Briefs: Military expansion may help vacancy rates+

Last week’s Space Foundation Symposium at the Broadmoor Hotel attracted a myriad of top military leadership, aerospace companies, scientists and entrepreneurs. This year’s event exuded unparalleled intensity and enthusiasm. Lt. General Brian Arnold, USAF, outlined a number of the U.S. Air Force/U.S. Space Command projects on the drawing board – which must have revved the business development jets of Colorado Springs companies like Boeing, ITT, TRW and others. If the Space Symposium is a barometer of things to come, office and industrial vacancy rates in the Pikes Peak region may soon benefit from aerospace and military expansion, necessary to meet the DOD’s new strategies for Homeland Defense.

Transaction Reports

Dowis, Scoville and Spittler Represent Buyer and Seller on $1.4 Million Land Sale
From Randy Dowis at NAI Highland Commercial Group comes word of his closing on 8010 Shaffer Parkway (site of the old Goddard school) on Ken Caryl Ranch in Denver for a sales price of $1,402,000. Randy Dowis represented the owner while Peter Scoville and Jim Spittler represented buyer and investor, R.J. Deserpa, Ltd.

Coldwell Banker Commercial Front Range Reports Retail, Office Leases
Jay Carlson, Managing Broker for Coldwell Banker Commercial in Colorado Springs has been busy during the first quarter 2002. Leases completed by Carlson include a number of impressive retail deals. Among those, Cinema Latino signed a lease for 21,800 square feet at the Citadel Crossing Shopping Center and will occupy the former Super Saver Cinema Space at 901 North Academy Boulevard. Carlson of represented the Landlord. The Cinema is expected to open April 15.
Sealy Mattress Company renewed its lease for 70,000 square feet at the Bally Plaza Shopping Center at 1779 South Academy. The 5-year lease renewal was also facilitated by Jay Carlson. Hobby Town recently renewed its lease for 4,675 square feet at the Citadel Crossing Shopping Center at 839 North Academy Boulevard, with Carlon facilitating the 5-year lease renewal.
Buddy Rutherford of Coldwell Banker Commercial reports a number of lease signings as well. Lewis and Martha Neitz, owners of Dr. Soot, a chimney sweep company, purchased a 3,500 square foot office/retail building at 4629 Park Vista Boulevard from Bahai Assembly Church for $150,000. Rutherford represented the Buyer and Kay Cook of Midcontinental Brokers represented the Seller. Brinker International purchased 45,800 square feet of land on Highway 50 in Canon City from Merle Lord for $360,000.00. Brinker International plans to open a Chili’s Restaurant at the location in October. Rutherford represented both parties in the transaction. Finally, the Briargate Church purchased a 10,000 square foot building on 4.75 acres on the northwest corner of Highway 83 and Springcrest Road for $1.1 million. Once again, Rutherford represented the buyer and Tom Gallagher of Hoff & Leigh (as reported last week) represented the seller, Church of the Rockies Lutheran Church.
Certified Mortgage leased 2,563 square feet of office space at 4595 Hilton Parkway from Orr & Lee Enterprises. Bob Nolette and Dan Cathcart of Coldwell Banker Commercial represented the Tenant while colleague, Buddy Rutherford, represented the Landlord. The Nolette-Cathcart team also represented the Landlord and Tenant on a 1,065 square foot lease to Edward Jones in the Palmer Park Medical Center at 4020 Palmer Park Boulevard.
MKS Instruments, renewed its lease for 16,600 square feet of office space at 4965 North 30th Street. Bob Nolette represented both parties in the transaction.
Details Express, a car detailing business, leased 2,000 square feet of industrial space at 2617 St. Anthony Street. Clint Darnell of Coldwell Banker Commercial represented the Tenant, and Steve Bach of Bach Commercial represented the landlord, James Pesavento.
Glass Doctor, an auto, home and business glass repair business, leased 5,000 square feet of space at 2522 East Platte Avenue from Elizabeth Tackett. Clint Darnell of Coldwell Banker Commercial represented the Landlord and the Tenant on the 5-year lease.
College Plaza Shopping Center at 2055 B Street gained two new tenants. Colorado Springs Army Surplus signed a lease for 2,756 square feet and All-Ways Dry Cleaners leased 2,005 square feet. Bob Cope of Coldwell Banker Commercial assisted the Landlord and both of the Tenants in the transactions. Cope also assisted the landlord and tenant in a lease to Copy One for 1,200 square feet in the Westside Plaza Shopping Center located at 1961 West Uintah.

Trammel Crow Company Weighs in with Retail Leases, Closings
Trammel Crow reported in this week with a number of Colorado Springs leases and sales over the past few months – all of which involved TCC retail/commercial broker, Jim Egan. Egan represented the owner, Univest – Broadmoor LLC, on three retail leases in Broadmoor Towne Center including: Michael’s Stores, Inc. for 23,753 square feet; Famous Footwear for 8,011 square feet and the pad site IHOP restaurant for 4,022 square feet.
In other Trammel Crow retail transactions, Egan represented the landlord, Robidoux Shopping Center Associated, Ltd. Unitah Gardens, on the 11,250 square foot lease to Greenbacks, Inc. and landlord, Diamante Properties, on the lease of 8,000 square feet to the Department of Revenue, Drivers License Administration at 4420 Austin Bluffs Parkway. Finally, as the pièce de résistance, Egan, along with three other TCC retail brokers, represented the seller, BetaWest Ltd., on the sale of the 130,000 square foot Union Square Shopping Center for $4,730,000. The purchaser was Triple Net Properties.

Grubb & Ellis/Quantum Commercial Group’s
Representing both the buyer and the seller, managing broker, Dale Stamp, handled the sale of a 7,000 sq. ft. office building at 1465 N. Union Boulevard for $675,000. The seller was James Pinkston and the buyer was John Schinkel.
Cameron Mogadam is still at Grubb & Ellis/Quantum – and has been for four years now! Somehow in April 5th’s Real Estate Column, Mogadam’s retail closing on an Air Academy Credit Union building at 5761 Powers Boulevard was inadvertently listed under the Palmer-McAllister transactions. Cameron says that all is forgiven, and notes that his recent closings also include the a new 6,000 to 8,000 square foot shopping center on Main Street in Security – as well as the listing on Kevin Kratt’s new center at Vindicator and Centennial.

Pikes Peak Association of REALTORS (PPAR) Updates
In PPAR’s March 2002 Real Estate Information Services listing and sales report, new Realtor listings are up over a year ago – more than 12 percent. Sales, however, were down by 9.6 percent over the previous year as the average sales