Intel sells to California investor

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It’s official.

The 1.2 million-square-foot Intel building has sold to Industrial Realty Group of Los Angeles. The transaction closed yesterday, Intel spokesman Bill MacKenzie said.

“The sale is bittersweet,” he said, “because while it is good that we found a new owner for the site, the sale reminds me of the terrific relationship Intel had with Colorado Springs from the earliest days.”

Michael Palmer of Grubb & Ellis Quantum Commercial Group will serve as the property’s sales and leasing broker.

While he declined to disclose the selling price at the request of the new owner, he did indicate that there has been “significant interest in the building so far and that he is in the process of negotiating a couple of large lease transactions.

“It’s nice the property is finally in the hands of a motivated developer and investor. It’s a top of the line facility with massive infrastructure, which creates a tremendous job creation opportunity for the City of Colorado Springs,” he said.

9 Responses to Intel sells to California investor

  1. Isn’t the sale price recorded?

    Obviously Ignorant
    November 13, 2009 at 11:47 am

  2. So far the sale has not been recorded on the El Paso County Assessor’s Web site which still shows the Intel Corporation as the property’s owner.

    Becky Hurley
    November 13, 2009 at 11:56 am

  3. It too bad that our EDC in Colorado Springs doesn’t have a long list of firms waiting in line for this property. That certainly would be a win win situation bringing a new employer and jobs to Colorado Springs. We’re paying how many people in the EDC group for what again?

    The City of Colorado Springs needs to partner up with this new owner for incentives to draw new businesses to the property.

    PlayInSnow
    November 13, 2009 at 1:52 pm

  4. How many call centers will fit into 1.2 million square feet of space?

    StevieBeefs
    November 13, 2009 at 4:03 pm

  5. The EDC has many prospects interested in the facility. The availablility of this building is good news to our community and will result in additional jobs as we work with these prospects and the owner to close some of these deals in the months ahead. I would not expect the new owner to do incentives, other than providing a great lease rate, the community and the state normally provide incentives. Unfortunately, not much of that gonig on here, so we’ll do the best we can which was pretty good over the past year where we announced over 2,500 new jobs. By the way (playinthesnow) you do not pay us as we are a mostly privately funded nonprofit that gets 3% of our funding from the City. P.S. The national average for support of ED organizations is over 50% public funding – something about how jobs provide the economic activity that generate taxes that help fund the government operations. That said, if you would like to support our job creation efforts we would certainly appreciate the help.

    Mike Kazmierski
    November 13, 2009 at 6:32 pm

  6. As a side note, Intel built on top of what use to be the United Technologies Mostek semiconductor plant (which I helped staff up when it was first built back in 1981) and the United Technologies Microelectronics Center building. We occupied less than 50% of the building and employed slightly less than 1000 people at its peak (no pun intended) just before UTC sold Mostek and closed the Colorado Springs plant site.

    It would be great to have an opportunity to ‘start it up’ all over again.

    Michael Theimer
    November 14, 2009 at 10:04 am

  7. I find it so unfortunate that people continue to jump to conclusions and make accusations without checking out the facts (playinthesnow). I accompanied the EDC on a recruiting trip to California in June (no taxpayer money involved-my company supports EDC, The Chamber of Commerce, Downtown Partnership and other organizations interested in the economic vitality of our community) and believe me the EDC is canvassing and aggressively pursuing companies to relocate to Colorado Springs; and the Intel building was included in many of those discussions. It was an exhausting 3-day trip and these folks work very hard! You would also be amazed if you looked at the resources and funding other cities offer their EDC’s; like Austin, TX that we continually compete against when many of these companies consider relocating or expanding.

    That said, I do believe the numerous groups promoting and supporting economic growth in Colorado Springs need to have more collaboration in communicating a common interest message and provide accurate information. Unfortunately, there have been several recent decisions and situations that have created mistrust and doubt…whether the questionable info is totally correct, the perceptions resulting from mistrust and unbelief (including some crying wolf too many times) have done their damage. Deceptions and lack of full disclosure of the facts leave our citizens understandably cynical and suspicious.

    Knee-jerk reactions, without complete and accurate information, could also be why initiatives like 300 passed and 2C didn’t. Wouldn’t it be more productive to focus all of this negative energy on making positive things happen? There are many ways to get involved and have your voice heard, which would create more positive results and promote our city. Don’t you realize the companies considering relocating here pay attention to our news and politics? All of our divisive infighting sure sends out a strong message…are we creating what we want to promote?

    So, we can focus on blaming each other, or we can become informed and involved and make our community what we want it to be…we do have choices!

    Mikki Andersen
    November 15, 2009 at 11:11 pm

  8. Mike and Mikki, Thanks for setting head in the sand..err playinthesnow straight. this person is blatantly uninvolved and uneducated in our city and especially in economic development.

    Captain
    November 16, 2009 at 9:25 pm

  9. Unfortunately, what drives economic engine in Colorado Springs is the dollar sign. In these economic times, companies are primarily looking for the funding that they can receive from local and state governments.
    A case in point is the loss of 2000+ jobs at HP. The states of New Mexico and Arkansas provided over $100 million dollars to lure HP to move. They build a call center in each state to employ up to 1600 each and before anyone starts to criticize HP call centers as low wage facilities. The majority of HP employees made more than $50K a year. Oh, with the loss of HP’s 2000+ jobs the local economy also lost over $90,000,000.00 in payroll.
    What was needed to keep those jobs was for Colorado Springs and the State to offer an incentive of ~ $7M. The State gave more to create 300 ‘new’ jobs in Greeley and Pueblo to build wind turbines. However, these were good new green jobs so the old saying ‘out with the old and in with the new’ also applies to jobs.

    Here is a touchy addition, how much was contributed to keep the USOC? I guess it all comes down to prioities.

    SWaE 1970
    December 21, 2009 at 8:01 am