Real Estate Briefs August 23, 2002

Recently Wells Fargo published findings indicating that in the past ten years, the average stockholder earned $23,000 in the stock market and the average homeowner earned $44,000 in home equity. An interesting observation… With mortgage rates at a 35-year low, the company says in 1998, rates were below 7 percent for a total of 17 weeks; in 2001, rates stayed below 7 percent for 16 weeks; but in 2002, so far rates have been below 7 percent for 23 of the first 28 weeks. I don’t know about you, but I’d trade at least one of my stock-indexed IRAs right now for a nice little fixer-upper north of downtown.

Redwood Terrace Apartments Sold by Doug Carter, LLC

On July 23, 2002 the Redwood Terrace Apartments, a 20-unit complex located at 1480 Hathaway Drive in Colorado Springs, sold for $840,000. Both the buyers and the sellers were local, says Carter, who facilitated both sides of the transaction.

Transaction Report

NAI Highland

Commercial Brokers’ Sales & Leases

Randy Dowis and Bob Garner at NAI Highland Commercial Group represented the owner, Junior Achievement, Inc. and the buyer, Friends 4 Now, LLC, on the sale of a 25,000-square-foot building at 2750 Janitell Road in Harrison Business Park last month. According to Garner, the organization wanted to dispose of surplus real estate – and the buyer, also represented by NAI Highland, was motivated by the chance to purchase an investment property. The new owner will remodel the property to re-position it for future leasing.

Bob Garner also represented the owner on a 19,456-square-foot office lease at 1475 Research Parkway to Kaiser Foundation Health Plan. Garner represented the original tenant, General Dynamics, and the HMO was represented by Mary Francis Cowan of Grubb & Ellis/Quantum in the July 2002 sublease transaction.

Another land sale was completed by Jim Spittler, SIOR, at the corner of Academy Blvd. and Verde Drive. Spittler handled both sides of the transaction for Buddy and Brenda Catron, who recently opened the Heavenly Ham store in The Plaza at Chapel Hills. Pit Stop Car Washes, Inc. (another Catron venture) plans to construct a self-service car wash on the 39,729-square-foot site. Selling price for the property at 1510 S. Academy Blvd. was $232,800.

Finally from NAI Highland, Peter Scoville represented the owner on the lease of 6,541 square feet at 4825 Northpark Drive to Interstate Battery. The office/industrial space will be used for the company’s battery sales and rental business. No broker was listed as the agent for Interstate Battery in the report.

Palmer-McAllister

Brokers Sign Industrial, Office Leases

David Bacon represented the owner, Geiger Court Equities, Ltd. in a 5,000-square-foot lease at 745 B Geiger Court in eastern Colorado Springs. NAI Highland Commercial represented the tenant, Unifirst Corporation, a uniform supply company, in the August 2002 transaction.

Bacon’s colleagues in retail, Mark Useman and Greg Kaufman represented owner, Weingarten Nostant, Inc. out of Houston on the lease of 1,250 square feet. The new tenant, Bayless Capital Partners, plans to expand its dry cleaning drop off and pick up service at the new 3335 North Academy Blvd. location in Carefree Shopping Center.

Olive Real Estate Retail Group Lands Four New Leases

Leave it to Tracey Morton and Scott Gray to keep the retail leasing pipeline flowing – especially along South Academy where they just finalized three separate leases in two separate centers. The first is a 1,304-square-foot lease with Wing Stop Restaurant in the Fairway Plaza Shopping Center at 522 S. Academy Blvd. The new shop will open for business by October 1. Morton and Gray represented the landlord on the transaction.

The partners also represented the Fairway Plaza landlord on the lease of 1,354 square feet to American General Finance at 574 S. Academy Blvd – a second Colorado Springs office for the company. The tenant also has locations in Pueblo and Denver – and was represented by Rich Hobbs of Antonoff & Co. Brokerage. Finally, Morton and Gray relocated Titan’s Beauty Shop (a family hair care salon) from Cimarron Hills to its new store at 562 S. Academy Boulevard, in front of the Satellite Hotel. Morton says that the popular salon expects to re-open on September 1, 2002. The Retail Group brokers handled both sides of the transaction.

John Winsor and Tracy Morton also teamed on the lease of 1,637 square feet of office space to Ransomed Heart Ministries at 1045 Garden of the Gods Rd., Suite E. Winsor and Morton represented the landlord while Paul Engel of Palmer-McAllister represented the tenant on the transaction.

Grubb & Ellis/Quantum Commercial’s Leasing Update

Richard Kelly, Grubb & Ellis industrial specialist, represented the landlord on the lease of 4,000 square feet to Directed Energy Solutions. The property leased at 949 Elkton Dr. is owned by Medallion Technologies, LLC.

Anyone in the market for office or mixed-use space may want to contact listing gurus, Andrew Oyler/Mark Dyer and Dale Stamp, over at Grubb & Ellis/Quantum. These brokers hold the listings on two parcels in Monument – both are zoned for PBD or PCD and are located along Beacon Lite Rd. Lease rates even for central business district offices are running $14 per square foot (or less) triple net. It’s interesting to see some very desirable buildings with vacancies and “negotiable” lease rates – a sign of the times.

In the “Good Samaritan” Category

The Pikes Peak Board of Realtors (PPAR) deserves a pat on the back for its support of July’s Hayman fire relief fund. Through the organization’s efforts, more than $5,000 was raised to help those affected by the massive wildfire. “PPAR wanted to help those devastated by the fire,” said Steve Shuttleworth, PPAR board president. “Contributions to the Hayman fire relief fund are our way of giving back to Colorado.” Marlaina Scalese at PPAR advises that cash and credit card donations are still being accepted at the Board’s office, 430 N. Tejon St.

ERA Shields Real Estate also deserves a pat on the back for its recent donation of more than $1,900 to the Partners in Housing School Supply drive. According to marketing director, Daniel Vasey, sales associates, staff and management contributed enough to cover the needs of thirty-five families and seventy-three school-age children, plus some parents who are in school. Vasey notes that Wal-Mart on North Academy Blvd. offered a 10 percent discount and collected, as well as boxed the items for distribution. ERA Shields, headed by Bill Hurt, has donated to a number of charitable efforts for the past four years through its Community Involvement Council. The company’s goal is to help the community and to challenge other members of the business community to get involved. These guys are doing a great job – and enhance the image of all realtors in the Pikes Peak region.

Next week, the Colorado Springs Business Journal will publish its monthly Blueprints issue. Look for the Real Estate Column again on September 6, 2002.