Midtown Commons, a 98,764-square-foot center on South College Avenue, is the latest of three 1031 exchange acquisitions the company has made since selling Midtown Industrial Center in Denver for $20.25 million in June. It also sold a retail center and medical office building during that time frame.

    “We like the Front Range,” said company President, John Webb, who has about 800,000 sf of retail, industrial and office properties from Northern Colorado to Highlands Ranch.

    Webb said Midtown Commons, located at 2701 and 2721 S. College Ave., was appealing because of its tenancy and location near the Foothills Mall redevelopment, and a new Trader Joe’s and Sierra Trading Post.

    Joann Fabric, Dollar Tree, ARC Thrift Store, Dickey’s Barbecue Pit and Urban Mattress occupy 70 percent of the space on long-term leases. “It is 96 percent leased with very little rollover.” he said.

    Longtime Northern Colorado developer Everitt Cos. developed Midtown Commons in 1965 and added a second building in 1979. It spent around $5 million renovating the retail property over the last couple of years, a project Matrix Group will continue by completing stucco finish and signage improvements.

    Matrix wasn’t the only party interested in the asset.

    “We had phenomenal interest it it as soon as we took it out,” said Cassidy Turley broker R.C. Myles, who handled the sale with Cassidy Turley brokers James Brady and Aki Palmer. “We had numerous offers that came in, many of which were at or above our asking price.”

    “It’s a testament to investor interest in college towns,” said Myles, explaining investors like the stability of retail in cities with universities. Interest came from private real estate investment trusts, high-net-worth individuals, 1031 exchange buyers and others – locally within Colorado and out of state, he said.

    Cassidy Turley’s Northern Colorado office will continue to market and lease the shopping center.

    Over the last four months, Aurora-based Matrix Group also acquired MetroTech Centre, a six-building flex park in Westminster for $7.3 million, and Evergreen Marketplace, a 29,724-sf retail center, for $2 million.

    “We had tax-exchange money out of one of the properties, so we needed to replace them, and we like the cash flow of these properties,” said Webb.

    Matrix Group’s recent dispositions included the $3.15 million sale of Colfax & Kipling Center in Lakewood and Foxridge Medical Building in Centennial, which traded for $2.75 million.

  • Westminster flex buildings sell to local group for $7.3m

    Sep, 24 14 Post by: admin | Comments Off on Westminster flex buildings sell to local group for $7.3m

    Colorado Real Estate Journal – by Jill Jamieson-Nichols

    September 17, 2014

    A six-building flex park in the northwest submarket recently sold for $7.3 million, or $109.28 per square foot.

    Affiliates of Aurora-based Matrix Group Inc. bought the 66,801-sf MetroTech Centre at 12001-12071 N. Tejon St., just west of Interstate 25 on the 120th Avenue corridor in Westminster. The buildings were approximately 82 percent occupied, providing an opportunity to lease up the vacancy and roll below-market rents up to market rates, according to CBRE. Some projects in the submarket have seen rate increases of more than 10 percent, and that trend is likely to continue as the market tightens, the brokerage firm said.

    Three of the MetroTech buildings have visibility on 120th Avenue, which connects I-25 with U.S. Highway 36 and offers direct access to Denver and Boulder. The visibility of the project and the monument signage have attracted quality tenants that are very loyal to the project, according to CBRE. CBRE’s Tyler Carner represented the seller with Erik Abrahamson, formerly with CBRE and now with W.W. Reynolds Cos.

    MetroTech Centre is leased to 16 tenants that range from 1,650 to 6,508 sf. The project has a history of low vacancy, said CBRE. Two of the vacant spaces are in move-in-ready condition.

    The park is two blocks from DigitalGlobe’s new campus and the Park 12 Hundred office/industrial redevelopment. Amenities including restaurants, shopping and hotels surround it.

    Matrix purchased the property from DeCook Metro-Tech LLC and New Crossroads West LLC, entities of Alpha West Realty & Investment in Greenwood Village.

    There were multiple offers for the asset, according to CBRE.

