Freedom Furniture buys Family

Filed under: real estate column |

The Family Furniture building was bought by a North Carolina company for $2.51 million.

The 28,000-square-foot Family Furniture building on the southwest corner of East Pikes Peak Avenue and South Academy Boulevard has been purchased by Freedom Furniture and Electronics of North Carolina for $2.51 million.
Steve Hunsinger of Olive Real Estate Group represented both parties in the transaction.
“They definitely cater to a military customer so a location within a short drive of Fort Carson or Peterson was a determining factor,” Hunsinger said.
Freedom President Link Melley said his operation, which has locations in most military markets throughout the United States, will use only about 20,000 square feet of space, leaving 8,000 square feet available for sublease.
The sale includes only the two-story building and not the adjacent inline strip shopping center, both of which were owned by Craig Minette.
Family Furniture will continue its current operation through the end of the year.

Tech center adds tenant

Auxsol Inc. has leased 3,000 square feet at 860 Commercial Lane in the Palmer Lake Technology Center.
Mike Helwege of Bach Real Estate Partners represented the landlord, Palmer Lake Technology Center LLC. The tenant, a water re-use and treatment technology company, was represented by Ed Allen of Heritage Realty Colorado Inc.

Biotech research lab opens

Hemogenix LLC, an emerging biotechnology and testing company, has leased 6,000 square feet at 1485 Garden of the Gods Road.
Steve Bach and Mike Helwege represented the tenant.
The building owners, Joy Focht and Dar Faaborg of 1485 Garden of the Gods LLC, were represented by Tim Leigh of Hoff & Leigh.

Senior community sold

Health Care Real Estate Investment Trust and Arcapita Inc. have purchased 29 senior living properties managed by Sunrise Senior Living.
The price tag for the communities, located from Los Angeles to Chicago to New York City, was $643.5 million.
In Colorado Springs, Sunrise operates the 43-unit Sunrise at University Park facility.
Sunrise Senior Living, one of the country’s largest senior housing community operators, will continue to manage the properties and will retain a 10 percent interest in the venture.

A greener GSA

The General Services Administration leases or owns about 300,000 square feet of commercial space on behalf of the federal government in the Pikes Peak region, and most of that space will be subject to the agency’s revised energy efficiency criteria.
For those who currently develop buildings for or lease space to the government — or desire to — here are the recommended energy efficiency and green building requirements, outlined by Buildings Magazine.
The most recent mandates, revised during 2007, include:
A 55-percent reduction in fossil fuel consumption by 2010.
Carbon neutral by 2030.
The GSA is required to lease space in Energy Star-labeled buildings.
The creation of the Office of Federal High-Performance Green Buildings within the GSA.
The GSA has 24 LEED-rated buildings and 118 Energy Star buildings. Its 8,619 owned and leased assets comprise about 352 million rentable square feet, which houses 60 agencies, according to David Winstead, commissioner for the Public Building Services office.

Manufacturing facility sold

Investor Michael Underwood has purchased a 16,000-square-foot industrial building on 1.79 acres at 3725 Interpark Drive for $1.2 million.
Underwood buyer was represented by Charley Conrad of Olive Real Estate Group and the seller, Wood1 LLC, was represented by Conrad and Lloyd Riphenburg, also of Olive Real Estate Group.
The facility will be occupied by Summit Commercial Flooring.
Becky Hurley covers real estate for the Colorado Springs Business Journal.