Real Estate Briefs September 20, 2002

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Local brokers have been busier than New England cranberry merchants in the past 30 days. Take a look at the dozens of deals completed by all sectors of the commercial real estate industry.

Transaction Report

Hoff & Leigh Reports $1.5 Million in Sales

August proved to be an active month for one of Colorado Springs’ oldest independent commercial real estate firms. The firm reported six building and land sales along with more than 20 new leases or renewals for the month. Some highlights include the following transactions:

Tim Leigh, as usual, is doing deals left and right. He represented the buyer, WH Realty, LLC, on the purchase of a 3500-square-foot warehouse at 3780 Interpark Drive from 3780 Interpark, LLP. Sales price was $230,000. McKee Properties represented the seller.

He also represented the buyer on the purchase of a retail building at 211 East Cucharras Street from Jerzy and Lucyna Bandur. Sales price was $315,000. Buddy Rutherford of Coldwell Banker Commercial American Spectrum represented the seller.

Subaru Import Motors, Inc. purchased 22,500 square feet of land at 0 Busch Avenue from Walter and Joann Bochnak. Sales price was $78,750. Terry Vice and Tim Leigh of Hoff & Leigh facilitated the deal. That’s in addition to Bob Hoff and Tim Leigh handling both sides of the transaction when 427 Juanita, LLC purchased an11,501-square-foot industrial building at 427-429 Juanita Street from B & W Investments. The sales price was $315,000.

Bird’s Eye View Lane, LLC purchased 8.05 acres of land off the Hancock Expressway from WRS Holdings, LLC. Sales price was $262,994. Mike McDowell and Bill Becker of Hoff & Leigh represented the seller, and Jody Sitkoski of JDS Real Estate represented the buyer.

Finally, in commercial building sales, the Spiritual Assembly of the Bahai’s purchased the 3720-square-foot office building at 1622 Rainier Drive from Gary and Phyllis Haglund. Sales price was $270,500. Kay Cook represented the buyers, and Chuck Armstrong of Hoff & Leigh represented the seller.

The Colorado Division of Wildlife leased 20,468 square feet of warehouse space at 4255 Sinton Road from Paul and Lola Nafziger. Bob Hoff and Jim Schwerin of Hoff & Leigh represented the owner, and George Swintz of Grubb & Ellis represented the tenant.

In office leasing, veteran Tim Leigh reports that Maxim Healthcare Services, Inc. leased 2,621 square feet of office space at 630 Southpointe Court, Suite 105 from BK-630, LLC. Quantum Commercial Group represented the owner, and Leigh represented the tenant.

In addition, Karl Schlueter leased 180 square feet of office space at 4740 Flintridge Drive #222 from Techwise, and Affordable Housing Construction leased 550 square feet of office space at 4465 Northpark Drive, #305 from Northpark, LLC. Tim Leigh represented the owner, and Jessica Lee of Hoff & Leigh represented the tenant in both transactions.

In another office transaction, T Square Logistics Services Corporation leased 777 square feet of office space at 118 North Tejon Street, Suite 202 from DeGraff Partners. Bill Perry and Chuck Armstrong of Hoff & Leigh represented the owner, and Terry Vice and Tim Leigh of Hoff & Leigh represented the tenant.

Tim Leigh of Hoff & Leigh also facilitated both sides of the following transactions:

a. Edith Sucher leased 1,100 square feet of office space at 611 North Nevada Avenue, Suite 100 from Louie Larimer.

b. Jan-Pro Cleaning Services leased 300 square feet of office space at 4740 Flintridge #222, Suite 212 from IA Experts, Inc.

c. Nu Visions for Wellness leased the 2,172 square feet of office space at 330 South El Paso Street from TESSA.

d. Tenant Rocky Albin leased 1,200 square feet of warehouse space at 3470 Chelton Loop, Unit G from NS Properties.

e. Rocky Mountain Window tint renewed the lease at 3120 Beacon Street, Unit J from Hoff & Leigh Management.

f. Lynn Health Science Institute leased 1,803 square feet of office space at 2500 North Circle Drive, Suite 300 from Hoff & Leigh, Inc.

g. Gregory Ehnes renewed a lease for industrial space at 3315 North Chelton Loop, C and D from NS Properties.

h. 720 Media, LLC leased the retail space at 513 South Tejon Street, Suite 200 from Richard Vogel and Jack Agee.

i. Staffmark leased 1,673 square feet of office space at 4905 North Union, Suite 101 from Keywest Investments.

