NoCo Newsletter | November 7, 2024

Photo: 11520 W 21st, Greeley, Colorado, (available for lease) reserved for the exclusive use of NAI Affinity.

NoCo Newsletter | November 7, 2024

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of grocer incentives, future Weld solar power, new community leadership, and more.

NAI Affinity is EXCITED to participate as a drop-off location for the Realities For Children Santa’s Workshop. Now through December 10th, we are collecting NEW Toys, NEW winter coats, and retail gift cards (for teens) at our office at 3665 John F Kennedy Pkwy, Bldg 2, Ste 202, Fort Collins. Realities For Children provides for the unmet needs of Northern Colorado youth who have been abused, neglected, or are at-risk, and we need your help to provide them with a gift of their own, under the tree this Christmas.

REAL ESTATE & BUSINESS NEWS

Feature: NoCo Class A Markets See Resilience & Bifurcation, Jake Hallauer, CCIM, President, NAI Affinity

• Windsor Approves $6M Incentive Agreement for Second King Soopers Store
  • “The Windsor Town Board voted unanimously to approve a $6 million incentive agreement for 10 years….The new King Soopers represents a $43 million investment into the building’s construction, and a total economic benefit of $22.56 million to the town. With the new store, Kroger reports that it will bring 375 new jobs with an average salary of $50,000. The east store is expected to be operational in 2026….Schwindler said the Town of Severance will cover 10% of the incentives, and it will get 10% of the sales tax. Windsor town manager Shane Hale said he will bring that agreement before the town board next.” (BizWest)
• Longmont Industrial Site Trades for $9.4M
  • “Denver-based investment firm ZS Capital LLC has purchased a 57,000-square-foot industrial building in Longmont’s Kansas Avenue Office Park for $9.4 million from Alice & Sage Development LLC.” (BizWest)
• State Agency Ready to Take Over Stanley Hotel
  • “A state agency late Wednesday cleared the way for completion of a complex deal to buy the privately owned Stanley Hotel, complete a long-languishing film center there, help boost Colorado’s profile as a player in the global entertainment industry and provide funding for the arts in the state’s public middle schools. The Colorado Educational and Cultural Facilities Authority approved the documents necessary to issue bonds for the Stanley Hotel and Event Center Project.” (BizWest)
• Denver’s Affordable Housing Shortfall Could Find an Answer in its Empty Office Towers
  • “Pew and Gensler are proposing a co-living, aka dormitory approach, as the answer to two problems — creating more affordable housing units and saving Denver’s aging skyscrapers, many of which face economic obsolescence….About half of Denver households rent, and of that group, half consist of single-person households. About a fifth of those single-renter households make between $20,000 to $40,000 a year, an income range largely underserved in today’s housing market.” (The Denver Post)
• Opening in Brighton is Ziggi’s Coffee’s 100th Location
  • “Ziggi’s story began when a coffee roaster wanted to open a cafe along with the Knudsens under the name Gizzi’s. The coffeehouse opened at Fourth Avenue and Main Street in downtown Longmont on Aug. 5, 2004, but the roaster dissolved the partnership a year later, taking the name with him and leaving the Knudsens with a debt-ridden dilemma. They couldn’t afford to buy new signage, so they simply rearranged the letters on the building and purchased an extra G to make the name Ziggi’s. The brand has been offering franchises since 2016 and so far has shops open in 20 states and marked 340 franchise signings across 38 states. It has served more than 11 million beverages and reached nearly 100 communities, and made Entrepreneur Magazine’s Franchise 500 last year.” (BizWest)
• Starbucks Scales Back New Store Plans to Focus on Reversing Sales Drop
  • “Starbucks plans to scale back store openings in 2025 as the embattled coffee giant focuses on redesigning its existing cafes to stem sales declines and bring back customers….Despite the planned pullback in the coming year, Starbucks opened 722 new stores in the quarter ended Sept. 30, a 37% jump over the previous quarter, but down from the 816 openings in the year-earlier quarter. The company has 40,199 company- and license-operated stores, with the U.S. and China making up 61% of the global store portfolio.” (CoStar)

ECONOMIC & EMPLOYMENT NEWS

• Fed Cuts Rates Again, This Time by a Quarter Point
  • “Since the Fed cut rates in September, longer-dated bond yields have climbed notably, meaning the cost to borrow for a mortgage or car loan has gone up. Yields have increased in large part because better economic data has led investors to reduce their worries about a recession, which could have triggered larger rate cuts. But some analysts think the bond-market selloff may also reflect concerns by some investors about higher deficits or inflation in a second Trump administration. Either way, the market has generated an unusual result: Borrowing costs rose after the Fed cut rates. The average 30-year mortgage rate has jumped since mid-September, to 6.8% this week from 6.1%, according to Freddie Mac. Over a similar time frame, investors in interest-rate futures markets have steadily reduced their expectations over how much the Fed will cut rates over the next year or so. They now see the Fed cutting rates to around 3.6% by 2026, up from an estimated trough of 2.8% in September, according to Citi.” (WSJ)
• Top Loveland Officials Get Council’s Unanimous OK
  • “A Loveland City Council that has been deeply divided over the past year found some unity Tuesday night, voting unanimous approval of the appointments of James Thompson as city manager, Vincent Junglas as city attorney and Jennifer Edgley as municipal judge.” (BizWest)
• Weld Commissioners Approve One of the Largest Solar Projects in the Country
  • “The commissioners voted 4-1 to approve the massive project proposed by Magnum Feedyard owner Steve Gabel. Commissioner Mike Freemen was the lone objector to the facility, which, when it is commissioned in 2028, will create enough electricity to power 187,000 homes with 590,000 solar panels across the landscape of southeast Weld County as it straddles the Morgan County line.” (BizWest)
• Chimney Hollow Project Getting Closer to its Fill Date
  • “Chimney Hollow principal project manager Joe Donnelly said the plan is to begin filling the $720 million, 90,000-acre-foot reservoir by July 1. Northern Water has been building the 740-acre Chimney Hollow Reservoir as a part of the Windy Gap Firming Project, which will provide a consistent flow of 30,000 acre feet of water to its 12 member entities and cities every year, and send water to 825,000 people across Northern Colorado.” (BizWest)
• Grown-Up Greeley: From Wild West to Metropolitan City, Greeley’s Future is About to Get Fuller
  • “What makes all this possible, of course, is Greeley’s abundance of water. Water prices have been helping drive up home prices in other areas for years. While that has held true in Greeley, too, the city has a better cushion with more than 100 years of planning and developing high mountain water storage, as well as the new Terry Ranch aquifer near the Wyoming border. With that, Greeley secured enough water to handle a community of 400,000…the community today (is) … support(ing) innovation, future-proofing our infrastructure, bridging the gap of housing solutions, and housing across the spectrum, and how we’re creating a regional destination.” (BizWest)

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 commercial flex and warehouse units available for lease. Ideal for animal care, manufacturing, food services, research, and more! Highlights:⁠

• Unit 4: Office, conference room, storage, open workspace, 12’x12′ OHD, and 2 private restrooms⁠
• Unit 5: Warehouse with 16’x16′ OHD⁠
• Zoning: I-M (Industrial – Medium Density)⁠
• Easy access to Highways 257 & 34⁠
• Building signage available
• Low NNN costs (no metro district)

Click here to learn more about this opportunity.

See previous newsletters here.

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