Phil Castle, The Business Times
A large building that once housed an equipment manufacturer has been sold and leased to a growing energy services company.
Katie Worrall, an agent with Re/Max Commercial in Grand Junction involved with the transaction, said the deal constitutes a good fit between the Montrose real estate development group that bought the property and GE Oil and Gas, which has leased the building to accommodate a growing regional operation.
Matt Mills and Leadership Circle purchased the property from Wells Fargo for $3.4 million, Worrall said.
The building, located at 841 21 1/2 Road, originally was constructed for Jobsite, a company that manufactured roll forming equipment that makes gutters, downspouts and metal roofing.
The building features 60,000 square feet of warehouse space and another 9,600 square feet of office space situated on 5.7 acres of land. The property had been foreclosed upon and was vacant.
Worrall represented Leadership Circle and GE Oil and Gas in the transaction.
Theresa Englbrecht of Coldwell Banker Commercial Prime Properties in Grand Junction represented Wells Fargo.
Leadership Circle owns several commercial properties in Western Colorado, Worrall said, including two shopping centers in Montrose as well as manufactured home communities in Grand Junction and Montrose.
The former Jobsite building will offer substantially more space to GE Oil and Gas, which provides equipment and services for energy exploration and production and serves several western states from its Grand Junction operation.
The deal is the second in a year for Worrall involving a vacant factory and growing energy company.
She also was involved in a transaction last year in which Frank Henry Equipment purchased a 58,000 square foot building in the Greenway Business Park in Fruita for $3.62 million. That building formerly was used by a manufacturer of upscale modular homes for resort markets, the first business to move into the park.