  • Idaho group buys Lakewood Center at Colfax and Kipling

    Jul, 16 14 Post by: admin | Comments Off on Idaho group buys Lakewood Center at Colfax and Kipling

    Colorado Real Estate Journal- by John Rebchook

    July 16, 2014

    The Denver area is strewn with old, small neighborhood strip shopping centers often without national retail anchors. For the right buyer, given their price points and locations that are often on busy thoroughfares, they can make attractive purchases.

    One of the latest examples of such a transaction was am Idaho-based buyer that paid $3.15 million for the Shops at Colfax & Kipling on 4.4 acres at 9797 W. Colfax Ave. in Lakewood, at the northeast intersection of West Colfax Avenue and Kipling Street.

    The 40-year-old, 44,247-square-foot center was purchased by 9797 W. Colfax LLC.

    “They had been looking at the Denver area for quite some time and this was their first purchase,” said Troy Meyer of Sperry Van Ness, who represented the seller, along with fellow Sperry Van Ness brokers Dean Corey and Kevin Matthews. “They liked the location and they like the price point,” he said.

    The center had been under contract before, but that deal fell through and the Idaho group stepped in to purchase it, he said.

    “They not only really like the center, but they like everything that is happening along the West Colfax corridor, such as the redevelopment of the old St. Anthony hospital site,” Meyer said. The St. Anthony site is to the east, near Sheridan Boulevard and West Colfax Avenue in Denver. “They are very bullish on the entire corridor and wanted to be part of it,” Meyer said.

    The Property was 94 percent occupied at the time of the sale. While it doesn’t have any national tenants, it is anchored by Disguises, costume store that has been there since 1978. Disguises recently extended and expanded its lease. “Disguises really is the leader in the costume business and is a really well-known destination for people looking for costumes,” Meyer said.

    Other tenants include Tast of Philly, Cakes by Karen, Canine College and 4 Paws Animal Clinic.

    The demographics are quite strong for the area. There is a population of 280,831 within a five-mile radius and the average household income is $63,688. An average of 66,295 vehicles pass the center daily.

    The site includes an 18,000-sf parcel on the west side-that could be used for another pad.

    Despite everything it had going for it , it also had its challenges, Meyer said.

    “There was a loan on it of approximately $2.31 million that had to be assumed” as the prepayment penalty was so onerous it wouldn’t have made sense not to assume it. The loan, with about three years remaining, has an interest rate of 6.5 percent, higher than today’s market rate of 4 percent or lower. “You have a lot of buyers of these older strip shopping enters who want to pay cash” Meyer said.

    A number of owners of older centers that refinanced their loans during the Great Recession got loans either from insurance companies or collateralized mortgage securities from Wall Street and they typically have prepayment penalties, he said. “The insurance company had to approve the buyer because they wanted to assure the new owner could pay the mortgage,” Meyer said. “In this case, the insurance company was very easy to work with,” he said.

    However, eliminating the cash buyers and those that would like to take advantage of today’s low interest rates reduced the potential number of buyers, he said. “Surprisingly, there was quite a bit of interest in it,” Meyer said. “We had over five offers on it. During our marketing process we received a lot of interest from both local and out-of-state investors, which was a testament to the demand for commercial real estate in the Denver metro market.”

    The buyer, he said, liked it for its current cash flow and as a value-add opportunity. “They like that it is a stabilized property with over a 90 percent occupancy rate, as well as being a value-add opportunity,” he said. The buyer paid $71.19 per sf for the center. “I would say that is below replacement cost, as construction and material costs keep rising,” he said.

    He said he expects the new owner to phase in some improvements. “It is a 1970s asset, so I think they will take some steps to spruce it up and modernize it a bit,” Meyer said. “There is a little bit of deferred maintenance, but overall it is in pretty good shape,” he said. But given its location and everything happening along the West Colfax corridor, there is a lot or upside, he said. “Over time, I think they would like to put in some national tenants in the center” Meyer said.

  • Matrix Group Sells Midtown Industrial Buildings for $20.25 Million

    Jul, 03 14 Post by: admin | Comments Off on Matrix Group Sells Midtown Industrial Buildings for $20.25 Million

    CoStar – by Stacey Boozer

    July 3, 2014

    Westfield Co. acquired three industrial building in the Midtown Industrial Center at 4120 Brighton Blvd. in Denver from Matrix Group, Inc. for $20.25 million, or about $55 per square foot.

