Centennial medical building sold for $2.05 million

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The local commercial real estate market continues to show signs of life.

The 11,663-square-foot Centennial Health building at 3480 Centennial Blvd. has sold for $2.05 million.

The sale includes 1.58 acres of land.

The Centennial medical building has been sold for $2.05 million.

The Centennial medical building has been sold for $2.05 million.

Built by the Colorado Springs Osteopathic Foundation in 2006, the building is being renovated by the new owner, Majors Property LLC of Denver, probably for medical use, said CSOF Executive Director Doris Ralston.

Anne Rosen of Zing! Development Strategies LLC of Denver represented the buyer and Jim Justus of Olive Real Estate Group represented the seller.

Former Coca-Cola facility fills

Two new tenants have moved into the 48,000-square-foot former Coca-Cola distribution building at 415 E. Pikes Peak Ave.

Deep Rock Water, a long-time tenant that occupies about 16,000 square feet, now has a neighbor in Hendersonville, Tenn.-based Flooz, which has leased about 13,500 square feet for its market headquarters.

In addition, Linx, an office telecommunications service and equipment supplier, has leased 2,600 square feet.

Murphy Constructors’ vice president Kevin Murphy said his company is doing about $700,000 in renovations to the building, which was purchased by a local partnership last year for $1.23 million. “Even in this economy, we should be able to cash flow. The key is to buy at the right price, improve your building and keep your tenants,” he said.

John Onstott of NAI Highland Commercial represented the new tenants in both transactions.

CollegeAmerica new location

CollegeAmerica has purchased an 8,000-square-foot building at 1000 and 1026 Maxwell St. for $580,000. It’s the second location for the private higher-education provider, headquartered at 3645 Citadel Drive.

The new location was known as the Tailgate Bar, but was updated by the seller before being listed last year. John Rodgers of Peak Commercial Properties represented the seller, 1000 Maxwell Street LLC, and Nicola Myers-Murty of Sierra Commercial Real Estate represented the buyer.

“The property was ideal for them because of its close location to future students at Fort Carson,” Rodgers said.

Landmark Commercial Group A group of three brokers has started a new commercial real estate firm.

Greg Kaufman, Robert Aertker and Patrick Kerscher have formed Landmark Commercial Group LLC at 13 S. Tejon Street downtown.

“We just saw an opportunity in this economy to build our retail leasing portfolio,” Kerscher said.

With almost 1 million square feet of retail space under its supervision, the company also maintains a 200,000-square-foot property management division.

“We’ve been very busy out at our new Plaza at Stetson Hills neighborhood center. It’s 11,000 square feet of inline space plus four pad sites,” Kerscher said, adding that Midas Muffler had just purchased close to an acre for its newest store for $495,000. “Construction is under way — and we only have about 2,800 square feet left to lease.”

Sam Guadagnoli is the project’s owner and developer.

Becky Hurley can be reached at becky.hurley@csbj.com or 719-329-5235.