Whew! Look for another dozen Hoff & Leigh transactions in the October 4 real estate column. Now, onto news from other brokers…

Palmer-McAllister

Reports Three New Leases

David Bacon at Palmer-McAllister represented the tenant on a 14,879-square-foot industrial lease to Premier Building Group, new to Colorado Springs from Denver. The building materials vendor found a new location at 1835 South Murray Boulevard in Classic Business Park III. NAI Highland Commercial represented the landlord, Elite Properties of America.

It looks like Monument has landed its first Starbucks at 551 Highway 105. Mark Useman of Palmer-McAllister provided the location, and represented the landlord, People’s National Bank. The new 1614-square-foot facility just opened this month. Sullivan-Hayes (Denver) represented the tenant in the transaction.

Another new business has been added to Colorado Springs. United Studios, a karate school, will open in the Academy Place Shopping Center at 5146 N. Academy Blvd., says Mark Useman, who facilitated both sides of the retail transaction. The school took 1,561 square feet in the busy center, owned by a Texas firm.

The Olive Real Estate Group Also Announces Retail, Industrial Leases

John Winsor of The Retail Group at Olive represented the landlord on a lease renewal for 7-11 at Academy Blvd. and Pikes Peak Ave. in the Tri Peak Plaza shopping center. He represented the Tri Peak Plaza owner when Pikes Peak Satcom recently expanded and extended its 1,600-square-foot lease at the same location.

Also from Olive, Charley Conrad, CCIM, an industrial specialist with the Olive Real Estate Group represented the landlord, Mountain Trade Supply, Inc. on the lease of a 1,414-square-foot facility at 3401 N. El Paso St.

Grubb & Ellis/Quantum Commercial Transactions and More

In a tight market, it’s good to know that some businesses continue to expand and grow. Managing broker, Dale Stamp, is representing a national client looking for a parcel from 30,000 square feet to one acre to build a new 8,000-square-foot facility. Sounds like a nice deal for the right owner with a property in the downtown area – and the prospective purchaser wants it now.

Cowan and Mogadam of Grubb & Ellis Close on Downtown Building

In other Grubb & Ellis/Quantum news, Mary Frances Cowan and Cameron Mogadam represented the owner on the sale of an office building at 128 N. Nevada Avenue. The seller, Richard Olden, Jr., financed the $2.45 million sale, carrying a $1.8 million note on the transaction. Evidently, the new owner is an investor as well – more details to come.

Mogadam also reported representing the tenant, $1.89 Super Quality Cleaners, on the lease of 1,037 square feet in The Village at Northgate Shopping Center, owned by Picolan, Inc. Janet Goodrich at Commercial Locator Plus represented the landlord.

Andrew Oyler and Mark Dyer also report representing a new mortgage company in the lease of 1,950 square feet at 4570 Hilton Parkway, Suite 203. Oyler says that the market is still busy – and provided information on two of his other recent deals. Waste Management (represented by Jeff Kaiser of Kaiser Commercial) leased just under 13,000 square feet at 540 Elkton Drive in the Elkton Business Campus. Oyler represented the landlord in that transaction. The Grubb & Ellis office specialist also facilitated both sides of a lease renewal for owner, Pueblo Bank & Trust building for tenant, Pro Sports MVP.

A Closing Thought…

For those of you who take the New York Times, in each Sunday’s paper, you may have seen some of the tributes to those who died on September 11. One especially compelling story published on Sunday, August 25, involved NYFD firefighter,
Thomas Kelly. It seems that the Dodger fan and devoted son and husband had been a steamfitter prior to joining the fire department, and according to his wife, “on their first date in 1971 took her to his construction site, his grandest project: the 40th floor of 2 World Trade Center.” Wonderful insight into one man’s soul…