Through the rumor mill this week comes word that Capital Pacific is moving forward on Banning-Lewis development. That could be good news for all real estate sectors. More to come…
Palmer McAllister Retail & Industrial Report
Steve Hunsinger, retail broker with Palmer-McAllister recently sold a 67,000 square foot parcel he had listed at 5825 N. Academy to the Brinker Restaurant Corporation, developers of Loaf N Jug convenience stores. Brinker is headquartered in Dallas, Texas and was represented by NAI Highland Commercial Group. The property sold for $535,000 and is located on the northeast corner of Academy and Vickers, adjacent to a Chili’s restaurant. Hunsinger says he is also working on leasing the former Home Base store at South Academy and Hancock. “It’s likely that we will be adapting that site for use other than retail,” he said, noting that the property is attracting industrial and commercial interest.
David Bacon, Kevin Heinicke and Paul Engel represented the owner, Elkton Investments, Ltd. on the sale of 1755 Tuskegee Place to Docuvault (also represented by Bacon). The 426,452 square foot parcel sold for $607,562. Docuvault’s owners anticipate constructing a 20,000 square foot building on the site, with work to begin this summer. In talking with Bacon, he says that he sees an increasing number of small business owners who want to own their own building or land.
Bacon is also the listing broker on four buildings, ranging in size from 12,000 to 19,000 square feet near Powers and Palmer Park. “These structures are primarily designed for distribution or manufacturing,” he said, adding that Phase II in the PID-zoned complex will feature commercial office space which may appeal to defense contracting companies.
Grubb & Ellis/Quantum Commercial Leases Signed
An 8,100 square foot retail playground equipment sales showroom is slated to open at 2811-2877 East Fountain, according to Bypass Plaza listing brokers, Jerry Knauf, Leigh Steinert and Mary Frances Cowan. According to Cowan, the location is ideal for Creative Playthings Colorado, the tenant, who was represented by John Winsor of The Olive Real Estate Group. Bypass Plaza is 70 percent occupied.
Cowan is also representing owner, Dr. Peter Bianca, on 5,000 square feet of medical/professional space in his new building at 5333 N. Union. The two-story structure will be completed by Plumbline Construction in early June. Dr. Bianca, who recently returned to the area, will open his OB/GYN practice on the second floor and the entire first floor will be available for a single or multiple office users.
In other Grubb& Ellis\Quantum news, two leases have been signed at Offices at the Park. Property listers, Knauf, Steinert and Cowan report that All State Mortgage took 580 square feet at 2790 N. Academy, Suite 217, and another office user, Custom Mortgage Solutions, leased 1,592 square feet in Suite 317 at the same location. Brian Kunkle at Coldwell Banker Commercial represented the tenant on the transaction. According to Cowan, the owners of Offices at the Park, Brent Hawker and Dan Potter, are still looking for a small business that needs its own 12,700 square foot building. Call Mary Frances Cowan for details.
Randy Miller and Mike Matkin also just brokered two offices leases – including a 3,356 square foot lease to Mantech Advanced Systems International, a defense contractor, at the Atrium Building, 1150 Academy Park Loop. George Swintz, of Grubb & Ellis\Quantum Commercial Group represented the tenant. The Miller/Matkin team (representing owner, Greenbrier Properties Associates) also leased 22,583 square feet of office space at 7150 Campus Drive (in the Woodmen Corporate Center) to defense contractor, RS Information Systems. Once again, George Swintz represented the tenant.
NAI Highland Reports Multiple Deals
Peter Scoville and Bob Garner both report leases completed in April. Scoville represented the landlord at 1155 Kelly Johnson on the lease of 2,031 square feet of office space to tenant, Maxloan, Inc. Garner also represented the landlord on the lease of 2,250 square feet at 5710 – 5780 N. Carefree to a mortgage company, represented by Gloriod and Associates.
Colorado Springs’ Prudential REALTORS Win Big at National Convention
Kay Deen Patterson and Bobbie Price, both from the Colorado Springs Prudential Professional Real Estate office were named winners of the Prudential Real Estate Affiliates’ 2002 PREA Award, honoring the top 100 sales professionals who have achieved the highest gross commission income (GCI) or closed residential units in 2001. The awards were presented during ceremonies at the company’s Annual Sales Convention held in New Orleans in March. Patterson ranks in the top 20 out of 42,000 sales associates through the U.S. Price ranks in the top 50 Prudential Professional agents nationally. Wow – that’s an impressive recognition for two outstanding realtors.
Doug Carter Closes On Red Rock Terrace Apts.
Carter just brokered the sale of 3164 W. Colorado Ave. The 23-unit apartment, built in the 1970s, sold for $765,000. Though the multifamily market has tightened since last year, the Springs native (who will be celebrating his 20th year in 2003) believes investors are still anxious to move ahead on well-priced properties.
Residential Inventory vs. Sales: A Six Month Overview
Kevin Patterson, President of Patterson Professional Realtors also sent a recap of residential sales for the last six months, ending March 24. His research indicates that 3,972 homes were sold, with the greatest sales activity in the County’s northeast and the Fountain Valley areas where home prices remain moderate. The Southwest, Briargate, Eastern Colorado Springs and Powers neighbors also saw brisk sales, though all County figures were down from last year.
Interestingly, more than six months supply of housing inventory is currently available in the Black Forest, Falcon, Tri-Lakes and Manitou areas. Lowest inventories are found in Central Colorado Springs, Old Colorado City, the near-Westside, and on the city’s Eastside where only 2.6 months supply is currently available.
Teller County home sales inventories are much higher with Woodland Park, Divide, Cripple Creek Victor and Florissant all noting seven months or greater inventories.
Finally, homes priced at $150,000 or lower are currently at a premium, with just under three months supply available – and more than 1400 sales closed in the past six months. Once a listing exceeds the $250,000 mark, sellers can expect to wait longer for an offer. In fact, homes over $500,000 (currently more than 320 homes in that category) face stiff competition with a 25-33 month supply of homes in inventory. There could be some good deals out there on higher-priced homes…especially with more than 3,100 properties currently listed on MLS.