by Joshua Lindenstein
GREELEY – California-based real estate developer Cress Capital LLC announced Tuesday that it has purchased the 27-acre Ironwood Business Park in Greeley, where it plans to build six more industrial buildings.
Cress managing partner Art Smith said his company paid E.E. Kinder Co. LLC nearly $5 million for the property. The site, located at the southwest corner of East 16th Street and First Avenue, includes three separate parcels.
The property already is home to about 75,000 square feet of space in multiple industrial buildings. Those buildings house 22 tenants, which Smith said probably would stay put.
Most of the southern half of the property is undeveloped. Cresa is working its way through the entitlement process with the city of Greeley to add the six new buildings, which would be from 10,000 to 20,000 square feet per building and also include yard areas.
Smith said he anticipates getting some oil and gas users because of the industry’s prevalence locally. But both he and partner Ryan Parkin said they are attracted to Greeley because its diverse economy also has other strong drivers, not to mention a city that they said has been willing to work with them on development of the site.
“That’s why we’re there and not the Bakken in North Dakota or the Eagle Ford in south Texas,” Parkin said.
Based in southern California, Cress has had a presence in Colorado since 2012 and earlier this year opened an office in Fort Collins. The company also has a building under contract in Evans and earlier this year bought and sold a 120,000-square-foot industrial building in Broomfield.