Photos by Scott Crabtree/The Daily Sentinel
Pine Country Truck & Trailer at 2520 Highway 6&50, a 14.7- acre parcel, sold in April for $9 million.
The Courtyard Apartments, which are on 1.4 acres at 2910 Bunting Ave., sold in May for $2.8 million.
The old Mesa Inn, which is now Hotel Studio Inn, at 704 Horizon Drive, sold in May for $5 million.
The Skyline office building at 751 Horizon Court was sold on May 11 for $3.1 million. It sits on 1.5 acres. The property, below, at 743 Horizon Court, the Horizon Park Plaza that is 2.7 acres, sold May 5 for $6.3 million. The same company purchased both Skyline and Horizon Plaza.
083022 commercial property Courtyard apt.jpg
Scott Crabtree
The Courtyard Apartments, which is on 1.4 acres, at 2910 Bunting Avenue, sold in May for $2.8 million.
A vacant piece of property, a little less than an acre across from the old City Market off First Street, sold to Mesa County in April for $1.25 million
The Western Paper Distributors building at 333 South Avenue sold in April for $2.025 million.
Top Commercial Property Sales in First Quarter
1. $9M — Pine Country Truck & Trailer
2. Horizon Park Plaza — $6.336M
3. Mesa Inn — $5M
4. Skyline office building — $3.103M
5. Courtyard Apartments — $2.802M
6. Western Paper Distributors — $2.025M
Bray Real Estate released its second-quarter commercial real estate report this month, revealing that the biggest commercial property sale in Mesa County happened at the start of April.
Pine Country Truck and Trailer had been owned by Ron and Nola Kissner since 1989, but on April 1 of this year, Warren P. Walcher II and Nick Horrocks of WPW Holdings partnered to acquire Pine Country for $9 million. Horrocks had served as the long-time general manager of the business.
Photos by Scott Crabtree/The Daily Sentinel
Pine Country Truck & Trailer at 2520 Highway 6&50, a 14.7- acre parcel, sold in April for $9 million.
The transaction was the most substantial in a year that’s seen a bounceback for commercial real estate sales in Mesa County. According to Mesa County Assessor data, there were nearly 160 property sales worth nearly $120 million through the first two quarters of 2022 — the highest year-to-date totals for both figures on a chart that goes back to 2008.
“I think things were going well starting at the beginning of 2022,” said Bray Commercial Real Estate Agent Sid Squirrell. “2020 was obviously terrible for commercial real estate, especially for retail and restaurants. Of course, 2021 was still up in the air but getting better. Retail started coming around and restaurants were back open. We got the vaccines and things were starting to pick up.”
The Skyline office building at 751 Horizon Court was sold on May 11 for $3.1 million. It sits on 1.5 acres. The property, below, at 743 Horizon Court, the Horizon Park Plaza that is 2.7 acres, sold May 5 for $6.3 million. The same company purchased both Skyline and Horizon Plaza.
Other notable sales from the second quarter included H R Adventures, LLC’s acquisitions of lots 13 through 17 at Horizon Park Plaza at 743 Horizon Ct. for $6.34 million and lots 22 through 24 at the Skyline Office Building at 751 Horizon Ct. for another $3.1 million.
«I think there’s like three rigs out there drilling right now. That’s a good sign that our economy is continuing to do fairly well, that we aren’t having to rely on the energy sector. That’s an impressive situation.»
Additionally, Mesa Inn was purchased by Frisco-based GC-SPV 1, LLC, for $5 million. Mesa County bought downtown vacant land at 216 N. Spruce St., 112 W. Rood Ave. and 213 N. First St., as well as 27 acres at Clifton Community Campus for $800,000.
The old Mesa Inn, which is now Hotel Studio Inn, at 704 Horizon Drive, sold in May for $5 million.
Mesa Inn isn’t going to go down as the biggest hotel sale in Mesa County this year. Fort Collins-based Spirit Hospitality, LLC, confirmed to The Daily Sentinel that it is planning to buy the Holiday Inn and Suites at 2751 Crossroads Blvd. near the Grand Junction Regional Airport for $12 million, although the deal has not yet been finalized.
083022 commercial property Courtyard apt.jpg
Scott Crabtree
The Courtyard Apartments, which is on 1.4 acres, at 2910 Bunting Avenue, sold in May for $2.8 million.
“We’re still doing quite well without hardly any effect from the oil and gas industry, especially drilling,” Squirrell said. “I think there’s like three rigs out there drilling right now. That’s a good sign that our economy is continuing to do fairly well, that we aren’t having to rely on the energy sector. That’s an impressive situation.”
There were two notable multi-family apartment complex sales in early May. Situs Headwaters bought the property at 2910 Bunting Ave. for $2.8 million to serve as the future home of Courtyard Apartments and also bought the property at 1303 N. 15th St. for $1.12 million to serve as the future home of Lincoln Apartments.
The Courtyard Apartments, which are on 1.4 acres at 2910 Bunting Ave., sold in May for $2.8 million.
“Something that really surprises me is all the apartments that are under construction,” Squirrell said. “It seems like there’s a lot of apartments for a town that typically isn’t an apartment town and is normally heavy on single-family homes.”
However, Squirrell noted that this year’s commercial real estate market has been negatively impacted by the Federal Reserve’s interest rates that have steadily increased throughout this year.
A vacant piece of property, a little less than an acre across from the old City Market off First Street, sold to Mesa County in April for $1.25 million
“At the beginning of 2022, things were doing quite well from what I saw and what the sales show, but then, when they started raising interest rates in March, that’s when things — I wouldn’t say died or were taken off the table, but paused,” he said.
“Now, we’re at the stage where we’re kind of working through the deals that we already had in process. People’s confidence is low, much lower than it was at the beginning of the year, and we’re all sitting back waiting to see what interest rates and the Fed are going to do with interest rates and how it’s going to affect the prime and cap rates.”
He said that the prime rate is already at 5.5% and could increase up to 6.25% in September should the Federal Reserve raise interest rates again.
The Western Paper Distributors building at 333 South Avenue sold in April for $2.025 million.
“Cap rates right now for quality real estate were in the 5-5.5% range, so it’s an interesting phenomenon when the prime interest rate is higher than the cap rates,” Squirrell said. “Typically, the cap rates would have to raise at least to the level of prime because that’s what people borrow at. Obviously, they’re not going to buy something where they’re paying a higher interest rate than they’re getting returns.
“The short-term rates don’t always affect the long-term rates and there’s still lots of money out there looking for a place to go, so that demand may keep the cap rates compressed. We don’t know, but it certainly could happen because it’s still going to be a factor in supply and demand.”
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