The wheeling and dealing continues in Colorado Springs – a reassuring update in view of the current economy. Thanks to those all of you who submitted your many sales and lease reports this month. You guys have been working hard and could use a vacation! How about a few days in Cancun, Vail or Pebble Beach?
Calendar note
You’ve probably seen the brochure announcing this year’s line-up of speakers for this popular event. If not, plan to attend the 11th Annual Economic Forecast Breakfast, sponsored by the Institute of Real Estate Management (IREM) on Tuesday, January 29 at the Antlers Adams Mark Hotel. Breakfast starts at 7:30 am, and the program kicks-off at 8:00 am. Speakers include: Rocky Scott, President of the Greater Colorado Springs Economic Development Corporation; Michael Anderson, Manager of Financial Planning for the City; Dale Stamp, president of Grubb & Ellis Quantum Commercial Group; and Doug Carter, of Doug Carter, LLC Investment Real Estate Brokerage. Highlights of the program include: an economic development outlook; a City of Colorado Springs 2001 performance overview and 2002 outlook; a multi-family and residential focus; and a take-away presentation booklet. Make your reservation in advance ($30) or pay at the door ($40). For more information, contact Joyce Trent at PPAR, 633-7718
Transaction report
Palmer-McAllister, a Frederick Ross Company starts the new year by announcing six new transactions (four of which actually closed late in December 2001). They include a large sub-lease of 16,233 square feet of office space at 2060 Briargate Parkway. Emergent Information Tech, sub-lessor was represented by CB Richard Ellis and the new sub-tenant is Colorado Interstate Gas, represented by Kent Mau of Palmer-McAllister. David Bacon and Paul Engel represented Aerotech DC in the purchase of Lots 1 and 2 at the Newport Tech Center. Coldwell Banker represented owner, Ray O’Sullivan of Colorado Springs. Selling price was $457,380 for 7.4 acres near the old Colorado Springs Airport. Palmer McAllister broker, Kevin Heinicke secured a 3,500 square foot lease at 3925 Interpark Drive, Suite E for tenant, Electronic Container Corporation, an expansion for the high tech packaging firm. The landlord was represented by industrial broker, Dick Rackley of Kent Properties. A sidenote: former Colorado Interstate Gas Company executive, Gil Pryce, has joined Rackley’s team. Kent Mau and Greg Phaneuf represented the landlord on the lease of 15,037 square feet of office space at 5475 Mark Dabling Parkway in Pikes Peak Research Park to TriWest Healthcare Alliance, who like many healthcare companies, are expanding. Grubb & Ellis Quantum represented the landlord, CMD of Denver.
In a much-anticipated move, the former Jumbo Sports building on North Academy Blvd. was sold to a growing Rocky Mountain Calvary Chapel, Inc. Mark Useman and Greg Kaufman of Palmer-McAllister, handled both sides of the deal, representing RMCC and former owner, PSCC Holdings of Atlanta, GA. Selling price was $3.3 million for the 41,402 square foot building on 8.11 acres of land. Guess a “hallelujah” is in order on this one – especially for Useman and Kaufman. Finally, from Palmer McAllister’s retail broker, Steve Kensinger, comes news that the Couture’s Cleaning Building at 7814-7816 N. Academy Blvd. has been leased to a new restaurant, The Egg & I. Kensinger represented the landlord in the 4,434 square foot lease. Trammel Crow represented the tenant.
Moving up the street to The Olive Real Estate Group, Jim DiBiase and Stan Kensinger report closing on the lease of almost 6,000 square feet of office space at the Woodmen Office Campus. New tenants, Mark and Cathy Marchesani own Primerica, Lloyd Riphenburg, also of Olive, represented the landlord and represented the tenant on the lease of 700 square feet to Robert Mortgage, a home refinancing company at 5925 Boardwalk. Riphenburg and Charlie Conrad, CCIM also handled both sides of the sale of 13 acres at Airport and Powers to Michael Underwood, who will design and build for lease or purchase. The property (zoned PIP-2) is now being marketed in platted sites ranging from 1.4 to 2.6 acres. Previous owner of the property was the Hoiles Family.
