Olive sells apartments for $1.5M
Olive Real Estate Group’s multifamily team recently sold a five-unit apartment building at 210 Pueblo Ave. in Colorado Springs. The property sold for $1.5 million, or $299,000 per door, and closed Feb. 8. The seller was represented by Stuart Sloat and Adam Rezner of Olive Real Estate Group, Inc., and Jenny Elliott of Elliott Properties. The buyer was from out of state, and the property served as the downleg in a 1031 exchange.
The property consists of four two-bedroom units with attached heated garages, and a single one-bedroom unit with a private yard.
Compassion’s Erickson dies
Compassion International’s former president, Wallace “Wally” Erickson, died Feb. 17 at his home in Grand Junction. He was 90. Erickson led the ministry from 1975-93 and served Compassion in various roles for 25 years, first joining the ministry in 1968. He became president in 1975, and was instrumental in the ministry’s 1980 move from Chicago to Colorado Springs. At that time, the organization served 55,000 children. Today, Compassion delivers its church-based, holistic child development program to more than 2 million babies, children and young adults in 25 countries.
Sun Hill purchases hotels
Sun Hill Properties Inc., owner and operator of the Hilton Los Angeles/Universal City, acquired two Marriott extended-stay properties in Colorado for an undisclosed price. The El Paso County Assessor’s office lists the value of the Springs property at $4.2 million, but the most recent sale had not been posted when the Business Journal went to press. The second property, TownePlace Suites Denver Southwest, is in Littleton.
The 94-room Marriott TownePlace Suites at 4760 Centennial Blvd. is close to Garden of the Gods Park. According to a news release, Sun Hill plans to retain the current staff and property names and will to invest in upgrades and renovations at the two properties.
PCC partners with St. Mary-Corwin
A partnership between Pueblo Community College and St. Mary-Corwin Medical Center will repurpose the Medical Center’s 450,000-square-foot east tower to provide expanded education, workforce development and job creation opportunities while helping revitalize Pueblo’s Bessemer and Minnequa Heights neighborhoods, according to a Monday news release from PCC.
The plan includes expansion of PCC’s nursing, surgical technology, radiologic technology, medical assisting, respiratory care, occupational therapist assistant and physical therapist assistant programs, as well as its simulation center, learning labs, human anatomy lab and science lab. General education classes also will be offered, and there will be a residence hall for students.
PCC will be responsible for all facility operating costs and other mutually agreed upon changes. Architectural planning is underway, with a fall 2021 opening tentatively planned.
Southern Colorado Innovation Link receives grant
The Southern Colorado Innovation Link, sponsored by Pueblo Community College’s Pueblo Corporate College, was awarded a $519,000 grant from the U.S. Department of Commerce Economic Development Administration as part of its Regional Innovation Strategies Program. Of 228 applicants nationwide, only 17 received awards.
Combined with $1.2 million in cash and in-kind contributions from more than 20 regional partners, “the SCIL grant will allow significant investment in entrepreneurial creation, innovation and commercialization in Pueblo, Custer, Huerfano and Fremont counties. The SCIL serves entrepreneurs and inventors by helping them start up faster and grow stronger,” according to a PCC news release.