Real Estate

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A lot of livelihoods tied to construction

In 2004, the U.S. Bureau of Labor Statistics estimated that about 13,000 people living in El Paso County derived their income from the construction industry or related businesses.

Another 2,000 serve as managers or executives within the same sector, says Associated General Contractor (AGC) member and Colarelli Construction owner Vince Colarelli.

Combined with more than 2,800 licensed Realtors and commercial real estate brokers in the area, those two fields represent a lot of business activity.

Monument Rock meets need

The Town of Monument is in an expansion mode.

Former mayor Betty Konarski checked in this week with an update about a new office park nearing completion at the corner of Mitchell and Synthes avenues, at the entrance to the Monument Industrial Park.

Konarski and John Dworak, both of Rampart Realty, and Hermann Spielkamp of Grubb & Ellis Quantum Commercial are partners on the project.

“What I discovered while in office was that a lot of people either work in Colorado Springs and commute home at night-or couples might have one spouse driving to Denver and the other to Colorado Springs,” Konarski said. “Until recently there hasn’t been much office/warehouse space available for small business owners who would like to work closer to home.”

Groundbreaking on the project took place in February on the 4.27-acre site which will eventually hold three office/warehouse buildings of 12,500 square feet each. The Timberstone Group is the general contractor and Colorado National Bank provided financing.

Multifamily market improves

With two recent closings, Doug Carter sees brighter days ahead for multifamily home owners.

Most recently, the Weber Terrace Apartments, a 24-unit property, sold for $970,000 or $40,417 per unit. That comes on the heels of closing for $812,000 at Marjorie Manor.

Carter expects occupancies to begin climbing, even in the city’s hard-hit Security-Fountain and West units where vacancies have fallen from 20 percent to 17 percent.

In addition, Carter says occupancy at newer properties (those built since 1990) improved 90 percent as a result of lower net rents-as much as $60 per month less than June 2004 rates.

All in all, the broker expects the market to stabilize and recover from last year’s low vacancies.

Realtors to hear C and D panelists

The Pikes Peak Association of Realtors (PPAR) is hosting a panel of speakers who will discuss the impact of Referendums C and D on the Colorado Springs community.

The event is from 11 a.m. to 1:30 p.m. Aug. 2 at the Cheyenne Mountain Conference Center, 3225 Broadmoor Valley Road. The cost to attend is $20.

NAI Highland sales close

Randy Dowis and John Onstott of NAI Hihgland Commercial Group represented Realty Development Services LLC on the sale of 6.1 acres to T.F. Development Inc., a produce distribution company.

The purchaser was represented by Dale Stamp of Grubb & Ellis Quantum Commercial. The selling price was $665,000.

A 6,520-square-foot building at 5875 Lehman Drive sold July 15 for $527,500 to Douglas Barton. He was represented by Lloyd Riphenburg, office specialist with the Olive Real Estate Group.

The seller, H. Mark Tanner, was represented by Lonnie Wagner of NAI Highland Commercial.

Grubb & Ellis Quantum weighs in

Mary Francis Cowan, Mark Dyer and Andrew Oyler of Grubb & Ellis Quantum Commercial Real Estate facilitated both sides of the sale of Unit 30 at 2165 Hollow Brook Drive.

The selling price for was 940-square-foot office condominium was $136,300. The purchaser is Hollowtree Properties LLC. Rich Kelly of Grubb & Ellis Quantum Commercial represented the owner on the sale of a 14,000-square foot industrial building at 650 Elkton Drive. The selling price was $875,000.

The new owner is High Performance, which operates a machine shop.

In other news from Grubb & Ellis Quantum, brokers Cameron Mogadam and Craig Yatsu represented the owners, Kibbeh LLC and Molly Real Estate, on the sale of the 12,130-square-foot Austin Bluffs Shopping Center at 6130 Barnes Road.

The selling price was $2.15 million.

The buyer, Alliance Exchange Group Inc., was represented by Dick Liccardi and Charlie Madson of Keller Williams Commercial.

PT Works is moving to 5988 Stetson Hills Blvd. The company, represented by Bob Nolette of Front Range Commercial, signed an 1,820-square-foot lease in the Ridgeview Marketplace shopping center. The owner, Ridgeview Development, was represented by Steve Martin of Grubb & Ellis Quantum Commercial.

Hot property

Considering a hot commercial real estate investment? Here’s the scoop on one Colorado deal that made history this past weekend.

The owners of a new Crested Butte luxury condominium development held a lottery on July 24 and sold their 89-unit complex in one day for a total of $80 million.

To be exact, buyers put the units at The Lodge at Mountaineer Square under contract in only six hours, creating Gunnison County’s largest single-day real estate sale ever. More than 300 reservations had been made for the available units. The properties range in size from small studios to four-bedroom residences, and prices went from $325,000 to $1.9 million.

The Lodge at Mountain Square is scheduled to break ground July 27.

Becky Hurley covers real estate for the Colorado Springs Business Journal.