Colorado Springs Real Estate Briefs Nov. 8, 2002

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The real estate scene seems to be picking up momentum in fourth quarter. Leasing may have slowed, but land, industrial and retail investors may help make 2002 a decent year for many brokers.

Transaction Report

NAI Highland Locates Loaf N’ Jug

Jim Spittler, representing Dillon Real Estate, worked with owner’s broker, Bentley Hill of Gloriod & Associates on the purchase of a site at The Shops at Arrowswest for a new Loaf N’ Jug convenience store/gas station and car wash. The property’s selling price was $700,000 for the 53,143-square-foot pad. This represents the first sale to a user in the mixed-use retail and office center designed to serve the Mountain Shadows neighborhood and Garden of the Gods corridor.

Link Locates Trizetto in Northcreek II

Ted Link of Fidelity Real Estate Group worked with Tim O’Rourke of Julien J. Studley to negotiate a lease for Trizetto Group for 21,419 square feet. According to Link, Trizetto is the successor of Channel Point Communications. The office space, located at 5755 Mark Dabling Boulevard, is owned by Lowe Enterprises and was represented by Kent Mau of Palmer McAllister.

Hoff & Leigh Scores Industrial and Retail Building Sales, Leases

Congratulations to Charlie Madson of Hoff & Leigh on facilitating both sides of the transaction in the purchase of a 7,853-square-foot retail building at 27 N. Union Blvd. by Payless Carpet Outlet, Inc. The seller was the United States Judo Association. Madson also represented the owner, Kathleen Madson, on a lease of 4,900 square feet of warehouse space at 2811 North Prospect St. to the Livingstone Church. Betty Ausley represented the tenant. Finally, Product Development Corporation leased 4,500 square feet of warehouse space at 4401 Mark Dabling, Suite D from BY Associates. Hoff & Leigh’s Terry Vice represented the tenant.

Tim Leigh Deals Make For a Good Month

Tim Leigh’s not wasting time worrying about the economy; his third and fourth quarter deals run the office and industrial spectrum. Among those, Leigh assisted buyer, Greg Roth, with the purchase of a 10,040-square-foot warehouse building at 3505/3507 North El Paso Street from WH Realty. Sales price was $540,000. In addition, he represented both the owner and the tenant on the lease of 1,074 square feet of retail space at 2477 South Academy Blvd. to Alex Kim and facilitated the lease renewal of 1,200 square feet of industrial space for owner, NS Properties and for tenant, Tornado Drywall. Not bad…but that’s just a partial list.

Leigh also represented the owners, David and Mary Campbell, on the lease of 1,140 square feet of warehouse space at 3915 Van Teylingen. Steve Leigh represented the tenant, A All Electric, in the transaction. Medical Staffing Network leased 1,375 square feet of office space at 611 North Weber Street, Suite 101 from the FBN Company. Tim Leigh of Hoff & Leigh represented the owner, and Terry Vice of Hoff & Leigh (another top Hoff & Leigh producer) represented the tenant. Leigh and Vice also represented Robert Dorr, who leased the office space at 2345 Academy Place, Suite 215 from Wayne Johnson. Charlie Madson of Hoff & Leigh represented the tenant.

Synergy Datacom Supply, Inc. leased 15,500 square feet of warehouse space at 2815 North Prospect from Loren Bimler. Joe Reich of the Reich Company represented the tenant, and Tim Leigh and Terry Vice represented the owner. Occupational & Environmental Health Services leased 1200 square feet of office space at 1430 South 21st Street, Suite 100 from Comprop IV, LLC. Leigh and Vice also facilitated that transaction.

Leigh also represented the owner, B & J Contractors, on the lease of 169 square feet of office space at 912 N. Circle Dr. The tenant, Ralph Steadman, was represented by Jessica Lee of Hoff & Leigh. Cool Zone renewed the lease for 1,200 square feet of warehouse space at 3470 North Chelton Loop, Unit B from NS Properties. Tim Leigh of Hoff & Leigh also handled both sides of the transaction. Finally Tim Leigh, Steve Leigh and Terry Vice facilitated a 1,978-square-foot office lease for tenant, Dr. Susan Ellis, at 2925 Professional Place. The building’s owner is Sullivan Communities Kissing Camels Office Park LLC II.

