The northwest area was hit hard by the downturn in the economy, with a lot of companies that occupied space in the commercial and industrial areas moving out, and a lot of expensive homes that stayed on the market longer than entry level homes.
The tide seems to be slowly turning in the area, especially on the commercial real estate side. Many of the buildings that have been vacant for years are selling or leasing, and brokers are busy negotiating other deals.
“It’s mostly people moving around,” said Theresa Englbrecht with Bray Commercial, who added that she arranged a five-year lease with a Denver business owners on an industrial property in the northwest, and is closing on another big property in the northwest next week. She’s anticipating getting two additional listings soon, and has already had people approach her who are interested in the properties.
“Folks who are here are expanding,” Englbrecht said. “No one is reducing.”
Such was the case with the recent deal brokered by Englbrecht and Ray Rickard with RE/MAX 4000 for FHE in Fruita. Rickard was working with Nick Snoke, president of the Fruita manufacturer, which already occupies a 70,000 square foot building on Cipolla Road in Fruita.
“We’re busting at the seams,” Snoke said about the Fruita location. FHE builds equipment for the oil and gas industry, specifically for the wireline process. “The equipment we manufacture goes all over the country. In the 10 years that we’ve been in business, we’ve grown our customer base and have become very busy.”