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Grubb & Ellis files for Chapter 11 bankruptcy

Grubb & Ellis Co. has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt. The Santa Ana, Calif.-based company also said it has arranged to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank. Colorado Springs’ closest association to Grubb &… Continue Reading Grubb & Ellis files for Chapter 11 bankruptcy

Repositioning of former PetCo building under way

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Increased retail closings or lease defaults have spurred repositioning efforts and marketing creativity on the part of some building owners. A former PetCo store at 5720 N. Academy Blvd in the Berkshire Center, for example, was purchased during 1993 by a Pebble Beach, Calif., investor for $775,000. The pet supply company’s 12,558-square-foot lease ran out… Continue Reading Repositioning of former PetCo building under way

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Colorado’s Grubb & Ellis commercial real estate and investment brokers predict a gradual quarter-by-quarter office vacancy rate increase through the rest of the year. Senior economist Bob Bach said lease rates will continue their downward slide, increasing 17.6 percent for second quarter. As a result, some tenants who are able to do so will take… Continue Reading Office vacancy rates expected to grow through 2009

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In its fourth quarter recap of the Colorado Springs residential real estate market published this month, the Denver-based Genesis Group provided a forecast for the remainder of 2009. Acknowledging current “bleak conditions,” Genesis reporter Sue Selle said Colorado Springs is better positioned to improve once the national economy begins to recover.  She also cited the… Continue Reading Springs real estate market better-poised for recovery

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