Chuck Armstrong Nails Numerous Office and Retail Leases

Hoff & Leigh’s Chuck Armstrong has had an inspiring month as well…Wiz Quiz leased 790 square feet of office space at 28B Rio Grande from Murphy Constructors, Inc. Armstrong represented the owner and Terry Vice of Hoff & Leigh represented the tenant. Armstrong also facilitated the lease of 697 square feet to Smoker Friendly at 3436 West Colorado Ave. from Chuck Murphy. Pharmaceutical Water, Inc. leased 1,625 square feet of warehouse space at 911 East Fillmore Street from Point Aerie, Ltd. Jessica Lee of Hoff & Leigh represented the owner, and Chuck Armstrong of Hoff & Leigh represented the tenant. He also teamed with Bill Perry, representing the owner and the tenant on a 175-square-foot lease to Complete Web Design at 118 North Tejon Street, Suite 216 from Warren Dean.

Chuck Armstrong of Hoff & Leigh also facilitated the lease of 225 square feet of office space at 525 North Nevada Ave., Suite 201 between tenant Lisa Strauss, SCSW, and owner, Dudley and Associates. Finally, you guessed it…. Jackson Hewitt Tax Service leased 1,500 square feet of retail space at 2813 North Circle Drive from Ron Genuario – and Chuck Armstrong facilitated the transaction.

In Other Hoff & Leigh Broker News…

Henry and Rachel Padilla leased 722 square feet of office space at 1715 Monterey #150 from Kye Soo Moon. Steve Leigh of Hoff & Leigh facilitated the transaction.

Concepts to Products leased 1316 square feet of industrial space at 1305 Pecan Street from Jaye and Nina Jeffress. Dick Liccardi of Hoff & Leigh facilitated the transaction. Unifirst renewed the lease for the office space at 7035 Campus Drive from William Muhr. Bill Perry of Hoff & Leigh facilitated the transaction. Liccardi also represented the owner, Point Aerie, Ltd., and Perry represented the tenant, Androusa, Inc., on the lease of 938 square feet of warehouse space at 957-B Fillmore St.

Peter Vrynios and Marco Barcenas leased the retail space at 2420 East Bijou from Lynn Brown. Bob Hoff of Hoff & Leigh facilitated the transaction. Myers Internet leased 3273 square feet of office space at 4935 30th Street #250 from Quan Van Nguyen. Bob Nolette of NAI Highland Commercial represented the owner, and Terry Vice of Hoff & Leigh represented the tenant.

Ken Greene Joins Apartment Realty Advisors

In a recent announcement, Greene and his former G & E colleagues, Jeff Hawks and Doug Andrews, said that they have spun off on their own, forming Apartment Realty Advisors, a full-service apartment brokerage firm. Greene has been a broker specializing in multi-family communities since 1983 and focuses on southern Colorado. The group is aligned with Frederick Ross Company and with The Apartment Network, the nation’s largest consortium of independent apartment brokerage firms. According to the brokers, the sale and development of multi-family properties is so specialized that it made sense to create a firm dedicated just to those target transactions. Two of the company’s largest local deals in 2002 included the sale of a large mixed-use/hotel property in Canon City and the sale of the Bronzetree Apartments.

Calendar Note

The RCIS annual Christmas party will be held on Wednesday, December 11, 2002 from 5:00 p.m. to 9:00 p.m. at Rum Bay. Cost is $20.00 per person. Social chairman Jennifer McHugh Romero of Facilitek promises door prizes, great food, music, and drink tickets. For more information, contact Romero at 590-9944.

Next week: Look for Olive Real Estate Group news, Housing Authority updates and more…