Colorado Springs Real Estate Briefs Jan. 28, 2002

Redistricting discussions are building this week to a crescendo at the State Legislature. EDC, The Chamber of Commerce and the Pikes Peak Association of Realtors are all watching developments closely as the final determination could have major impact on El Paso County’s military installations and legislative bargaining in the future. Stay tuned for details on the final outcome, slated for Friday, Jan. 25. In the case of a stalemate on the 25th, the Court will decide the State’s redistricting fate.

Transaction reports

Short but sweet this week – here are the deals that made news in the last week. From the Olive Real Estate Group comes word that Charley Conrad, CCIM and Brian Zuck, both Industrial property specialists, represented United Floor Company and the Landlord in the lease of 13,300 square feet at 3330 S. Drennan Industrial Loop. Conrad and Zuck also teamed to represent the tenant, Bernie’s Light Truck and 4X4 Service in the lease of 1800 square feet of industrial space at 50A Mountview Lane. Finally, from the Olive Real Estate Group, Jim DiBiase and a busy Charley Conrad also represented the landlord on the lease of 4,505 square feet of office space at 5061 N. 30th Street, Suite 105, to expanding local company, COVA Technologies, Inc.

Mark Useman of Palmer McAllister reports the $750,000 sale of a 2,350 square feet retail facility to Peoples National Bank. The new building at 551 Highway 105 will allow People’s to open a new branch in Monument. Useman represented both the original owner and Peoples National Bank in the transaction.

He also represented new tenant, Harmon Glass Company, on the lease of 1,300 square feet at 430 West Colorado Avenue. Useman and Greg Kaufman represented the owner, Nor’Wood Development, on 1,459 square feet of retail space at 5937 Constitution Ave., recently leased by Air Academy Federal Credit Union. Grubb & Ellis/Quantum represented the tenant in the transaction.

GE Johnson hones market strategy

In recent conversations with Vince Colarelli, vice president of G.E. Johnson Construction Company, regarding the F.W. Dodge Construction Industry Forecast for 2002, it became clear that the Colorado Springs-based construction company expects to meet or exceed its 2001’s $200 million in revenues. The company already has more than fifteen jobs beginning in March and April – and just won a contract for a multi-million dollar healthcare facility. Not bad for the 3rd largest construction company in the state, according to FW Dodge’s “Top” list. In addition, Colarelli has hired market research sharp-shooter, Lisa Taute, to help the company develop stronger, more knowledgeable relationships with its clients. Colarelli also says that GEJ will focus on six target business areas in the coming year including: healthcare, schools/universities, Class A office buildings, correctional facilities, advanced manufacturing facilities and mountain resorts (a category in which G.E. Johnson dominates the market with a 39 percent market share). It’s great to hear how good companies become even better at what they do…

RE/MAX Properties, Inc. records record year

The Broker Associates at RE/MAX Properties, Inc., 2630 Tenderfoot Hill Road, completed 4,319 transactions in 2001, breaking any previous sales records. According to Angela Sauer, spokesman for RE/MAX, the company “triumphed over uncertain economic conditions, averaging 12 home sales per day.” Owner/Broker, Joe Clement says the achievement comes in part as the result of adding new technology systems that help brokers deliver customer service and track the market with increased precision. The company also utilizes an E-Bulletin Board for posting new listings, buyer requests and new construction activity. Says Clement, “The E-mail Bulletin Board allows immediate introduction of a new listing to over 200 real estate professionals and results in maximum exposure for RE/MAX clients.”

The Spires opens

new lot filing

From Michelle Grove-Reiland at The Spires comes word that a new crop of custom homesites will be offered for sale beginning on January 30, 2002. Prices range from $91,000 to $156,000 for the ½ acre scrub oak and pine covered lots.

Hospitality/Casino real estate and construction updates

For those of you who follow activity in the hospitality real estate sector, here are some local updates. It appears that the Antlers Adams Mark Hotel is officially off the market, according to Adams Mark Hotels & Resorts’ president and CEO, Fred Kummer. Adam’s Mark had put the properties up for sale in November in response to the downturn in the travel industry caused by the recession and the terrorist attacks of Sept. 11th. Kummer says that he will not seek a new buyer and believes that the hotel industry will recover more quickly than originally projected. In a press release issued on January 8, it was stated that he rejected the prospective buyer’s request to extend the contract deadline for completing due diligence.

That means that the local Antlers Adams Mark Hotel will stay “in the family” for now. Robert Palmer, general manager, sees the decision as a solid one. “Compared to 2001, 2002 will definitely be a stronger year,” he projects. Palmer says that the 290-room downtown complex continues to cater to business meetings, group bookings and the leisure travel markets. “The Antlers Adams Mark is considered one of Colorado Springs’ top full-service hotels,” he adds, “and while I’m glad we’re not being sold, that’s part of the reason WestCoast Hospitality was interested in us.” Other properties under consideration for purchase by Columbia Sussex Corporation included Adams Mark Hotels in Houston, TX, Memphis, TN, Philadelphia, PA, Columbia, S.C., and Clearwater, FL.

The Red Lion’s downtown hotel at 132 W. Bijou will not become a part of WestCoast Hospitality Corporation effective January 2, 2002. The Red Lion chain, along with two Doubletree Hotel properties were sold to WestCoast by Hilton Hotels as part of a $50.6 million deal. WestCoast will, for the first time, now have a presence in Denver and Colorado Springs with the Red Lion Inn purchase. In addition, the Beverly Hills and Spokane, WA-based hospitality giant will double the total number of rooms in its hotel portfolio from 8,600 rooms in 46 hotels located in 9 states to more than 15,000 rooms in 89 hotels in 13 states.

Construction has already begun on a new 300-space parking garage at Cripple Creek’s Double Eagle Hotel. According to Debbie Reynolds, Marketing Director, J.E. Dunn Construction Company will build the structure and Al Feinstein is the project architect. In order to keep guest coming through construction, Reynolds promises continued complimentary valet parking and the use of 275 existing parking spaces. In addition, the casino provides shuttle service to guest parking in the surface lots around the Double Eagle Casino. It’s hard to believe that a little construction would keep a good gambler from his/her rounds, however….