Colorado Springs Real Estate Briefs May 16, 2003

Colorado Springs Business Journal, May 16, 2003 by Becky Hurley

First, Leigh facilitated the sale of a 7,000-square-foot office/ warehouse at 3120 Beacon Street.DFHL, LLC is the buyer, and Rochunga Pudaite is the seller.The selling price was $427,500 - and plans are already underway by the new owner to renovate the property into a unique building, offering the only 700-square-foot office warehouses in the market, Leigh says."It is the only building of its kind in Colorado Springs," he notes. "There will be 10 units for lease when the renovation is completed, renting for $600 per month."

The Christy-Lynn Apartments, a 14-unit apartment building located at 4334 North Chestnut, was sold in April to Rochunga Pudaite and Mawii Pudaite for $775,000. The sellers were David and Mary Campbell. The complex is 100 percent leased. The new owners plan to continue to lease the apartment to general tenants, but furthermore, to use the units for housing for their various ministerial volunteers.

"The Pudaites run a large organization that sends free bibles around the world. To date, they have sent over 16 million bibles to various countries all over the world," says Leigh."When they are not in the United States, they are busy in India, where they operated several schools, from grade school to middle schools and senior highs. They are also in the process of raising several million dollars to construct the first privately-owned university in India."

The Hoff & Leigh broker also represented the Martin Luther Homes and Bethphage in their recent co-location and merger. "The new organization will be called Mosaic," he says. Both companies operate nationally, with offices all over the country. The merger allows consolidation of services to the mentally and physically handicapped. Mosaic is now located at the Plaza Office Building at 1785 North Academy in 6,690 square feet. Chuck Armstrong of Hoff & Leigh represented Harvey Blaisdale, the landlord, and Leigh represented the Martin Luther Homes and Bethphage.

Leigh also facilitated two office/warehouse leases at 3470 North Chelton Loop. The first 1,200-square-foot lease was finalized for IAT Welding owners, Jackie and Gary Murray. Their operation is an ornamental iron business that manufactures specialty iron product and art work for banks and large buildings. The second transaction involved the lease of 2,400 square feet to Doctor's Supply.The facility's owner is WH Realty, LLC.

Finally, Leigh worked with Hoff & Leigh colleague Don Erickson on the lease of 1,440 square feet at 409 Tia Juana Street to Carnation Building Services. Erickson represented the tenant, and Leighrepresented Brother's Plus One, the building's owner.

Changes for Palmer McAllister

There's nothing as constant as change, right? It sounds like the brokers currently at Palmer McAllister are now working directly for The Frederick Ross Company. Will keep you posted on future updates...