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…
Character defines GH Phipps projects at USAFA
Character is the defining vision for a pair of projects GH Phipps Construction Cos. has been awarded.
GH Phipps broke ground Oct. 19 on the United States Air Force Academy’s Center for Character and Leadership Development, designed to embody the academy’s vision for developing leaders of character.
In late October, the firm also began the ninth phase of renovations at Vandenberg Hall, one of the largest student facilities in the United States and one of the original …
Springs apartment sale sets record mark
A lakeside apartment community in Colorado Springs achieved the highest price per unit ever paid for a 1970s garden-style asset in the city.
Colorado Springs-based Griffis/Blessing paid $16.5 million, or $105,769 per unit, for the 156-unit Bonterra Lakeside apartment community at 890 Quail Lake Circle.
“We had strong interest from a number of buyers. This demand along with the unique nature of the property helped achieve the highest price per unit ever paid for a property …
Pueblo selection a first for Austrian-based manufacturer
One of the world’s leading chain manufacturers is linking up with Pueblo.
Austrian-based pewag, in conjunction with the Pueblo Economic Development Corp., recently announced that it will open its first North American manufacturing center next year in the Minnequa Industrial Park in the south end of the city.
A ceremonial groundbreaking recently was held for the 55,000-square-foot facility, for which construction will begin in January. Read more in the Oct. 3 issue o…
CSNA recognized for Bal Seal facility
CSNA and Bal Seal Engineering recently received a citation for design excellence from the American Institute of Architects Colorado South Chapter for Bal Seal Engineering’s yet-to-be-built facility in Colorado Springs.
AIA Colorado South named the project its Citation Award winner in the “unbuilt architecture” category. CSNA and Bal Seal are planning the 155,000-square-foot manufacturing facility at 1350 Belpratt View.
The design was selected from 12 entries an…
Peak Capital pays $12.2m for latest addition to portfolio
Peak Capital Partners is making plans for improvements at its latest addition to its portfolio.
And Peak Capital’s not done. The Utah-based firm is looking to add two to three more Front Range properties to its holdings this year.
Peak Capital Partners recently paid $12.2 million, according to public records, for Summer Grove. The 374-unit apartment community at 3915 Harmony Drive in Colorado Springs represents the fifth multifamily property acquired by Peak Capital in the…
Rustic Hills Shopping Center sells in value-add play
A Texas-based buyer acquired the Rustic Hills Shopping Center in a value-add play.
SpringsBon LLC paid an undisclosed amount for the retail center situated in eastern Colorado Springs at the southeast corner of North Academy and Palmer Park boulevards. The four-building center comprises 234,015 square feet on a 17.28-acre site.
Read more in the Sept. 5 issue of the Colorado Real Estate Journal.
Rebound yet to take root in Springs office market
The forecasted rebound in Colorado Springs’ office market has yet to materialize and has diluted some of the “bold enthusiasm” experienced in the first quarter, according to Cushman & Wakefield|Colorado Springs Commercial’s report on the city’s office sector.“The velocity of investor and tenant interest in Colorado Springs to start the year initially led us to believe that 2012 was going to be the tipping-point year to quickly rebound this m…
Front Range apartment portfolio sells for $90m
A four-property apartment portfolio recently sold in the largest multifamily portfolio to sell to a single investor in Colorado since 2006.
The Texas-based investment group, identified through public records as Archon Group, paid $90 million for the 1,164-unit value-add portfolio stretching from Aurora to Colorado Springs.
Read more in the Aug. 15 issue of the Colorado Real Estate Journal.
Colorado Brownfields assists regional tourism coalition
The Colorado Brownfields Foundation recently completed the first phase of technical assistance being provided to a coalition of Colorado communities undertaking a heritage tourism strategic planning effort.
