No one showed up Wednesday morning to bid on the Antlers Hilton at the El Paso County Public Trustee foreclosure sale, so the property was sold to the lender for less than what was owed. The Antlers property had a deficiency of $3.6 million, and $38 million was the final amount the beneficiary paid for […]
The Garden of the Gods Club announced Tuesday that an investment group operated by two local women has purchased the historic facility, which had been on the market since June. Colorado Springs residents Brenda Smith and Judy Mackey are the new owners of the club, making this the first time it has been locally owned […]
The two concrete tilt-up structures will house the offices of entrepreneur Tim Dumler’s Larkspur-based Off the Chain LLC and are scheduled to be completed in June 2014, according to the release. Bryan Construction will also conduct all other work related to the Caprice Court site, including utilities, over-lot and landscaping. Documents from the Douglas County […]
The Toni & Guy Hairdressing Academy is moving from its far south Colorado Springs location into a three-story building at Union and Academy boulevards. The move allows the academy to double its space to nearly 18,000 square feet, and give the school a more campus-like feel, said Sandy Chandler, academy owner and director. The academy […]
Office vacancies remain high in the newly constructed buildings on the north end of Colorado Springs. Both Hoff & Leigh Commercial Real Estate and Sierra Commercial Real Estate released their second quarter reports this week and while the statistics varied, both documented high vacancy rates in commercial office space in the northern part of the […]
Commercial real estate broker Tim Leigh announced today he is withdrawing from the Colorado Springs’ mayor’s race, saying the city needs someone who could make a “singular, full-time commitment” to the job and that he was sticking with real estate. His decision leaves two candidates vying for the office: neighborhood advocate Dave Munger and defense […]
Pastor Barry Farah had a dream: to attract a congregation to an accessible, highly visible location with plenty of room to grow. The site he identified for his Springs Calvary church was a 23,000-square-foot space on two levels at Tiffany Square, on the southwest corner of the Woodmen Road interchange off Interstate 25. The church would occupy a former movie theater space and would include a large auditorium, a youth ministries area and mezzanine, complete with infant and toddler areas. Walls were to be removed to open the sanctuary to accommodate up to 550 people, with room for up to 500 more.
One of Colorado Springs’ favorite venues is undergoing a $2 million makeover and expansion – and that’s just the beginning, officials say. Managed by the city and El Paso County for the past 30 years, the former Penrose Equestrian Center has catered primarily to rodeo events, concerts, Oktoberfest, home shows, automotive shows and to horse owners, providing facilities for equestrian sports, stabling, riding lessons and boarding since its construction in 1974.
Title insurance is one of the issues that must be dealt with when purchasing a building. Unfortunately, a vast majority of buyers just throw the title commitment in the file without as much as a cursory review. That is probably not the best course of action for the serious buyer. The reason the title commitments are dismissed so quickly out of hand is that it looks like Greek. In reality, they are very easy to navigate. It just takes a little time to review them and make sense of what is written.
When buying commercial property in Colorado with the assistance of a broker, more likely than not the state approved Contract to Buy and Sell Real Estate (Commercial) will be used. This and the subsequent column will cover some of the more important aspects of that contract. If the reader cares to follow along, a copy of the contract noted above (CBS 2-7-04) can be downloaded from the Colorado Real Estate Commission Web site at www.dora.state.co.us/real-estate/contracts/CONTRACTSII.htm. Right at the top of the contract is a bold disclaimer in all caps suggesting the parties to the contract should seek counsel before signing the contract. In any commercial transaction, it goes without saying that all parties should thoroughly understand the contract and its various implications.
Earlier this week the Realtors Commercial and Industrial Society (RCIS) met at the former RockShox offices at 1610 Garden of the Gods Rd. for its November monthly meeting. The commercial and development community turned out in force for remarks by Bill Healy, the city’s new planning director. Based on early conversations with Healy, he’s ready […]
Judging by recent conversations with some of the commercial real estate community’s finest, the Pikes Peak region is suffering a few setbacks, but most brokers are busy. Foreclosures are up (29 recorded in the Daily Transcript this week), but savvy investors are poised for bargains – and new employers are still making announcements. Here’s hoping […]