Colorado Springs charter school making most of ex-manufacturing

Colorado Springs Business Journal, Jun 11, 2004 by Julie Andrews

Adaptive re-use made news recently with the purchase by James Irwin Charter Schools of the former business campus owned by Sanmina/ SCI.

This sale ranks as the largest industrial-user property transaction in the Pikes Peak region in more than five years, with Stephen G. Bach, Bach Commercial Brokerage, representing the buyer. Paul Engel and Randy Dowis of NAI/Highland Commercial Group represented the seller.

The 45-acre campus at 5525 Astrozon Blvd. sold for $5.25 million and will house the consolidation of the James Irwin Charter Middle School and High School. Vectra Bank arranged funding for the purchase. Irwin plans to open at the new campus this fall after renovation of the 152,000-square-foot former manufacturing facility, which is near the southeast corner of Astrozon and Powers Boulevard.

The charter school was founded in 2000 and has a combined enrollment of 561, with 680 projected for the coming school year. It is the only public school in Colorado with same-sex classrooms at the middle-school level. Sixty percent of students come from outside School District 2, where the school is chartered.

Non-traditional uses for empty industrial and warehouse buildings on the market are becoming more traditional every day, Bach said. Schools, churches, athletic facilities and other innovative uses are finding their way into the marketplace.

About 28,000 students are enrolled in Colorado's 90 charter schools, with thousands on waiting lists.

Other Re-Uses

Jason Madsen, director of leasing at Kratt Commercial Properties, knows that new users need help to envision adapting space to their needs. Kratt, which specializes in re-positioning retail centers, has seen a success story with Hancock Plaza, at South Academy Boulevard and Hancock Expressway, which it took over last June.

Sales have exceeded the company's hopes, Madsen said. After King Soopers moved across Academy to Hancock Plaza, the strategy was to release the rest of the center, and a handful of national tenants and shops moved in.

Kratt next developed a re-positioning strategy for Safeway Village at Rockrimmon, where 12 vacancies erupted shortly after it took over leasing. Madsen and Kevin Kratt filled the spaces at Safeway Village in eight months

Their current focus is on Citadel Crossing at Academy Boulevard and Galley Road, and the 95,000-square-foot retail space Kmart gave up last year. We were brought in because the landlord was convinced we'd find a 95,000-square-foot tenant but there's not any like that anymore - they want 180,000 square feet, Madsen said.

The answer became new design motifs and new store fronts for a subdivided space more appealing to smaller big-box users. The space will provide two 35,000-square-foot stores and one at 25,000 square feet. Madsen expects three new stores, currently under negotiation, to open in the fall.

Local architect Comstock & Associates, the original architect for Citadel Crossing, is designing the revamped space.

Apartment, Land Sales

A short marketing period of six days, and closing 30 days later marked the sale of Green Briar Apartments, 16 units at 3925 E. San Miguel St. Doug Carter of Doug Carter LLC handled both sides of the deal, with Gleelyn LLP making the purchase from a local partnership of investors for $745,000, or $46,562 per unit.

This is above last year's average price of $45,000 per unit and relates to strong buyer demand and the excellent condition of the property, Carter said.

Craig Anderson of Trammell Crow Co. reports the sale of 24.5 acres of multi-family land in Northgate Development to Wildwood Group LLP for just under $3 million. Anderson represented the buyer as well as the seller, Picolan Group. Wildwood Group builds lots for Richmond Homes.

Leasing Reports

Hoff & Leigh has clocked more leasing transactions lately, including 4,000 square feet at 3670 Rebecca Lane, where Brian Norton worked for tenant David Barnett's martial arts studio, leased from Dawn Frey. Bill Perry was listing agent and Steve Leigh helped tenant Rebecca Johnson, a licensed aesthetician, obtain 275 square feet at 110 ½ N. Tejon St. from Delight Properties.

Bob Hoff was listing agent and Briar Norton tenant agent for 200 square feet of office space for Joe To Go at 5376 Tomah Drive from Tomah Associates LLC.

Tim and Steve Leigh teamed up as listing agents for 300 square feet at 801 N. Weber St., suite 204, which went to Genevieve Van Vurst from Malayne Sweckard. Steve Leigh acted on the tenant's behalf. Al Pederson and Don Erickson were tenant agents for Wendy Ary for 967 square feet of office space at 1255 Lake Plaza Drive, leased from Lake Plaza LLC.

Charlie Conrad, Olive Real Estate Group Inc. was listing agent for 2,000 square feet at 4320 Northpark Drive recently leased to Walker Hi Tech. Steve Leigh acted as tenant agent for landlord Otto Ernst.