The roar of heavy equipment, the buzz on deals in the pipeline and the push to a new auto dealership has energized the entire real estate landscape. Here’s a quick look at some of the moving and shaking.
Thibault Buys Parcel Near Falcon
T-Bone Construction’s owner, Mike Thibault, is on a roll. The busy contractor just penned a deal to buy Lot 1 in the Falcon Town Center at Woodmen Hills North. Purchase price was $663,854. Cameron Mogadam of Grubb & Ellis/Quantum Commercial represented Thibault and Rusty Green of Woodmen Hills Realty Corp. represented the owner. T-Bone also was awarded the $4 million Team Honda renovation contract.
Bryan Construction Now on Campus Drive
Bryan Construction has a new home at 7025 Campus Drive, near the intersection of Interstate 25 and Woodmen Road.
The Bryan Construction Facility Service Group renovated a former two-story, 10,000-square-foot child care facility into into office space. The company will showcase a variety of products and finishes at its new headquarters, including accent walls, color schemes, a hand-painted lobby, maple flooring, glacier and sandrift ceiling tile, and indirect lighting.
Scott Bryan, president of the firm said the office will house commercial, pre-construction, estimating, facility services, and the federal projects, administrative, marketing and financial services groups.
Realtor Home Insurance Alert
The Pikes Peak Association of Realtors is joining the Colorado Association of Realtors in supporting legislation to ensure a buyer’s right to obtain home insurance. Some insurance companies have been denying or canceling policies of buyers that they deem poor credit risks.
The legislation would prohibit an insurance company from canceling a policy after a binder has been issued, unless the consumer provided false information on the application. Skip Howes, 2004 president of the local association said that, “homebuyers should be obtaining a homeowners insurance policy at the beginning of a real estate transaction, so issues can be resolved with the insurance company before the property is unable to be insured.”
Two major Expansions on the Horizon
One of the city’s largest industrial buildings will add another 230,000 square feet of warehouse and office space. GE Johnson, general contractor on the company’s first 500,000 square foot building at 5520 Astrozon Boulevard, reports it will begin the project in March 2004. A November 2004 completion date is expected.
The New Life Church will add 119,046 square feet, creating room for 7,500 seats. James W. Nakai and Associates will serve as project architect and GE Johnson as general contractor. Construction starts in February and should be completed by December. The work includes canopies at entries, exterior repainting, main hall recarpeting, an audio/visual package and parking expansion. The cost of the project is $15.8 million.
Young Brokers Joining Hoff & Leigh
The CSBJ caught up with Tim Leigh at Hoff & Leigh this week and found the veteran managing broker engrossed in training the next generation of commercial brokers. Leigh said many of his colleagues are preparing to retire – leaving a potential void in the industry.
The company’s new team, Don Erickson, Lester Colodny, Al Pedersen and Kevin Ferguson are on the job, each contacting 1,000 businesses in their area of responsibility, Leigh said.
“Our goal is for the entire company is to make 13,000 contacts in the coming year. Each new agent is asked to develop a personal business plan, to articulate their current situation and to address future goals and how to get there,” he said. “Training also includes an 18-lesson course complete with workbook, and video series in addition to advanced law courses through PPAR.”
Commercial real estate as a field is relatively new in the Pikes Peak region. Successful brokers like Steve Engle, Ted Link, Steve Bach and others attribute their start in the business to working with Steve Schuck in the mid-1980s. Twenty years later, as the city has doubled in size, office, industrial and retail sales and leasing opportunities abound.
Kevin Kratt is mentoring Jason Madsen; Dale Stamp has been working with Andy Oyler, Leigh Steinert and Craig Yatsu. Brokers are beginning to see the importance of transferring knowledge to the next generation.
“We may lose a few of them,” Leigh said, “but we offer a great place for young brokers to learn. Besides, they have all that energy – and that’s good for business.”
Trestle Building to Feature Office Condos
During the same conversation, Leigh mentioned that the owner of the Trestle Office Building is converting to condominiums. The units, ranging in size from 700 to 5,000 square feet, are for sale. Prices start at $100 per square foot. Designed by architect Michael Collins, the building could is located amidst Confluence Park and downtown re-development activity. Some owner-carry financing is available.
Watch for a ground-breaking March 1 at Motor City. Red Noland adding to the Cadillac, Saab, Infiniti and Land Rover line-up. The building will include 26,000 square feet of showroom and office space – up from the 3,800 square feet currently occupied by Land Rover.