Not surprisingly, California Casualty Corp. took issue with the CSBJ’s 2009 commercial real estate “Year in Review,” which stated that the firm had vacated its 122,500-square-foot Class A office building at 1650 Telstar Drive on the Briargate Business Campus. In reality, said Sierra Commercial Real Estate listing brokers, Randy Miller and Brian Wagner, the company purchased the building from the former owner during June 2008 for $15.5 million and simply had vacated its 47,400-square-foot top floor office space — now available for lease.
And for the right office tenant, there’s a bonus: the former third-floor call center operation downsized, leaving 140-plus cubicle furniture systems in place for the next information handling, call center or other high density users,” Miller said. “It’s ready to go, a “plug-and-play” area in a prime location.”
While commercial real estate activity has hit an industry-wide lull, expected to continue through 2010 and 2011, the sky has not completely fallen. Some brokers are off to a good start.
Two sales transactions by Peak Commercial Properties broker John Rodgers are an example of the relatively steady local deal pace.
Jem Communications, for example, just purchased an 11,000-square-foot industrial building at 2115 Victor Place for $515,000.
In related news, Peak Robotics bought a 6,000-square-foot facility at 3330 Fillmore Ridge Heights for $470,000.
“So far it’s been a good year — and I have several more deals in the works,” said Rodgers, who represented both parties in the two transactions.
Becky Hurley covers real estate for the Colorado Springs Business Journal.