Andrew Oyler of Grubb & Ellis Quantum Commercial Group has been working overtime. Since the end of December 2001, the busy broker reports five leases on industrial, office and retail space. He represented the tenant and landlord on the lease of 2,880 square feet of industrial space at the Garden Park Business Center at 1120 Elkton Drive. New tenant, Innovative Tek West Corporation is a “light industrial user.” He also represented the tenant, WL Homes, LLC and landlord on a 6,504 square feet lease at 6455 N. Union, Suites 203 & 204 in Cottonwood Square. In addition, Oyler represented the owner, and worked with retail broker, Tracie Morton (who recently joined The Olive Real Estate Group), on the lease of 2,200 square feet of retail/industrial space to Windovations at 140 Garden of the Gods Rd. Oyler also represented the owner and new office space tenant, Modis Professional Services, in the lease of 1,584 square feet in the Tutor Building at 540 N. Cascade Ave. Andrew Oyler also teamed with Jerry Knauf of Grubb & Ellis Quantum to represent the tenant and landlord on the lease of 860 square feet of retail/industrial space to the Colorado Tax and Investment Authority at 1045 Garden of the Gods Road, Unit O. The Oyler/Knauf team also represented the landlord on the lease of 2,880 square feet in the Elkton Garden Park Center to industrial tenant, Prime Cut Meat and Seafood, represented by Kevin Heineke of Palmer-McAllister. Not bad for a few weeks work…
Grubb & Ellis Quantum Commercial also reports that George Swintz represented the tenant and/or landlord on three transactions. First Swintz represented construction company owner, M.A. Mortenson, on the $750,000 sale of five acres of land at 910 Elkton Drive. The purchaser, Ken Ament Mechanical Contractor, was represented by John Dworak of Rampart Realty and financed by First Union Small Business Capital. He also represented the tenant, PIMA Medical Institute, and the landlord, RLET Properties South, on the lease of 10,631 square feet of office space at 374 Printers Parkway. Swintz also represented the tenant, M.A. Mortenson on a 16,573 square feet office sub-lease in the Shea Homes Building at 300 West Plaza Drive in Highlands Ranch. John Marold of CB Richard Ellis represented the lessor.
Business has been equally active for Hoff and Leigh, Inc. The office/commercial, retail, and industrial brokerage has finalized numerous leases in the past 30 days. By the way, it’s great to note that Colorado Springs’ annual Christmas Eve Giveaway founder, Bob Telmosse, has joined the enterprising Hoff & Leigh team. Chuck Armstrong had a busy 2001 year end – reporting his work on seven separate leases since last month. Those transactions include representing the tenant and landlord (along with JB Isaac of Hoff & Leigh), on a retail lease at 106 Manitou, Suite E. The new tenant is Manitou Karma Exchange and property landlord is Ralph Sayegh. Armstrong also represented the landlord and the tenant on the lease of 1,560 square feet for an IES Window Covering office/warehouse at 3342 N. El Paso Street from owner, Dennis Derry. Mountain States Electric leased 1,906 square feet of retail space at 432 W. Filmore from Redstone-Coolidge Equities. Chuck Armstrong represented the tenant, Jason Butler, and Dick Liccardi of Hoff & Leigh and David Ankeney of Metro Brokers represented the owner (Tall Pines Properties) and Matrix Group of Denver on a 974 square feet office lease at 1322 N. Academy, Suite 202. Red Rock Capital , LLC leased 138 square feet of office space at 110 N. Tejon, Suite 208 from Delight Properties. Chuck Armstrong and Bill Perry of Hoff & Leigh represented the owners, and Armstrong represented the tenant. Armstrong and Perry also teamed to represent the landlord, Delight Properti
es, and the tenant, Illumination Systems, on a 200 square feet office lease at 110 ½ N. Tejon. Pillar, Inc. leased 400 square feet of office space at 30 E. Rio Grande from Murphy Contractors. Chuck Armstrong facilitated the transaction.
