NoCo Newsletter | February 13, 2025

Photo: NAI Affinity featured listing – 1901 56th Avenue, Greeley, CO | For Sale | Fully Leased

NoCo Newsletter | Keeping You Informed on Northern Colorado’s Commercial Real Estate Market | February 13, 2025

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of year-over-year residential listing data, economic development updates, national retailer bankruptcies, and more.

Dear Kathy | While we are excited for you as you embark on this new chapter, we are also feeling the bittersweet reality of saying goodbye to someone who has been such an integral part of our team. Your dedication, expertise, and kindness have left an indelible mark, not only on NAI Affinity but on the entire Northern Colorado real estate community. More than 30 years in the industry is an incredible accomplishment, and we are grateful that you chose to spend part of that time with us. Your professionalism, warmth, and unwavering support have made a lasting impact, and we will certainly miss you. Thank you for everything you have done—your hard work, your wisdom, and most importantly, your friendship. We wish you nothing but joy, relaxation, and fulfillment in your well-earned retirement. Congratulations!

REAL ESTATE & BUSINESS NEWS

• Listings Up Throughout Boulder Valley, Northern Colorado Residential Markets
  • The median sales price for a single-family home in Boulder last month was $1,368,000, down 5.7% from January 2024….In Estes Park, the median January sales price was $650,000, down 7.8% from the same month in 2024….Fort Collins homes sold in January fetched a median price of $600,000, down 0.8% year over year….Homes in the Greeley-Evans market sold in January for a median price of $410,500, 1.1% lower than the same month in 2024….Longmont homes sold last month for a median price of $567,500, 5.1% higher than January 2024….In the Loveland-Berthoud market, the median January sales price was $525,000, 5% higher than the same month in 2024.” (BizWest)
• Long-Vacant Midtown Fort Collins Building Could Become Grocery Store
  • “The conceptual review application…poses the demolition of the existing building at 2839 S. College Ave. and the construction of a new, one-story, 18,000-square-foot grocery store in its place….The building was sold to a Nebraska-based LLC for $3 million in 2022, according to county property records and the Colorado Secretary of State’s office. It was listed for sale for nearly $4.5 million as of Monday.” (Coloradoan)
• Colorado Lawmakers Eye Church-Owned Land for New Housing in Latest Land-Use Reform Pitch
  • “Less than a year after Colorado lawmakers passed a suite of land-use reforms in a bid to solve the state’s housing crisis, several are now backing a bill to further expand development rights — this time on land owned by churches and other religious organizations. House Bill 1169 is part of a national movement known as YIGBY — or “Yes in God’s Backyard,” itself an offshoot of a broader pro-development coalition. The bill, which was introduced Tuesday, would generally allow religious groups and educational institutions to build housing on their properties, regardless of how the land is zoned. Organizations would be required only to pass a local administrative review to ensure their plans meet code and other municipal requirements — instead of facing a vote by local officials to change zoning.” (Denver Post)
• Joann, Bankrupt Fabrics Retailer, is Closing 6 Stores in Colorado
  • “After filing for bankruptcy for the second time in less than a year, crafting retailer Joann plans to close 500 of its roughly 850 stores nationwide….”Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann,” the spokesman said. The list of Joann store closures includes Colorado locations in Aurora, Boulder, Centennial, Loveland, and Pueblo. The closures would leave eight locations in Colorado.” (9News)
• Billabong, Quiksilver, and Volcom Stores to Close in US After Operator Files for Bankruptcy
  • “All Billabong, Quiksilver and Volcom stores will close in the U.S. after their operator, Liberated Brands LLC, filed for bankruptcy on Sunday in the U.S. District of Delaware. Liberated Brands has 124 retail locations across the country, which also include the brands: Spyder, RVCA, Roxy and Honolua. In a declaration supporting the bankruptcy, Todd Hymel, CEO of Liberated Brands, said, ‘Macroeconomic issues, including a rapid and dramatic rise in interest rates, persistent inflation, supply chain delays, a decline in customer demand well below the historical trendline, shifting consumer preferences, and substantial fixed costs placed significant pressure on Liberated’s revenue and cost structure.'” (USA Today)