    The single-story industrial building total 368,833 square feet. All of the structures delivered in 1952 and are located in the Lower North Central Industrial submarket.

    Westfield acquired the assets with the intention to redevelop the existing properties in addition to some ground-up construction.

    Tyler Carner of CBRE represented the seller, while Westfield handled the transaction internally.

  • Colorado Real Estate Journal Ad celebrates 20th Anniversary of Matrix Group, Inc.

    Jun, 04 14 Post by: admin | Comments Off on Colorado Real Estate Journal Ad celebrates 20th Anniversary of Matrix Group, Inc.

    May 21, 2014

    Thank you, Denver for the 1st 20 Years!

  • Colony Square retail shops in trade for $3.4 million

    Mar, 12 13 Post by: admin | Comments Off on Colony Square retail shops in trade for $3.4 million


    Colorado Real Estate Journal – by Jill Jamieson-Nichols

    March 4, 2013

    A commercial real estate company sold a Louisville retail center for $3.4 million after nearly doubling the occupancy over the last four years.

    Denver-based Matrix Group, Inc., sold the Village Shops at Colony Square II to JKW 1031 Louisville LLC, a local partnership.

    The center was 88 percent leased, compared with 45 percent when Matrix Group purchased it from a financial institution in early 2009. Matrix, which paid $2.28 million, brought the center’s level of leasing to 75 percent almost immediately after it bough the property and continued to build on occupancy.

    The Village Shops at Colony Square II is a 29,414-square-foot retail center that consists of three buildings built at 1132, 1148 and 1156 W. Dillon Road in 2000.  Tenants include Premier Members Federal Credit Union, Parma Tralloria & Mozzarella Bar, H&R Block, Hana Japanese Bistro, State Farm Insurance and others.

    An offer for the retail center was received with the first week of the property being listed, said Matrix Group President John Webb. In all, there were five or six offers, according to Newmark Grubb Knight Frank broker Dan Grooters, who represented the seller with Riki Hashimoto, also of Newmark Grubb Knight Frank.

    “We had really good activity on it. The real lure of it is that it was leased up at the bottom of the market, and all the rents had been set to the low,” said Grooters. “As the market improves, they will be able to push those rents.”

    “I think that the buyer got a nice deal, and we were happy to sell it.  We had owned it for four years,” said Webb.

    One of the partners in the buying group traded into the property as part of a 1031 exchange.  Bellco Credit Union provided a load for the acquisition that offered “excellent terms,” according to Grooters.

    “It’s good to see strong financing is available for B retail assets,” he said.  “A year ago, it would have been tough to get it done with that type of loan.”

    Prior to selling the Village Shops at Colony Square II, Matrix Group bought the 12,063-sf Union Walk Retail Center at 180 S. Union Blvd, in Lakewood from Bank of America for $2.8 million, or $232.69 per sf.  The center was 60 percent occupied at the time of the sale.  The previous recorded price, in 2007, was $6.55 million, or $562 per sf.  Occupancy at that time was 82 percent.

    Current tenants include Jimmy John’s, Panda Express, Floyd’s 99 Barbershop and Bruegger’s Bagels.

    “We look at it as a great asset in a really tight corridor,” said Webb.

    Matrix Group is a full-service commercial real estate firm that owns and manages 1.1 million sf of office, industrial and retail property in the Denver area.

  • Former Micro Motion campus springs back to life with sale

    Jan, 04 12 Post by: admin | Comments Off on Former Micro Motion campus springs back to life with sale


     Colorado Real Estate Journal – by Jill Jamieson-Nichols

    May 23, 2011

    A long-vacant manufacturing facility in Boulder is back in play under new ownership.

    Matrix Group, Inc., a Denver-based commercial real estate firm, paid $1.5 million cash for the former Micro Motion buildings at 7084 and 7088 Winchester Circle.  The property includes a 75,000-square-foot assembly/manufacturing building and 30,000-sf, three-story engineering laboratory.

    “We were looking for a value-add situation in Boulder, and the price was right.  We figured we could spend about a million dollars on it and really make the buildings reusable.  They were in pretty bad shape because of the vacancy,” said John Webb, Matrix Group president.

