The CSBJ recently learned that one of Griff-Blessing’s many commercial tenants will celebrate his 50th anniversary in the same location. Lee Goodbar has practiced law from the same office at 6 S. Tejon St., Suite 519 in the U.S. Bank building since 1954, said Steve Engle, Griffis-Blessing president.
“We’ve only been his landlord for the past 10 years,” Engle said, “but thanks to Lee Goodbar, we’re starting a new tradition – a year’s free rent for any tenant that meets that benchmark. He deserves the recognition and has been an excellent tenant.”
This story almost makes Colorado Springs seem like a small town again. Congratulations, counselor Goodbar.
Plasmon Adds Additional Space
London-based high-tech company, Plasmon, just signed a new lease for 5,000 square feet of warehouse space at 890 Elkton Drive, said Grubb & Ellis industrial specialist, Richard Kelly, SIOR, who represented landlord, JBR Enterprises, in the transaction.
This represents an expansion for the high-tech manufacturer, which runs its U.S. sales and marketing department out of Denver. Plasmon has headquarters at 4425 Arrowswest Drive, off the Garden of the Gods corridor.
Prime SoDo Industrial Parcels on the Market
Another deal likely to light up Kelly’s year is the listing of more than 10 acres of property owned by Metso Minerals, a steel manufacturer and foundry for the mining industry. The company is asking $9 million for the land, several industrial structures and an office building.
“While there are multiple industrial buildings on the land right now,” Kelly said, “this really is going to be primarily a land sale. “Metso has chosen a good time to market its properties and they do expect to maintain a presence in the Pikes Peak region.”
The broker added that the company would be willing to lease half the space in their existing 46,000-square foot office building on the southwest corner of Cimarron and Sierra Madre as part of the property’s sale.
The two other parcels listed include a $3 million 3.8-acre city block on the southeast corner of the same intersection and a $2.6 million 6-acre parcel farther south on Sierra Madre.
Kelly said he is lucky to be marketing the three properties at this time. “We’ve been in preliminary conversations with Nor’Wood and Jeff Smith at Classic – and have provided full information and tours on each site,” he said. “Right now interest is highest in the 3.8-acre site which represents an entire city block, but the entire property ties in ideally with the proposed development of Confluence Park and the proposed convention center.”
Lock Company Re-ups at Jamboree Drive
Jerry Knauf, office specialist of Grubb & Ellis Quantum just finalized a 31,052-square-foot lease renewal for IR Security and Safety (parent company for Schlage Lock) at 1915 Jamboree Drive for another18-months. Corporate spokesman, Jeff Guess, said the company’s three facilities on Jamboree, Briargate Parkway and Powers Boulevard at the Hancock Expressway are each on different lease timetables but some consolidation is expected in the near future. Ingersoll Rand is the parent company of Schlage Lock, a long-time Pikes Peak region industrial employer.
Investors Combing the Region for Deals
The Olive Real Estate Group’s Lloyd Riphenburg represented investor Robert Ferguson, on the purchase of 18960 Emigrant Trail in Monument. The office/warehouse property includes 8,700 square feet and sold for $506,250. Four tenants occupy the building. Aim Properties was the listing broker.
According to Riphenburg, “there’s a dearth of small owner/users or investors shopping for lease space in our market. We really see more demand than we can handle because owners just aren’t motivated to sell. If they do, they’ll have to pay capital gains or reinvest their money.” The broker also noted that he sees many investors paying top dollar for buildings in this environment. “They are often motivated by not wanting to pay Uncle Sam,” he said.
Fountainhead Business Park Debuts
Watch for news about phase one development on the north side of Highway 16 and Interstate 25 said Matt Craddock of Craddock Development Co. Mostly zoned for light manufacturing, the 51-acre parcel will include sites for restaurants, a self-storage complex and even some office space.
“We’ve also got some Class A medical lots available,” he said. “The area could really use an ancillary hospital – in addition to nearby commercial services.” Craddock also reports that his company is on the verge of announcing at least one new restaurant at the south end location.
“There’s another 160 acres in phase two,” he said, adding that all property is commercially-zoned. “Fountain’s growth is phenomenal, and with the activity created by the Pikes Peak International Raceway, they are looking for new retail, hotels and a good family sit-down restaurant.”
The family-owned developer has owned the property for many years, and is experiencing brisk activity on phase one. Craddock Development Co. also owns 750,000 square feet of office and industrial space in the Pikes Peak region – almost all of which is leased.
HBA Home and Garden on the Schedule
Despite a passel of February and March home and garden events sponsored by a commercial expo organizer, the Housing and Building Association plans to continue its own Home and Garden Show, which is scheduled for April 2-4 at Chapel Hills Mall.
“This is the only free event of its kind in the Pikes Peak region,” said Renee Zentz, executive director of the association, “and based on feedback from attendees and exhibitors, our show is one of the area’s favorites. In fall 2003, there were as many as 25 similar events tentatively scheduled. Fortunately many of those didn’t happen.”