With the commercial market beginning to cook again, it’s important to keep up with the local scene.
July 20 is the date of the next Realtor Commercial Industrial Society (RCIS) meeting, with 60 or more brokers expected to attend.
The host will be Olive Real Estate retail specialist, Steve Hunsinger, who will re-introduce brokers to the former Grand West Outfitters’ Building at 3520 N. Academy.
It’s a great chance to catch up on industry news.
New board members
On July 11, Dan Robertson of S&R Construction and Michael Willis of The Willis Group were confirmed as the newest board members for the Business Improvement District.
The two men follow in the footsteps of longtime downtown proponents such as former El Paso County Commissioner Chuck Brown, developer Chuck Murphy and consultant Frank O’Donnell.
CTL Thompson wins project
CTL Thompson has been selected to provide geotechnical engineering and materials testing services for the CaÑon City high school addition and the new kindergarten through eighth grade school for Fremont County School District R.E. 1.
The new 125,000-square-foot K-8 school broke ground in February with total construction valued at $16 million.
The design team includes architect Christiansen Reese and Partners and Colorado Springs general contractor Nunn Construction.
Home celebrates luxury
This weekend, the Celebration Home tours benefiting Pikes Peak United Way will open to the public.
A party for invited guests and supporters on July 14 kicked off the tour series, which runs Thursdays through Sundays, July 15-31.
Featured on this year’s Celebration tour is a multi-million dollar three-level, 11,306-square-foot Mediterranean style home that contractor Larry Nichols said is designed to accommodate an active family and full-scale entertaining.
Jim Childs was the architect on the project.
Highlights include an indoor pool, custom home theater room and numerous upscale appointments.
Interior designer Joanie Bader creates a Tuscan-inspired interior with furnishings and accessories from Rich Design, American Furniture Galleries, the Silent Woman and dozens of artisans and subcontractors.
Underwriting for the 2005 Celebration Home comes from Pella Windows, Foxworth-Galbraith, Connected Tech-nologies, Intermountain Bank and Countrywide Financing.
Industrial market on the rise
From the Wall Street Journal online this week comes word that real estate investors are stepping up their purchases of bulk warehouses and other kinds of industrial properties amid better leasing conditions and growth expectations generated by a booming global trade.
Investors will find higher rates of return in industrial real estate than the other core property types, said Dan Fasulo, director of market analysis at Real Capital Analytics. He added that as of June, the average rate of return on industrial properties was 7.9 percent, compared with 7.6 percent for office, 7.5 percent for retail, and 6.5 percent for apartments.
Based on conversations with Grubb & Ellis’ Rich Kelly and John Rodgers and with Hoff & Leigh’s Lester Colodny, that trend extends to the Pikes Peak region. Both leases and sales are picking up, they said.
* Lester Colodny teamed with Tim Leigh to lease 2,400 square feet to Doctors Supply and 1,200 square feet to a painting contractor at 3470 N. Chelton Loop.
Steve Leigh teamed with the partners to bring the tenants.
Colodny also facilitated both sides of a lease of 1,500 square feet at 3108 Century Street to a flooring company.
* SAVIO, a Denver-based nonprofit organization, has purchased The Boy Scouts of America building at 525 E. Uintah for $780,000.
SAVIO’s new headquarters includes a 6,000-square-foot building on 1.5 acres with plenty of off-street parking.
Managing broker Tim Leigh of Hoff & Leigh facilitated the transaction and with Steve Leigh, who represented the Boy Scouts on the acquisition of a 15,000-square-foot headquarters building at 985 W. Fillmore.
Mike Berger of Fidelity Commercial Real Estate represented the owner of the Fillmore property.
Leigh said that once an extensive remodel, the Scouts headquarters will house a Boy Scouts Service Center and an expanded Hibbard’s retail operation featuring Scouts apparel and equipment.
Leigh said that the service center will feature a stucco and stone exterior and a complete interior update.
“It’s really a win-win deal,” he said. “The Boy Scouts will have 2.5 times the space and will be able to completely pay for the renovation with proceeds from the sale of the Uintah property.”
* Marcia Barton of Fidelity Commercial Real Estate facilitated the lease of 5,676 square feet to Account Services of Colorado at 1520 N. Union Boulevard, Suites 102 and 103.
The building is owned by the Berger Family LLC.
Becky Hurley covers real estate for the Colorado Springs Business Journal.