    “Boulder is a strong market with a lot of great, growing companies.  We feel comfortable that Boulder’s a tight market with supply constraints,” Webb said.  When improvements are completed four to six months from now, “There will be some tenants interested in this property,” he said.

    Built for Micro Motion in 1982 and 1984, the buildings have been vacant for six years.  Their wood exteriors will be upgraded with exterior metal material and new paint; the roofs and windows will be replaced; and there will be major repairs to the HVAC systems.  New landscaping also is in store.

    While the company bought the buildings at a price that was substantially below replacement cost, “We have a lot of work to bring the property up,” said Webb.

    Micro Motion vacated the property following the company’s acquisition by Emerson Electric, which built a facility across the street.

    The improved space will be offered at a first-year rate of $3.95 per sf triple net, which is very low for the Boulder market, Webb noted.  The buildings also will be offered for sale.

    Tom Myers of Unique Properties LLC-TCN Worldwide represented Matrix Group in the acquisition, which brings the company’s portfolio of office, industrial and retail properties to approximately 1.25 million sf.  The company has purchased more than 400,000 sf in the last 10 months and continues to seek opportunities.


  • Foxridge Professional Plaza Sells for $1.6 Million

    Jan, 04 12 Post by: admin | Comments Off on Foxridge Professional Plaza Sells for $1.6 Million


    Regional News, CoStar Group Real Estate Information

    Centennial  Office Trades for $65 PSF

    January 5, 2011

    Matrix Group Inc. purchased the Foxridge Professional Plaza in Centennial, CO, from Thomas H. Roberts III for $1.6 million or $65 per square foot.

    Built in 1986, the 24,380-square foot, Class B office building at 8120 S. Holly St. is in the Arapahoe Road submarket of Denver.

    Gene Pride and Patrick Devereaux of Cushman & Wakefield of Colorado represented the seller.

  • Company Overview

    Jan, 04 12 Post by: admin | Comments Off on Company Overview


    Bloomberg Businessweek

    Real Estate Management and Development

    August 30, 2010

    Matrix Group Inc., a real estate brokerage company, provides real estate and consulting services, as well as represents tenants/buyers and landlords/sellers in negotiating various commercial properties that suit their retail, office and industrial needs.  In addition it offers property and project management, and leasing and marketing services, as well as undertakes design-build/tenant improvement issues.  The company was founded in 1994 and is based in Denver, Colorado.

  • Two Waterpark office buildings bought for $14M

    Jan, 04 12 Post by: admin | Comments Off on Two Waterpark office buildings bought for $14M


    Denver Business Journal – by Paula Moore

    July 30, 2010

    The Waterpark III building in Aurora, along with the nearby Waterpark II building, fetched $14 million. Read More

  • Buyer Finds Bargain in Village Shops at Colony Square

    Jan, 04 12 Post by: admin | Comments Off on Buyer Finds Bargain in Village Shops at Colony Square


    Colorado Real Estate Journal – by Jill Jamieson-Nichols

    February 18-March 3, 2009

    A Louisville retail center that was in foreclosure and struggling has a new owner that is boosting occupancy.

    The Matrix Group bought the Village Shops at Colony Square for $2.28 million cash – less than $80 per square foot.  Only 9 years old, the center at 1132, 1148 and 1156 Dillon Road was 45 percent occupied at the time of the sale.

    “It’s our kind of asset in terms of value-add, a great location, great demographics.  It just suffered from the overleveraged mortgage it had,” said Matrix Group President John Webb, whose company picked up the asset at 50 percent of the value of the previous mortgage.

    The Matrix Group, which closed on the property 20 days after putting it under contract, quickly signed leases with a medical user and Indian restaurant , bringing occupancy to 75 percent.  Webb was meeting with more prospects at press time.  Existing tenants include H&R Block, Double D’s Sourdough Pizza, Fringe Hair Studio and Premier Members Federal Credit Union.

    Capmark Financial was the seller.

    “Their main goal was to sell the property,” said CB Richard Ellis broker Brad Lyons.  “I think it will be a great opportunity for the Matrix Group.  They got it for a good price and hopefully they’ll be able to stabilize the asset over time,” said Lyons, who represented Capmark with CBRE brokers Geoff Baukol and Chris Bodnar.