Another Hoff & Leigh broker completing multiple deals is Terry Vice. Gregory Ortega leased 797 square feet of office space at 620 N. Tejon, Suites 201/203 from Nakata Planning Group. Brian Wagner of NAI Highland Commercial Group represented the tenant, and Terry Vice represented the owner. Vice also facilitated the transaction between CHESS, which renewed its lease at 3110 Century Street with owner, Joan Spelman. Manitou Motion Picture Company, Ltd. leased 1,710 square feet of office space at 4465 Northpark Dr, Suite 200 from John Overturf. Tim Leigh of Hoff & Leigh represented the owner, and Vice represented the tenant. Finally, Terry Vice facilitated a 685 square feet office lease for tenant, Matthew Boddey, at 4465 Northpark Drive, Suite 301 and for the landlord, Northpark, LLC.
Company owners, Tim Leigh and Bob Hoff, had an active month as well, reporting several transactions of their own. Dennis C. Grover leased 1,287 square feet of office space at 6825 Silver Pond Heights Rd. from Silver Office Park, LLC – and George Anding leased 1,500 square feet of warehouse space at 3345 Chelton Loop, Unit E, from NS Properties. Both transactions were facilitated by Tim Leigh. Two more leases reported by Leigh include an office space at 110 S. Sierra Madre, Unit B to Carmichael Training Systems (managed by Hoff & Leigh) and the extension of a 2,293 square feet lease between Savio House and El Gordo Tejon, located at 1004 S. Tejon. Huckstep Holdings leased 6,253 square feet of office space at 4740 Flintridge, Suite 222 from DWB Enterprises. Tim Leigh and Bob Hoff represented the owner, and Stan Kensinger of The Olive Real Estate Group represented the tenant. To cap this amazing list, J & R Lock and Key Service leased 1,440 square feet of office/warehouse space at 3921 Van Teylingen from Dave and Mary Campbell. Bob Hoff of Hoff & Leigh represented the owners, and Danny Mientka of the Equity Group represented the tenant.
Multi-family update
As a post script to this lengthy list of new leases and sales, there is another other major transaction worth noting this week in multi-family. From Ken Greene, a vice president of Grubb & Ellis, comes word that the Windtree Apartments, a 260-unit community, sold on December 20, 2001. The purchase price was $18,565,000 which is $71,403 per unit and $88.45 per square foot. The seller was ERI-II-Windtree. The purchaser was KMF Windtree of Columbus, Ohio. The property, built in 1986, is located on Vickers, just east of Academy Blvd. According to Greene, “the buyer owns additional apartments in Colorado Springs and is bullish on the long term viability of the Springs apartment market.”
Managing Broker, John Dworak, Jr. and Broker, Stuart Sloat of Rampart Realty, Inc. have also been in touch with the Colorado Springs Business Journal to report closings on three sales totaling more than $1.8 million – all in downtown Colorado Springs. The properties include: a 12-Plex at 2230 N. Weber selling for $750,000; an 8-Plex at 803 Yuma, selling for $315,000; and an office complex located on the site still occupied by the original Garden of the Gods Ranch House at 910 Elkton Dr. selling for $750,000. Large or small, multi-family investments seem to be returning excellent profits/revenues in today’s market.
New real estate marketing firm opens
Julie Andrews recently opened her own business, Swedish Crone Productions, which specializes in strategic marketing for real estate-related businesses. With 25 years experience in the local real estate industry, many of you have worked with Andrews over the years. She served as assistant vice president for the Housing and Building Association of Colorado Springs for several years – and was the editor for the Gazette’s weekly real estate section. Most recently she earned recognition as a top account executive for the daily newspaper’s classified advertising department.