Fort Collins Green Courte Partners, the real estate investment firm behind Alpen Glow and Howelsen Place in downtown Steamboat Springs, recently paid $3.4 million for a block of commercial buildings in the heart of downtown Fort Collins.
Pat Ferrier of the Fort Collins Coloradoan newspaper reported Nov. 30 that the acquisition of the 200 block of North College Avenue by Green Courte is in addition to Green Courte's purchase in 2007 of the Safeway plaza for $8.5 million. The latter is on the corner of Mulberry and College.
Green Courte also owns a commercial building in Old Town Fort Collins that is one block east of a planned $74.2 million transit hub, Ferrier reported.
The article in the Coloradoan quotes a Realtor involved in the most recent deal as saying Green Courte "Is looking at this as a redevelopment project down the road." The Realtor, Eric Nichols, said Green Courte envisions restaurants, retail and residential redevelopment on the property.
The new acquisition dovetails with Green Courte's announcement Oct. 23 that it had formed a strategic partnership with Steamboat resident Mark Scully to expand on Green Courte's ownership, leasing and development of downtown-oriented retail and mixed use properties in Colorado.
Scully will oversee Green Courte's existing projects in Steamboat, Boulder and Fort Collins while identifying new opportunities throughout the state. He is a former colleague of Green Courte Chairman Randy Rowe in a national real estate firm, Equity Office Properties Trust.