PeakView at Dabling sees occupancy skyrocket
Northstar Commercial Partners recently invested in a 152,023-square-foot building in Colorado Springs, where occupancy rocketed from 28.57 percent at contract negotiation to 73.03 percent at closing.
Northstar, which specializes in acquiring opportunistic commercial real estate assets throughout the United States, bought a controlling interest in Dabling Properties LLC, which owns the facility, PeakView at Dabling, at 5825 Mark Dabling Blvd.
“We’re extremely excited …
Statewide apartment vacancies fall to 4.6 percent
The vacancy rate in Colorado apartments fell to 4.9 percent in the first quarter, down from 5.2 percent in the first quarter of 2012, according to a Colorado Division of Housing report released today.
The first-quarter vacancy rate is also down from 5.2 percent in the fourth quarter.
The vacancy rate had now been down for 14 consecutive quarters.
Vacancy rates varied considerably in different metros of the state, however, with northern Colorado and metro Denver showing s…
Springs rental rates continue to rise
The average rent in the Colorado Springs area rose year over year for the 13th consecutive quarter during the first quarter, , climbing 4.4 percent to $787, according to a report released today.
The report by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region during the first quarter this year was up from $754 during the first quarter of 2012, but was down slightly from 2012’s fourth-quarter average rent of $…
High-tech manufacturing bldg. trades for $2.5m
Alliance Storage Technologies Inc. purchased a Colorado Springs high-tech/manufacturing facility at a fraction of replacement cost.
The firm, which specializes in professional data archiving solutions for secure archival data, paid $2.5 million for the 51,588-square-foot industrial building at 10045 Federal Drive.
Alliance Storage is under way on renovations to the building, built in 1996, according to public records, and is expected to fully occupy the building in three to four…
Terrix handles challenging deal
Kevin Chadwick said he could have shopped a recent acquisition deal to 50 lenders and 49 would reject it.
But Chadwick, a principal of Terrix Financial, only went to about 20 lenders before he found the “needle in the haystack” lender willing to fund a $9.5 million loan for the $15.2 million purchase of an industrial property in Colorado Springs by a California-based investment company.
“It was an interesting deal. It was a challenging deal,” said Chadwic…
New energy, capital coming to Shannon Hills Apts.
A California-based real estate investment group is set to inject new life into its latest multifamily property in Colorado Springs.
Western Investment Partners recently paid $3.42 million, or $48,786 per unit, for the 70-unit Shannon Hills Apartments at 2110 E. La Salle St.
“This is an opportunity to inject new energy and capital into a property with great potential,” explained ARA Colorado’s Kevin McKenna.
“It was owned and self-managed for a number of …
Mortenson starts 'gateway' project on UCCS campus
Mortenson Construction has broken ground on the University of Colorado Colorado Springs’ first design-build project – and the second project of its kind in the state.
“For the university, the main goal is it’s not just a parking structure but it’s a gathering space,” said Chris Knight, design phase manager at Mortenson. “The project will serve as a gateway to the west side of the campus, recreation center and a gathering place for the com…
Center City Plaza sells for $5.05m
Center City Plaza, a sought-after office/medical office building in Colorado Springs’ central business district, recently sold for $5.05 million.
Center City Holdings LLC, represented by Kevin O’Neil of The O’Neil Group Co., who also was a principal in the transaction, purchased the 37,000-square-foot building at 455 E. Pikes Peak Ave.
“Center City Plaza is the nicest building in the CBD under 50,000 square feet,” said Ted Link of Cascade Commercial…
Average rents set record in Springs
The average rent in the Colorado Springs metro area rose year-over-year for the 12th consecutive quarter during the fourth quarter of 2012, according to a report released today.
The average monthly rent at the end of last year was $790, according to the Colorado Division of Housing and the Apartment Association of Southern Colorado. Apartment Realty Advisors, or ARA, also is a major sponsor of the report.
The average rent was $775 reported during the fourth quar…
Atlas Prep buys 'once-in-a-lifetime' building
Atlas Preparatory School is expanding in Colorado Springs.
The school recently acquired 1450 Academy Park Loop, where this fall it will open ninth grade and then a phased expansion – one grade per year – into the facility to eventually house grades nine through 12.
CSDC Atlas LLC paid $3 million for the two-story, 67,000-square-foot office building, previously occupied by General Dynamics.
“The building worked well for a retrofit by Atlas,” explained Mik…
Gateway project planned for Trinidad
Preliminary planning is under way on a mixed-use project designed to be a catalyst for the city of Trinidad.
