Chrisland purchase at crossroads
Investment firm buys mixed-use development near I-25, Hwy 34
By TOM JOHNSON
ThomasJohnson@coloradoan.com

JOHNSTOWN - Chrisland Investments has acquired full interest in The Plaza at 2534, a 600,000-square foot, mixed-use commercial development at the intersection of Interstate 25 and Colorado Highway 34.

Chrisland Investments, managed by Chrisland Inc. principals Nick Christensen and Ryan Schaefer, bought the property from Thompson Development Co.

"It's certainly a major milestone for our company to have an ownership interest in 2534," Christensen said Friday. "We had been in partnership there, and with our partners were owners of the first phase. We decided to go forward independently and acquired full interest in the first phase as well as the remainder of the 60-acre property."

Financial details of the transaction were not fully disclosed.

"It was at least $6.8 million, but we also acquired a partnership interest," Christensen said. "We're not disclosing the full transaction value because it's a mixture of real estate and partnership acquisition. The partnership also owned real estate and other assets, so it's not your typical real estate transaction."

With 500,000 square feet of retail space and 100,000 square feet of office space, Chrisland principals believe The Plaza at 2534 will provide retailers with a built-in customer base and office users access to numerous convenient amenities and services.

Chrisland has received commitments on about 130,000 square feet of the commercial space. Tenants already announced include Ethan Allen, Eheart Flooring and Design, Home State Bank and Verizon Wireless.

"We're already under way with a couple of buildings," Christensen said. "Bank of Colorado and Eheart are under construction, and Ethan Allen will break ground within the next 30 days."

Full buildout is expected to take three to five years.

Chrisland is planning a five-story, 85,000-square foot office building on an adjacent property.

Burns Marketing and Communications, LBN Insurance Agency and Bank of Colorado have committed to a separate four-story, multi-tenant building nearby developed by Everitt MacMillan Development.

Chrisland, Inc. recently completed a two-year, development consulting contract with the original landowners of 2534, a 542-acre mixed-use, master planned community located at the southeast corner of I-25 and Highway 34.

The scope of work included coordination of planning and development, marketing and brokerage to launch 2534 and establish it as one of the region's premier mixed-use, master-planned developments, Christensen said.

Originally published July 22, 2006

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