Colorado Springs Real Estate Briefs: July 22, 2005

Colorado Springs Business Journal, Jul 22, 2005 by Becky Hurley

Looks like national apartment brokers see Colorado Springs as plum territory for investment.

Moran & Co., the Chicago-based listing broker for a portfolio including the 220-unit Briarglen Apartments in Colorado Springs and three Denver apartment complexes, just announced that the properties were purchased this month by RedPeak Properties of Denver.

The selling price was $48.88 million. The seller was an investor group out of Irvine, California.

Perhaps more interesting than the transaction, however, was language in Moran & Co.'s news release that described Colorado Springs as experiencing notable growth in general population and overall strength in its economy.

It also noted that the area's employment growth rate has averaged 3.5 percent per year since 1999 and cited a May 2003 Forbes Magazine story in which Colorado Springs was named the 13th Best Place to Do Business in the nation.

Finally, a Moran spokesman said a town once known for its dependence on military employment, Colorado Springs now also relies on the high-tech and telecom sectors, educational and health services, as well as the financial, professional and business sectors.

NAI Highland lease transactions

Skyline Productions, a Colorado Springs-based engineering and marketing company expanded into 8,183 square feet in the Chidlaw Building at 2221 E. Bijou Street.

The owner was represented by Jim Spittler and Michael Palmer and the tenant by Spittler and Randy Dowis.

Dowis and NAI Highland broker Bob Garner teamed to facilitate the lease of 2,250 square feet to Omega's Quilts and Crafts in the North Carefree Commerce Center at 5740 N. Carefree.

Shops at Falcon Landing

From Kevin Kratt comes news that the Shops at Falcon Landing in the 7400 block of North Academy were officially completed this past weekend.

As some may recall, Kratt purchased and rezoned eight residential lots to make the project happen. The new lineup of retailers includes a few making an appearance for the first time in the Colorado Springs market.

Jon Winsor of the Olive Real Estate Group and I have been working on this for three years, Kratt said. It's been fun.

The fun has to come in part from filling 15 of 18 available spaces prior to opening.

For those unfamiliar with new tenants opening for business, here's the roster: Wahoo Fish Tacos, Data Doctors, Toys 4 Fun, Fatburger, Jason's Deli, Archivers, Buffalo Wild Wings, Accent Windows, Peaberry Coffee, Vitamin Shoppe, Baskin Robbins, Gamestop, Cingular, Tan Your Hide and Pro Golf.

Remaining space includes bays from 1,500 to 6,000 square fee- most attractive, said Kratt, to mid-box clients.

Next on the horizon for Kratt and development partner Tom Cone of Olive Real Estate Group will be the lease of 650,000 square feet of new retail at University Village on North Nevada, across from the athletic fields and the University of Colorado at Colorado Springs.

And then there's the new Timbers ground-up power retail center that Hammers Construction has started at Baptist Road and Interstate 25.

Retail opportunity to the south

The fast-developing Powers corridor and northeast neighborhoods are generating plenty of new retail development, but demand on the city's south side is creating ground-up opportunity, said Jason Madsen, also of Kratt Commercial.

Take a 9-acre parcel adjacent to Kohl's Department store off Janitell Road, just east of Interstate 25.

Based on full occupancy at Broadmoor Towne Centre and a lease-up at the Cheyenne Mountain Center near the World Arena, Madsen expects preliminary mid-box retailer interest in the company's next project south of downtown.

So far, a firm start date has not been set.

Construction meet and greet

Sounds like local construction industry representatives outnumbered employees at a recent meeting at the Pikes Peak Regional Building Department.

At least 80 members of Associated General Contractors (AGC) attended the May meeting, including local construction company owner Vince Collarelli, who pitched the value of membership in the organization.

The breakfast also featured a presentation by Swinterton Builders that outlined the company's work schedule in the Pikes Peak region and the Front Range.

Part of the morning was dedicated to networking and industry updates. One of those included an invitation to attend stormwater and erosion Control certification classes on Aug. 4 and 5, as well as a fall protection class on Aug. 19.

The classes will be held at Colarelli Construction.

Story addendum

In the July 8 story about the renovation of the historic Manitou Springs Spa, Chuck Murphy pointed out that one important news item was somehow omitted.

Murphy, general contractor and co-owner of the 34,000-square- foot building, also disclosed that waters flowing from the springs beneath the property possess aphrodisiac properties.

Talk about a selling point-.