NoCo Newsletter | May 2, 2024

NAI Affinity
• 
May 2, 2024

NoCo Newsletter | May 2, 2024

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of The Ridge transactions, Denver energy lawsuits, firm inflation, and more.

REAL ESTATE & BUSINESS NEWS

  • Caliber Sells Off 40 Acres in The Ridge to Homebuilders
    • "CaliberCos. Inc. (Nasdaq: CWD) recently sold two parcels within The Ridge, one of the Arizona-based developer’s projects in Johnstown, to a pair of homebuilders for a total of $12.3 million. DR Horton Inc. (NYSE: DHI) bought a 20-acre parcel near East Larimer County Road 18 and South Larimer County Road 3E for $7.1 million and plans to build about 80 single-family lots. Journey Homes purchased a 20-acre property on Larimer County Road 16 for $5.2 million and plans to build a multifamily project with about 378 units." (BizWest)

NAI Affinity's Ryan Schaefer, Jake Hallauer, CCIM, and Lauren Larsen worked as the transaction brokers for the sale to Journey Homes but was not involved in the sale of the additional 20-acres. Note, the BizWest article incorrectly states that NAI Affinity brokered both transactions.

  • Mixed-Use Buildings Rising Near River in Timnath
    • "The first phase of a mixed-use development is expected to be completed by year’s end near the Cache la Poudre River and just north of the Timnath Town Hall. The $30 million Riverbend Urban Village, (is) offering nearly 44,000 square feet in two buildings on four acres." (BizWest)
  • Building Owners Sue Colorado, Denver Over New Green-Energy Rules That Would Force Move Away From Natural Gas
    • "New rules imposed by Denver and Colorado that require large buildings to reduce pollution will be too expensive and are at odds with federal regulations, groups representing owners and developers of office towers, hotels and apartment complexes allege in a lawsuit filed this week....On a practical level, the associations that filed suit this week also argue the rules would force building owners to make expensive but unnecessary upgrades that ultimately would increase rents for tenants and cause utility bills to rise." (The Denver Post)
  • New US Home Sales Jump to Highest Level Since September
    • "Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower. New single-family home sales increased 8.8% to a 693,000 annual pace last month, the fastest since September." (Bloomberg)
  • Kroger, Albertsons Plan Sale of More Than 160 Additional Stores To Win Merger Approval
    • "Grocery giants Kroger and Albertsons Cos. agreed to divest more than 160 additional stores — for a new price of $2.9 billion — as they try to address the concerns of federal regulators blocking the chains’ $24.6 billion merger." (CoStar)
  • Clothing Store Express, a Mall Favorite, Has Filed for Bankruptcy
    • The, "bankruptcy announcement says the chain will close 95 Express stores, or just under a fifth of them, and all 10 UpWest stores. Last month, the New York Stock Exchange delisted the retailer because of its languishing stock value." (NPR) Three of the nine Express stores in Colorado are closing, including the Northern Colorado location at Centerra.

ECONOMIC & EMPLOYMENT NEWS

  • State Offers Incentives to Danish Wind Turbine Parts Company for Larimer County Expansion
    • "A Danish company that provides ready-to-use structural materials and parts for wind turbine blades is eyeing expansion in Larimer County, bringing with it up to 210 new jobs. The company recently received a commitment from the state's Economic Development Commission for up to $3.37 million in Job Growth Incentive Tax Credits if it decides to move here." (Coloradoan)
  • Colorado Mountain Town Liquor Store Owners Say Things Are Getting Dire
    • "It’s been just over a year since Proposition 125, which allows Colorado grocery stores to sell wine, went into effect. The impacts of the voter-approved measure have locally owned liquor stores in Colorado’s mountain towns begging legislators for a lifeline." Resultingly, "Legislators introduced House Bill 1373 on March 12....(and) the legislation aims to even out the playing field and ensure that liquor stores have a viable future while still honoring the voters’ decision to allow wine in grocery stores. The bill proposes creating a cap on the strength of beverages that can be sold at grocery stores, placing rules on the prices alcohol wholesalers can charge and regulating where alcohol can be displayed in stores. It also aims to eliminate a license that allows drugstores to sell spirits."(The Durango Herald)
  • Citi Says Fed Likely to Cut in July After Strong PCE Report
    • "Analysts at Citi said in a note Friday that the stronger March core PCE inflation data makes a July rate cut from the Federal Reserve more likely. Core PCE inflation rose 0.32% month-on-month and 2.8% year-on-year in March. The stronger annual increase was largely known yesterday with the release of first-quarter data, but the monthly increase in March was also stronger than Citi's forecast, reflecting a pick-up relative to February." (Investing.com)
  • Mix of Slowing Growth, Firm Inflation
    • "The latest snapshot of the U.S. economy rattled stock and bond markets with two bits of potentially disappointing data: slower economic growth and still-firm inflation. Gross domestic product expanded at a 1.6% seasonally- and inflation-adjusted annual rate in the first quarter, the Commerce Department said Thursday, a pullback from last year’s quick pace. That lagged behind the 2.4% projected by economists polled by The Wall Street Journal." (WSJ)

COMMUNITY & OTHER INDUSTRY NEWS

FEATURED LISTING

NAI Affinity is pleased to present Uptown: a new mixed-use, master planned, development coming to Northern Colorado, strategically located along the bustling Highway 34 corridor at the signalized intersection of CR 17. This dynamic project will offer a blend of retail, entertainment, medical facilities, lodging options, multifamily housing and industrial. Uptown is poised to redefine the commercial landscape in the west Greeley/Windsor area offering a vibrant and integrated environment for businesses and residents alike. Don’t miss the chance to be a part of this exciting opportunity in a rapidly growing region. Click here to learn more about this opportunity.

Representative infrastructure/road improvements video: click here.

image 2 - NoCo Newsletter | May 2, 2024 - NAI Affinity

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