A Colorado Springs investment group has purchased the former Post Time Greyhound Park at 3701 N. Nevada Ave. for $1.5 million.

The M-1-zoned, 28 acres includes a large parking area and 22 buildings, such as kennels, a stadium and full-service gambling center. It is being used by tenants like Waste Management and a general contractor — both of which require a secured equipment storage yard.

Rich Kelly of Grubb & Ellis Quantum Commercial Group represented the buyer, Full Circle VIII LLC, and said the investors will “pretty much maintain the property as is for now until the market improves.”

Candice Hewitt and Peter Knisley of Cushman & Wakefield in Denver represented the sellers.

“We’d like to increase our tenant mix in the short term,” Kelly said, adding that the buyers hope to attract companies that could benefit from the site’s proximity to the North Nevada Avenue Costo-Lowe’s- Kohl’s complex and its easy access to and from Interstate 25.

While Kelly declined to discuss any specific infill development plans, the property is one of a few remaining areas of the city that allow full industrial activity such as light manufacturing or a distribution center with plentiful space for outside parking or storage.

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But it’s just as likely that the one-time dog track could morph into something entirely different.

Cities increasingly favor tax revenue-generating mixed-use development — office, retail and multifamily housing — where former industrially zoned sites once stood. That was the case last year when Griffis Blessing announced plans to redevelop the Citygate site near the intersection of Cimmaron Street and Sierra Madre Street.

 “The owners will look at a broad range of options,” Kelly said.

The property, which operated during the 1980s and 1990s as the Rocky Mountain Kennel Club and later as the Post Time Greyhound Park, was acquired by Rhode Island-based BLB Investors about five years ago as part of a $54 million Colorado dog and horse racetrack package.

Since that time, gamblers turned their back on live and simulcast dog racing, forcing the Colorado Springs facility to close for good last year.