CBF conducted a tour of cultural and heritage sites across south central Colorado; such as the towns of Canon City, Florence, Pueblo, and Trinidad that connect multiple scenic byways and are gateways to numerous mountain ranges and recreation opportunities. CBF met with local …
Briargate building sells to growing firm
A Colorado Springs-based software and hardware design engineering company acquired a single-story flex building in Briargate that will accommodate its “significant” growth. Colorado Engineering, under the name Law Land Company LLC, paid $2.33 million for the 38,962-square-foot building at 1915 Jamboree Drive in Colorado Springs.
“Our company has steadily grown since we were founded in 2003 and the acquisition is a culmination of our efforts,” said Nancy E.…
Colorado Springs apartment vacancy rates down, rents up
The average rent in the Colorado Springs metro area rose year over year for the tenth quarter in a row, climbing 2.3 percent during the second quarter to $776. According to a report released today by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region was up from $759 reported during the second quarter of last year, and was also up from 2012’s first-quarter average rent of $754.
The average rent increas…
Waldo Canyon fire to impact Colo. Springs apartment market
In the coming quarter, the effects of the Waldo Canyon fire on Colorado Springs’ apartment market will be evident, according to a recent report on the city’s multifamily sector.
Apartments will see a period of increased renting from both those who lost homes and those who arrive to help with the recovery effort and rebuilding, noted Doug Carter of Sperry Van Ness/Doug Carter LLC, co-author of Apartment Insights’ Statistics/Trends report on the Springs multifamil…
Walsenburg motel sells to out-of-state buyer
An out-of-state buyer picked up a Walsenburg motel at a price of $5,405 per room.
North Carolina-based 125 Walsenburg LLC paid $200,000 for the former Knights Inn, a 37-room motel at 22808 U.S. Highway 160.
The buyer is expected to either keep the motel a Knights Inn or rebrand it, and make some improvement, noted Candace Seaton of Grubb & Ellis|Quantum Commercial Group, who listed the property. Read more in the July 18 issue of the Colorado Real Estate Journal.
Hospice opens doors to new HQ
Pikes Peak Hospice & Palliative Care recently opened the doors on its new headquarters facility, which marks the first time in the organization's 32-year history it has owned its headquarters facility. Read more in the July 4-July 17 issue of the Colorado Real Estate Journal.
Springs apartment property trades hands
A California-based buyer added to its Colorado Springs portfolio with the acquisition of the Fireside Apartments.
WIP-Fireside LLC paid $3.95 million, or $36,574 per unit, for the 108-unit apartment building at 610 N. Murray Blvd.
The community, which traded at a 10.3 percent cap rate, is situated directly across from a new Wal-Mart, a location that factored into the acquisition, noted Kevin Higgins of the Unique Apartment Group of Unique Properties LLC-TCN Worldwide, who handle…
Bal Seal breaks ground on $45m facility
Bal Seal has broken ground on its $45 million, 155,000-square-foot manufacturing facility in Colorado Springs.
The U.S. provider of custom-engineered, high-perfromance electical contracts and seals, is building its facility on approximately 17 acres at the southwest corner of Voyager Parkway and Republic Drive in the InterQuest buisiness park. The new facility represents an expansion and relocation for Bal Seal Engineering Inc. in the Colorado Springs market.
Bryan C…
Oakwood acquires Banning Lewis Ranch
Oakwood Homes, in conjunction with Mountain Real Estate Funding Corp., acquired the 2,600-acre Banning Lewis Ranch in northern Colorado Springs.
The master-planned community was sold by a syndicate of former lenders, who took ownership last year. The property has “significant” infrastructure improvements in place and 251 permit-ready finished single-family lots, 88 paired-home lots and a development-ready pad for multifamily product.
Oakwood Homes, one of five b…
Broadmoor preps for $60 million renovation
The Broadmoor is readying for a $60 million, multiphased renovation over the next two years designed to elevate the overall guest experience.
Work includes the expansion and redesign of guestrooms and suites and extensive updates to food and beverage outlets and meetings, events and activity facilities.
The initial phase of renovations was completed recently and included the re-opening of the Southlake building guestrooms and suites and a new look for the 6,300-square-foot Cheye…