2011’s biggest real estate deals

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The state of the U.S. economy played a definitive role in the Colorado Springs region’s top real estate deals this year.

Investors swooped in to buy bank-owned properties at discount prices. Local and out-of-state apartment-management companies bought several complexes to capitalize on apartment demand, which is at a 10-year high. And large nonprofits with deep pockets took advantage of the shifting market to purchase buildings.

The $71 million purchase of the 178,000-square-foot Chapel Hills Mall ranks it as the year’s most expensive deal and the largest in terms of square footage. Texas-based Coyote Management and New York-based Garrison Investment Group partnered on the purchase.

Other big deals this year included other bank-owned or bankrupt properties, including the former Chase building at 6 N. Tejon Street, which totals more than 129,000 square feet, according to Sierra.

The assessor hasn’t received tax paperwork on that property yet though the sale was completed in the late summer.

That’s not the only major sale the assessor doesn’t have on record yet.

Philip Anschutz, the richest man in Colorado, bought the Oklahoma Publishing Company, which owned The Broadmoor, in September. While the exact sales price for the publishing company and its holdings was never made public, the assessor estimates the value of 1 Lake Avenue, the hotel’s primary address, at more than $51 million. That’s excluding the various other grounds and buildings.

Other major deals this year involved nonprofits such as the El Pomar Foundation, which bought the more than 109,000 square-foot industrial space at 1460 Garden of the Gods Road for Goodwill Industries International, Atlas Preparatory School bought its own building and an event center opened at the foreclosed Rustic Hills Shopping Center.

Wal-Mart bought up and leased a lot of property in Colorado Springs this year, according to Sierra data. It claimed three of the top 25 deals of the year, including one of three major land purchases.

The retail giant bought 24 acres for a planned datacenter in the Interquest area on the far north end of town. American Furniture Warehouse bought 33 acres off of Powers for a new retail location. And Bal Seal Engineering purchased 17 acres in the Interquest area for a new headquarters building.

Several of the biggest dollar sales this year included apartment complexes. Advenir, a Florida company, purchased two apartment properties this year and made an announcement that it planned to expand its presence in Colorado. Apartment real estate went quickly this year as vacancies fell to their lowest rate in more than a decade and rents soared.

Top 10 commercial property sales by price
Property Buyer Sale price
1. Chapel Hills Shopping Center Coyote/Garrison Chapel Hills $71,414,991
2. Marketplace at Austin Bluffs AmCap $32,810,000
3. Market at Chapel Hills DDR MCH East $25,000,000
4. Cheyenne Crossing Advenir @ Cheyenne $19,150,000
5. Cheyenne Mountain Center WMK Colorado Springs $17,181,235
6. Briarglen apartments Advenir at Briarglen $16,075,776
7. Deliverance subdivision Cottonwood Terrace Group $14,672,180
8. Orix Prime West at Briargate 556 Chapel Hills $11,175,000
9. Pine Creek Village Center EAT-1105 $9,025,000
10. TRW subdivision ARC GSCOSCO001 $7,250,000
Top 10 residential property sales according to price
Location Buyer Sale Price
1. Broadmoor Shirley & Thomas Henning $2,672,500
2. Broadmoor Huckstep Holdings $2,503,000
3. Broadmoor Carolyn & David Romagos $2,500,000
4. Broadmoor Jeffrey & Kathleen Moore $2,250,000
5. Doughertys Belk Hamilton Witherspoon McKay $1,800,000
6. Pine Tree Sandra & Shannon Murphy $1,800,000
7. Armour Amy & Nicholas Moore $1,600,000
8. Broadmoor John & Candace Olds $1,550,000
9. Cathedral Pines Jeffe & Larry Hall $1,453,000
10. Stratton Preserve Susan Huppertz $1,445,000
Top 25 real estate deals based on square footage
Buyer/Tenant Address SQFT
1. Market at Chapel Hills East 7625 N Academy Blvd 178,313
2. Former Chase Building 6 North Tejon 129,427
3. El Pomar Foundation 1460 Garden of the Gods Rd 109,930
4. Bestway Disposal 4005 Interpark Dr 89,032
5. T-Mobile Call Center 556 Chapel Hills 69,403
6. Wal-mart 535 N Murray 59,000
7. Centennial Commons SC 4685 Centennial Blvd 57,640
8. Atlas Prepatory School 1602 S Murray Blvd 53,731
9. The Children’s Hospital 4125 Briargate Pkwy 50,000
10. SRAM 980 Elkton Dr 50,000
11. Intellitec Medical Institute 6805 Corporate Drive 46,714
12. Wal-mart 4450 Foreign Trade Zone 46,656
13. Space Foundation 4425 Arrowswest 45,716
14. Event Center Rustic Hills 3910 Palmer Park Blvd 45,000
15. Willowstone Antique Marketplace 1710 Dublin Blvd 42,000
16. Entegris 1555 Garden of the Gods Rd 39,597
17. TLB Real Estate LLC 6035 Galley Rd 36,612
18. HD Supply Construction 4220 Mark Dabling Blvd 26,600
19. Eagle Leasing Inc 2170 Hancock Expy 24,300
20. Redstone Shopping Center 402 West Fillmore St 23,770
21. H&E Equipment 3550 New Nichols hts 17,000
22. TCA 526 Chapel Hills 14,085
23. Pikes Peak Research Park 5445 Mark Dabling 12,118
24. ISS 5575 Tech Center 11,345
25. Memorial Urgent Care 2749 Janitell 10,575