CBRE Brokers Sale to Local Investor with a Vision to Restore the Building’s Historic Charm
CBRE announced the $1.85 million sale of the Elks Lodge in downtown Loveland, Colo. Julius Tabert with CBRE’s Fort Collins office represented the buyer, Michael Pelphrey, a local private investor.
Located at 103 East 4th Street, the historic property was originally constructed in the early 1900s to serve as a hotel near Loveland’s downtown train station. The Elks organization acquired the approximately 25,500-sq.-ft. building in 1927 and has used it as their local headquarters.
Mr. Pelphrey purchased the 100-year-old building with a vision to create a live performance venue. Originally from Austin, Tex., he saw the investment as an opportunity to heighten Loveland’s live music scene and support the local art community. Mr. Pelphrey aims to create a place where local talent can practice and perform in one location. His plans for the property include preserving and enhancing the building’s early 20th-century design and architecture.
“This is a marquee property transformation that will build on the historical redevelopment happening across downtown Loveland. Mike’s dream to create a live music venue while preserving the building’s historic charm is an exciting addition to the greater Loveland community,” said Mr. Tabert, first vice president, CBRE.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