    The Village Shops at Colony Square consists of three multi-tenant retail buildings that total 28,534 square feet on 2.9 acres of U.S. Highway 36 and McCaslin Boulevard.  It was the place to be for national tenants when it was building in 2000; but when Superior Marketplace opened across the Denver-Boulder turnpike, with anchors Costco and Super Target, some of its national tenants departed.

    The Matrix Group is going after destination-type local and regional tenants, including retail, medical and dental users, at lower-than-average lease rates.  It also has availability for a restaurant.  “we’re offering very attractive rates for the restaurant business,” said Webb.  “The long-term play,” he added, is ConocoPhillips a mile away.”  The Matrix Group, which owns and manages 850,000 SF in the Denver market, recently purchased a central Denver industrial building and is actively looking for office, industrial and retail properties.  “There are a few owners that are willing to discount their assets, I think, to today’s reality,” Webb said.  “We know the next couple of years are going to be tough,” he said.  “Yet, we are very bullish on Denver over the next three to ten years.”



  • Investors bag warehouse deal in Colorado City

    Jan, 04 12 Post by: admin | Comments Off on Investors bag warehouse deal in Colorado City


    Rocky Mountain News Real Estate – by John Rebchook

    May 20, 2003

    When Denver real estate investors R. Brian Watson and John Webb recently snapped up a warehouse in Colorado City, they bought more than a big building in the tiny city south of Pueblo.

    “I would say that is the commercial real estate market in Colorado City,” said Denver-based Alex Ringsby of Ringsby Real Estate, who handled the transaction with broker Paul Kahn of Cushman & Wakefield.

    Watson, principal of Northstar Commercial Partners and Webb, principal of the Matrix Group, created a company called 4038 Dover to buy  the 248,000 square-foot, state-of-the-art building.

    Northstar and Matrix weren’t partners in the deal, but Northstar identified the opportunity, negotiated the deal and will be responsible for the investment, Watson said.

    About 18 months ago, Northstar bought the entire excess real estate portfolio from the Benjamin Moore Co. after the paint store chain was sold to Warren Buffett’s Berkshire Hathaway.

    Although the purchase price for the Colorado City building wasn’t released, it is far less than the $7.2 million asking price, Watson said.

    “And the replacement cost is about $40 per square foot, or about $10 million,” Watson said.

    Webb said one estimate put the replacement cost even higher; at least $50 per square foot.

    Rick Morgan of U.S. Bank provided the financing, Watson said.

    The property initially was built by Columbia House Record Co., in 1968 and was expanded in 1993 to distribute records, tapes and, eventually, CDs and DVDs.

    Columbia moved out and Kroger, the parent of King Soopers, leased it.  Then it was sold to 4038 Dover fully leased.

    “Kroger was in 12 facilities in Colorado Springs and Pueblo and consolidated into one facility,” Watson  said.

    “This is a gorgeous warehouse on 36 acres.  The building has 40 foot-high ceilings.”

    Webb, whose company owns 1.4 million square feet in commercial buildings in Denver and Houston, said the building may have higher ceilings than any other warehouse in Colorado.

    “The highest I could find in Denver was 32 feet; this has the tallest ceiling I have ever seen,” Webb said.  “And Columbia filled every cubic foot of space.”

    The building is so large that it has its own ZIP code, he said.

    “Colorado City is a small town with only 6,000 people, but I’m comfortable with this building as a regional distribution facility,” Webb said.  “Kroger handles distribution from Wyoming to Texas from this site.”

    He said several other tenants have shown interest in the building if Kroger decides not to renew its lease.

    And while Frito Lay and Pepsi are planning to building their own facilities in the area, Webb said, a big benefit is “there’s no congestion down there.  Truckers love it.”

    Although just off Interstate 25, Colorado City is so far off the beaten track that there is more risk for the buyer than if it were in the Denver area, Kahn said.

    This sale definite tells a story,” Kahn said.  “The story was an opportunity deal.  The buyer took advantage of the market.  And for the seller, they had a buyer, which is not that easy in that part of town.”