Three new buildings in the works at Stetson project

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Local ground-up commercial development has generated few, if any, headlines in the past couple of years.

Even the multifamily sector, with its improving occupancy rates and up-tick in rents, hasn’t seen a new apartment complex built in the last five years.

But there’s now some new activity to report.

Construction is about to begin on three new buildings at the 20-acre Stetson Business Park off north Powers Boulevard.

Grubb & Ellis Quantum Commercial Group brokers Andy Oyler, along with Steve Martin of Magnum Real Estate, is marketing the property, which is divided into 15 lots.

Last year, the office park saw the completion of its first new building, the Young Scholar’s Academy.

Oyler is working with several medical and professional business owners, each of whom is interested in building their own facilities.

One of the new buildings, a 6,100-square-foot Johnson Orthodontics office, is set to break ground this month.

The owner paid $10.56 per square foot for the land — a bargain compared to $20-plus per-square-foot prices common along North Powers in 2006 or 2007.

A chiropractic office and a 15,000-square-foot three-story dialysis center also are in the works at the office park.

The development is attractive, Oyler said, because it sees a high volume of drive-by traffic and is easily visibility from Powers.

That’s why several of the park’s future occupants are moving from other, less dynamic parts of town.

The orthodontist is leaving an office located along the increasingly vacant Academy Boulevard commercial corridor. The dialysis doctor will relocate from another Briargate location.

In other commercial real estate news, the Powers Office Park, about a mile north of the Stetson Business Park, is seeing its first leasing activity.

Powers Office Park developer Compass Capital, which began construction on the project in 2008, has now finally leased about one-third of 90,000 total square feet.

The project broke ground as the construction of two new north-side hospitals spawned 300,000 square feet of competing medical office development.

Powers Office Park’s first tenants include a State Farm insurance office, the 17,000-square-foot headquarters of Black Forest Engineering and a doctor’s office.

Oyler and another Grubb & Ellis broker, Mary Francis Cowan, along with Ted Link of Cascade Commercial Group, are marketing the property.

Oyler attributes interest in the office park to attractive rents — $14 to $16 a square foot, along with tenant improvement allowances of $40 to $60 per square foot.

The developers, he said, also were smart in developing flexible floorplates more suitable to smaller users.

Craddock joins Craddock

Craddock Columbine Realty has changed its name to Craddock Commercial Real Estate and added a key family member to its team.

The company’s ownership, which until recently consisted of brothers Mike and Matt Craddock and father James Berry Craddock, will now incorporate a new commercial real estate colleague — and brother.

James Berry Craddock Jr. is the company’s new senior commercial broker. His responsibility will include commercial properties in the Denver area and Western United States.

One of the city’s only second-generation independent real estate and development firms, Craddock Commercial Real Estate Co. was founded in 1967 by the elder Craddock.

He guided the organization in the development of more than 300 properties. Today the business owns and manages 53 properties, 47 of which are in Colorado.

James may be the firm’s latest addition, but he’s hardly a newcomer to the industry.

The CU graduate served as senior vice president at Dunton Realty in Denver for 19 years. He then joined Denver’s Legend Retail Group in 2008 and has specialized in tenant representation as well as leasing and sales of retail and commercial properties.

His clients include Natural Grocers by Vitamin Cottage, Dairy Queen and Independent Solon Group. He received the industry’s Million Dollar Roundtable award and has been recognized as one of Denver Business Journal’s “Heavy Hitters.”

At the same time, his two brothers were busy developing and redeveloping several key office and retail properties in Colorado Springs.

Mike Craddock, for example, spearheaded redevelopment of the 104,000-square-foot, 11-acre Printers Park Market Center at Circle Drive and Airport Road. Today the center is home to the Star Academy Charter School and to a Liberty Dialysis Center.

Matt Craddock has most recently managed the private urban renewal development of Mission Trace Shopping Center, a 189,000-square-foot project at Academy Boulevard and Hancock Expressway which is now 100-percent occupied.

Becky Hurley may be reached at 719-329-5235 or at . Friend her on Facebook.