Matrix Group Makes First Purchase in Fort Collins, CO
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.
Midtown Commons has strong tenancy and is located near the Foothills Mall re-development, as well as the new Trader Joe’s and Sierra Trading Post. The shopping center is 96% occupied, with key long-term tenants including JoAnn Fabric, Dollar Tree, ARC Thrift Store, Dickey’s Barbeque Pit and Urban Mattress.
Matrix Group plans to complete the stucco finish on the property as well as implement signage improvements. The property was well sought-after, including some offers that were above the asking price. At the time of the sale, Matrix Group’s portfolio consisted of about 800,000 square feet of retail, industrial and office properties along the Colorado Front Range.