Initial details regarding the La Puerta de Colorado project recently were announced at a press conference regarding the development near downtown and is set to include an event center, baseball training field, classic car museum, brewpub, sporting goods store, movie theater and hotel.
“It will represent the renaissance of the city of Trinidad, a new beginning,&rdquo…
Retail centers sell for $31.5 million
A pair of shopping centers in Colorado Springs recently sold for $31.5 million.
TKG Uintah Gardens Development LLC and TKG Academy Place LLC, out-of-state limited liability companies, purchased the Uintah Gardens Shopping Center and Academy Place Shopping Center from Weingarten Realty.
“Both Uintah Gardens and Academy Place received strong interest from the investment community given their infill locations and solid tenant mix,” said Brad Lyons of CBRE’s Retail…
Shoppes on Academy sells at nearly $400 per square foot
A retail property along the Academy Boulevard corridor recently sold for nearly $400 per square foot.
JK Capital LLC paid $3 million, or $394 per sf, for the Shoppes on Academy, a 7,599-sf retail center at 7214 Academy Blvd. in Colorado Springs.
“It was a good deal for both the buyer and seller,” said Jason Schmidt of Cushman & Wakefield of Colorado Inc. “It’s a well-located, nicely constructed center occupied by stable tenants.”
Taylor Farms facility sells for $15.2 million
Taylor Farms’ facility sold in one of, if not the, largest industrial investment transactions to close in Colorado Springs in 2012.
Los Angeles-based Pacific View Investments paid $15.2 million for the 83,616-square-foot industrial building at 890 N. Newport Road in the Aerotech Commerce Center.
“Pacific View Investments likes strong, long-term, net-leased, great quality buildings, which it found in the Taylor Farms’ building,” said Marty Cohan of the Wes…
Job growth continues to influence CRE market's recovery
Job growth will be key to Colorado Springs’ overall commercial real estate market’s recovery, according to Sierra Commercial Real Estate’s 2013 market outlook.
The firm recently held a forecast event discussing the future of the city’s retail, office, industrial and land submarkets. The outlook noted that job growth was statistically flat in 2012 and without those numbers “dramatically” improving, 2013 will continue to be a mixed bag.
The reta…
Seagate Properties grows portfolio with $18.1m buy
California-based Seagate Properties continues to expand its Colorado portfolio with its latest acquisition.
An entity formed by Seagate Colorado Partners paid $18.1 million, or $62,847 per unit, for Dove Tree, a 288-unit Colorado Springs community. Dove Tree represents the fourth Front Range multifamily property Seagate has acquired in Colorado in the past 18 months.
Read more in the Dec. 19 issue.
High-profile Presidio bldg. sells in value-add play
The Presidio office building, a Class A office building in northern Colorado Springs, traded for $7.28 million, or around $90 per square foot, to a California real estate investment trust.
Netreit Inc. out of Escondido, Calif., purchased the Presidio office building at 1155 Kelly Johnson Blvd., off Interstate 25, as part of a value-add play.
“The building is one of the most well known and recognizable buildings in suburban Colorado Springs,” said Cushman & Wakefi…
Fiscal cliff a 'primary concern' for commercial real estate
Cassidy Turley today released research examining the impending “fiscal cliff’s” impact on commercial real estate markets across the country. The report summarizes the various scenarios related to fiscal policy and then draws the link to commercial real estate. “The fiscal cliff is our primary concern regarding the continuation of Denver’s current positive growth,” according to Greg Morris, president and CEO of Cassidy Turley Colorado. “Goi…
Real Capital Solutions acquires Tanager Meadows apts.
Colorado Springs’ largest apartment community sold to a Colorado-based investment and property management company as part of its strategy to acquire value-add properties nationwide.
Real Capital Solutions paid $35.73 million, according to public records, for the Tanager Meadows Apartment Homes.
“The acquisition of Tanager Meadows is consistent with our strategy to acquire value-add properties nationwide. Real Capital Solutions has a very aggressive purchasing plan ov…
Slow, bumpy recovery for Springs apartment market
Colorado Springs’ apartment market is headed in the right direction, albeit at a “fairly” slow and uneven pace over the last year, according to a recent report.
Apartment Insights’ Statistics/Trends report noted that the Colorado Springs apartment market has experienced two soft quarters followed by two strong quarters.
The citywide vacancy rate at then end of the third quarter decreased by 62 basis points to 5.76 percent. Even after a 124 basis-point dro…