Pizza lovers! Panhandler's Pizza has officially re-opened at its new location in our retail center located at 2721 S College Avenue in Fort Collins. Come check out their new digs!
Matrix Group Blog
At Matrix Group we love celebrating all March Madness-related things, even the bracket participant who finishes last. ?
Congrats to David Tinucci, who got last place in the Matrix Madness Basketball pool! He has to keep the Toilet Bowl Trophy until he can pass it off to next year's winner (aka loser)!
Development is taking off next to Matrix Group’s Westminster Village Shopping Center. The old Westminster Mall, near Highway 36 and 88th Avenue, is now the future site of a new Downtown Westminster mixed-use development.
Matrix Group’s sale of Waterpark II & III was featured in the Colorado Real Estate Journal on the 6th page in an article on 1/3/18 titled “Waterpark II & III are a long-term strategy for Kaiser”.
Matrix Group recently completed the sale of Waterpark II & III to Kaiser Permanente for $25.32MM. The two buildings, comprised of 210,848 square feet, sit on a property with one other office building, which Kaiser Permanente already owns. The two buildings were 97% leased at the time of sale with Kaiser being one of the largest tenants, in addition to Wells Fargo, Bona Kemi and AT&T.
Matrix Group purchased a 25,153 square foot neighborhood retail center called Reunion Village. The shopping center is located on the corner of 104th Avenue and Tower Road on the east end of Shea Properties’ master-planned community called Reunion.
Matrix Group purchased the shopping center for $4.5MM, which included tax exchange money from its sale of Pine Creek Office Center. Reunion Village had 84% occupancy at the time of sale, with key tenants including Wells Fargo, Reunion Dental Care, and Subway.
Matrix Group sold Pine Creek Office Center, a 6-building office project that the group has owned since December of 1998.
Shortly after purchasing the property almost 19 years ago, Matrix Group completed interior renovations in the common areas and implemented an aggressive marketing campaign to increase occupancy. Matrix Group bought Pine Creek Office for $1.9MM in 1998 and sold the project in July 2017 for $3.2MM to a local buyer who had tax exchange funds.
Matrix Group purchased Province Center, a small multitenant retail property in Highlands Ranch, Colorado, for $2.31MM in August 2016. The 14,900 square foot center is located just south of Highway 470, a highway that runs east-west through the south suburban Denver metro area.
The project was 60% occupied at the time of the purchase, with a 5,884 square foot previous dance studio sitting vacant. Matrix Group bought the property on auction and intends to implement a competitive leasing strategy to bring the property up to 100% occupancy within the first few months of owning it.
Matrix Group purchased Cherry Creek Industrial Park, a multitenant industrial/flex building located just off of East Arapahoe Road between I-25 and Parker Road in Centennial, Colorado. The building was purchased for $2.8MM and Matrix Group intends to complete exterior renovations and new building signage to improve the visual appeal of the property. The building will also be renamed to Centennial Industrial Park.
This property was 100% occupied at the time of the purchase, however in-place rental rates are far below market. Matrix Group plans to bring rental rates up to market because of the highly competitive, low-vacancy industrial sector taking place in the Denver metro area.
Matrix Group purchased two office buildings located near the intersection of I-25 and Colorado Boulevard in Denver for $6.8MM. The buildings, 1777 & 1805 S. Bellaire Street, will be re-branded as Boulevard 25.
The buildings were 62% occupied at the time of the purchase, with units ranging from 350-1,000 square feet in size. The buildings are located in the Colorado Boulevard/Glendale submarket and offer operable windows, individual temperature control in each office, and key-fob access to all suites. Matrix Group plans to complete common area renovations in late 2015/early 2016.
Matrix Group was featured in the Colorado Real Estate Journal on the front page in an article on 10/1/14 titled “$11.73m deal one of many for Matrix”.
In September this year, Matrix Group purchased Midtown Commons, a 98,764 square foot shopping center in Fort Collins, Colorado, for $11.73MM. It was the last of three 1031 tax exchanges that Matrix Group completed since selling Midtown Industrial Center in June.
Matrix Group was featured in two Colorado Real Estate Journal articles over this summer. The first article can be found on page 49 of the 7/16/14 edition and is titled “Idaho group buys Shops at Colfax & Kipling”. The second article can be found on page 40 of the 9/17/14 edition and is titled “Westminster flex buildings sell to local group for $7.3”.
Matrix Group has had a busy summer this year, with 4 deals consisting of 2 dispositions and 2 acquisitions. Here’s what you should know:
Matrix Group was featured in the Colorado Real Estate Journal on the front page in an article on 7/2/14 titled “Westfield invests in Brighton Boulevard”.
In June, Matrix Group completed the sale of Midtown Industrial Center for $20.25MM. This sale is the largest transaction to occur on the Brighton Boulevard corridor since the Denargo Market property sold about a decade ago. Westfield, the buyer of the property, is working with OZ Architecture to determine redevelopment opportunities at the sight.