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Brinkman Capital has acquired the 57,287 SF Preston Center office building in the heart of the East Harmony Road commercial corridor in southeast suburban Fort Collins in a deal valued at $9.6M.
“The investor was able to purchase a building in a very solid office submarket for slightly more than half of what it would cost to construct new in a location that cannot be duplicated,” said Avison Young principal Rick Egitto, who, with David Tilton and Sam Crowe, represented seller MSCI 2006-HQ10 East Harmony Road LLC, also known as LNR Partners LLC, in the transaction. “Brinkman Capital, based in Fort Collins, was a very logical buyer given its background in office construction and this submarket specifically.”
Brinkman Capital CEO Kevin Brinkman said increasing the company’s business along Harmony Road has always been a goal for the company. Brinkman plans to rebuild the entryway and redecorate the interior for a more modern feel.
“We’re excited about making improvements to this property that will revitalize interest in the vacant units and bring a new state-of-the-art office location to south Fort Collins,” Brinkman said. “Our property management team is excited for the opportunity to build relationships with the current tenants and create an energizing workspace for them.”
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