ECONOMIC & EMPLOYMENT NEWS

• JBS Set to Spend Millions in Upgrades to Greeley and Texas Beef Packing Plants
  • “JBS USA, a global food producer, reports it will spend $50 million starting this year to upgrade the Greeley beef packing plant with a new distribution center. It’s part of $200 million in planned upgrades to its two plants in Greeley and Cactus, Texas, both beef production facilities. The Cactus projects include a new fabrication floor and an expanded ground beef room. “We believe now is the time to invest in the United States, and we are excited about what the future holds,” said Wesley Batista Filho, JBS USA CEO, in a news release.” (BizWest)
• Seeking to Harness Potential of Airport, Fort Collins, Loveland Might Hand Over Reins
  • “Council members from both cities are showing support for giving up direct oversight of the airport they’ve jointly owned for 60 years in order to create a separate airport authority….The governance structure is cumbersome and inefficient because each city must give separate approval of major decisions, Reimer’s 2023 report said. An airport authority could also reduce disruptions caused by changing political priorities within the cities. The authority would allow the airport to be more nimble in responding to the market and would allow for business decisions to be made rather than political decisions.” (Coloradoan)
• Johnstown Behavioral Health Facility to Close, Lay Off 158 Workers
  • “A Northern Colorado behavioral health care facility is closing its doors after less than four years in operation. Johnstown Heights Behavioral Health, a 92-bed facility in Johnstown, will shutter March 31, citing “shifting referral and reimbursement trends, patient census and acuity, bed expansions and new facilities in closer proximity to major population centers,” Johnstown Heights CEO Sabrina Gibson said in a statement sent to the Coloradoan on Wednesday.” (Coloradoan)
• Wall Street Is Booming, but Banks Are in a Lending Rut
  • “Across U.S. commercial banks, loans grew about 2.7% from the end of 2023 to the end of 2024, according to Federal Reserve data, only slightly faster than the prior year’s 2.3% rise. Loan growth hasn’t been this slow since the aftermath of the 2008 global financial crisis. In fact, 2024’s combination of falling interest rates, rising hopes for deregulation and slowing inflation probably should have translated into a lending bump. This is especially the case for lending that is usually highly cyclical and correlated to the economy, such as commercial and industrial lending. But in 2024, banks’ so-called C&I loans by year-end grew by just 1% from 2023.” (WSJ)
• Consumer Prices Rise 0.5% in January, Higher Than Expected as Annual Rate Rises to 3%
  • “Inflation perked up more than anticipated in January, providing further incentive for the Federal Reserve to hold the line on interest rates. The consumer price index…accelerated a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 3%, the Bureau of Labor Statistics reported Wednesday….Markets tumbled following the news, with futures tied to the Dow Jones Industrial Average sliding more than 400 points while bond yields scaled sharply higher.” (CNBC)

COMMUNITY & OTHER INDUSTRY NEWS

• Client Testimonials
• Larimer County’s Biggest Private Employers: Here’s Who Makes the List
• Old Town Square No. 4 in USA TODAY 10 Best Readers’ Choice Awards Best Public Squares List
• Most Peaceful Place to Live? Fort Collins Tops the List With Outdoor Recreation, Low Noise
• Here Are 15 Road Projects at the Top of Fort Collins’ List for the Next 10 Years.
• Fort Collins Area Chamber of Commerce: Northern Colorado Economic Overview
• Northern Colorado Boasts Nine of Top 20 Fastest-Growing Communities in State
• 2 Colorado Cities in Top 4 ‘Best Places to Live Rankings
• Denver International Airport Ranked No. 6 in Passenger Traffic Worldwide
• Support Your Local Bold Voice of Business by Contributing to the 13th Annual Moving Fort Collins Forward! Campaign

FEATURED LISTING

NAI Affinity is pleased to present a professional multi-tenant office building for sale along W. 20th Street in west Greeley. The fully occupied building includes four tenants and attractive low NNN expenses. The location offers excellent accessibility to restaurants, retail, residential areas, recreational facilities, and public amenities. Recent improvements include fresh exterior paint and newly resurfaced parking lot.

Click here to learn more about this fully leased investment opportunity.

See previous newsletters here.

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