Charter school buys building

Filed under: Real Estate |

A five-year dream became reality this week for the Colorado Springs Charter Academy.

The school’s board was able to purchase the balance of the former Benet Hill Monastery campus at 2555 North Chelton Road for $1.25 million — at least a year sooner than originally projected.

The newly acquired property consists of a 13,187-square-foot chapel and living center as well as four single family residences on 12.1 acres adjacent to Palmer Park.

Head of School Tom Schuck said the move represented the culmination of a two-phase strategy that began in August 2008 with the $4.75 million acquisition of a two-story school building, gym, tennis courts and play field.

This former chapel building will be remodeled for use by Colorado Springs Charter Academy.

This former chapel building will be remodeled for use by Colorado Springs Charter Academy.

“This is big for us. We’d talked about buying the property, but didn’t know we’d be in a financial position to get both acquisitions done this soon,” he said. “With approximately 400 students enrolled in K-8, we were crowded with all grades in the large building. Now we’ll be able to provide our 7th and 8th graders a transition to the feeling of a high school.”

A “massive” $750,000 remodel is slated to begin this spring, transforming former chapel, infirmary and living spaces into the new middle school. Art C. Klein Construction is the project’s general contractor. Work may be completed in two phases, but will be completed by year end or sooner.

Steve Bach and Mike Helwege of Bach Real Estate Partners assisted both the buyer and the seller, the Priory of Benet Hill, in the transaction.

Industrial, office deals roll in

A 5,500-square-foot industrial building at 2110 Spectra Drive has been purchased by United Railroad Investments for $325,000. The buyer will occupy the building and saw this as a great opportunity to buy a 3-year-old “quality asset” for less than $60 per square foot, said Palmer McAllister-Cushman Wakefield broker Peter Scoville. The seller, J.P. Motorsports, was represented by broker Danny Mientka of Equity Realty.

CA, Inc., a multinational New York-based computer software corporation (formerly Computer Associates, Inc.) has leased 7,807 square feet of Class A office space on the city’s north side at 2060 Briargate Parkway from Nor’Wood Limited, Inc. Peter Scoville represented both the tenant and the landlord.

There was good news for landlord, Lincoln Property Co. last month — especially in view of double-digit Class A office vacancy rates along north Interstate 25. Kaiser Foundation Health Plan of Colorado Springs has renewed its 21,500-square-foot lease at 1975 Research Parkway on the Briargate Business Campus. Broker Greg Phaneuf of Palmer McAllister-Cushman Wakefield represented the landlord, and Paul Keilt of Jones Lang Lasalle represented the tenant.

An industrial building at 2283 Waynoka Road on the city’s east side has added two new tenants. Vista Properties, Inc. has leased 1,500 square feet, and Weber Construction has leased 2,000 square feet of office/warehouse space. Charley Conrad of Olive Real Estate Group represented the tenant, Vista Properties, and the landlord, Craig Investments LLC, in both transactions. Tim Leigh of Hoff & Leigh represented the general contractor.

Historic library facelift

After 100 years, The Manitou Springs’ Public Library building at 701 Manitou Ave. is getting a facelift.

Scaffolding is up and work will begin shortly on the preservation grant-funded restoration of the roof and exterior of the building.

The $210,644 project is underwritten by a Colorado State Historic Fund grant, the City of Manitou Springs and the Friends of the Library. H.W. Houston Construction will serve as the project contractor.

Work will take about four months to complete, but the library will remain open throughout the restoration project, said Library Director Margaret Morris, adding that the renovation coincided with the library’s centennial anniversary.

The turn-of-the-century building was designed by local architect Thomas McLaren, and construction was funded by the Carnegie Institute in partnership with several Manitou Springs residents and the City of Manitou Springs.

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