Colorado Real Estate Journal - March 16, 2016

Self-storage property near CSU sells in off-market deal

A self-storage property near the Colorado State University campus in Fort Collins sold for $2.1 million in an off-market transaction.

Capstone Development sold Johnson Drive Self Storage to 255 Johnson Storage LLC. The buyer, a Fort Collins group, recently sold a business and will operate the property, said John Rue of CBRE Inc., who represented the seller with CBRE’s Blake Craig. Kevin Phelan and Peter Kelly of CBRE represented the buyer.

Located at 255 Johnson Drive, Johnson Self Storage consists of 251 units. Located catty-corner from the CSU campus, it is next to the 665-bed Summit on College student housing property and caters to CSU students.

Built in 1954, it offers upside with below-market rents and is located on 2.2 acres with redevelopment potential, said Craig.

Capstone, which developed The Summit, reportedly acquired the property about 1½ years ago in case it needed additional parking for the student housing.



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Chrisland Real Estate Cos. plans to acquire a “significant” amount of Northern Front Range real estate, and Chairman and cofounder Nick Christensen will return to the company to assist with its growth.

“In the wake of our sale to Scheels and Johnstown Plaza LLC, and previous sales of properties to the Spanos Corp., Bonefish Land Lease LLC and Catalina Properties LLC (at 2638 S. Timberline Road in Fort Collins), we are well capitalized and in good position to add well-located existing buildings and zoned land to our assets under management,” said Chrisland CEO Ryan Schaefer. “We will utilize our company resources, current investor capital as well as selectively add additional, like-minded and accredited investors to our investment group.”


Chrisland Investments III LLC is under contract to purchase a downtown Fort Collins property and is evaluating possible development of brownstone homes on the site.

Christensen, who has been executive officer of the Larimer County Sheriff’s Office for the past five years, said he is grateful for the opportunity to have served in that capacity and will remain an adviser, supporter and volunteer. “At the same time, I am eager to return to Chrisland Cos. to work with our excellent team, and assist and help guide the company’s growth under Ryan’s inspiring leadership,” he said.

Chrisland recently moved into a new office at 3665 John F. Kennedy Parkway, Building 2, in Fort Collins to accommodate its growth, including expanded brokerage and development consulting services. It will have an open house there from 4 to 6 p.m. Thursday, March 31.