John Richert and Marsha Blair of Terrix Financial Corp. in Denver arranged a $3.585 million loan for the new owners of the Timberlane Apartments, located at 3985 E. Bijou St.
The 148-unit apartment complex consists of seven buildings on 3.89 acres. It was built in 1972 and was sold in July for nearly $3.8 million, or $25,645 per unit. The Turner Commercial Availability Report for the second quarter says that 458 apartment units in 10 complexes sold in the first six months of the year for an average price per unit of $39,710.
GIHM LLC is listed as the new owner with a Colorado Springs address. The El Paso County Assessor’s office lists the market value as more than $4.5 million.
The eight-year loan is amortized over 23 years and has an interest rate of 7.375 percent for the first three years. The loan did not require any reserves and has no prepayment penalty.
MCI WorldCom renews lease at Tiffany Square
Triple Net Properties has renewed its lease with MCI WorldCom for the 108,000 square feet the call center leases at Tiffany Square on Corporate Drive.
The two-year lease was effective January 1, 2001.
The call center occupies 96,334 square feet of the class A office building, which Triple Net converted from a failed retail mall.
CB Richard Ellis of Dallas, Texas represented MCI and Triple Net Realty represented the landlord.
Industrial building “trimmed” with new tenants
The former Trimm Technologies building, now known as the KRA Investments Building, at 802 Garden of the Gods Rd. has been re-leased to two new tenants.
UPS Logistics has taken 16,000 square feet of the 48,282-square-foot industrial building. Bach Commercial Brokerage Co.’s Steve Bach, broker for the owner of the building, KRA Investments LLC, said UPS plans to store computer parts and distribute them to businesses and consumers locally, regionally and nationally. The business will have a retail front for consumers. The lease is for five years with a five-year extension.
Lloyd Riphenberg of Olive Real Estate Group co-brokered with the Staubach Co. to represent UPS in the new lease.
The second lease was for 26,900 square feet to Arvada Hardwood Company South. Bach said the company is growing rapidly providing finish construction items to local builders such as countertops and flooring. Arvada will use the space for office, showroom and some fabrication.
Bach represented both the landlord and the tenant in the transaction. Clint Darnell, also a broker with Bach Commercial, aided in the transactions.
Trimm Technologies had expanded to Colorado Springs from Las Vegas in order to better serve its client Quantum Corp. It had expected to garner some other local business, which never materialized. Quantum then cut back its local manufacturing operations, and Trimm pulled back to its headquarters in Nevada.
The total building size is 48,282 square feet. It is now 100 percent occupied with the remaining space leased to Souper Salads.
Built in 1970, the building is for sale for $3.5 million.