The Mining Exchange, a Wyndam Grand Hotel opened May 8th,2012 in downtown Colorado Springs. It boasts 117 rooms and a 4-diamond AAA rating in only its first year of operation. Read The Gazette article for more about The Mining Exchange, its creator, and its amenities by clicking here
The 18,000 acre Banning Lewis Ranch, defines the future of Colorado Springs growth to the east. After several developers filed bankruptcy while holding the property, Ultra Resources purchased the property and announced it would drill for oil on the property.
After drilling 3 exploratory wells Ultra announces that they are disappointed with the results. Now what? for this huge property?
In an article on Sunday, March 10th, The Gazette laid out the potential future of the property.
Read the article on Banning Lewis Ranch in The Gazette: http://www.gazette.com/articles/lewis-151995-banning-future.html
The owners of Copy Experts recently opened a new business in Plaza 2300 called Springs Paper. Springs Paper offers all types of office paper supplies to include copier paper, stationary, envelopes, not cards, among other things. The new store is approximately 2400 square feet and there is still space available.
Below is a video walkthrough of Plaza 2300.
Gold Hill Mesa has had many suitors over the years with grand plans for the property ranging from reclaimation of gold from the mining tailings to residential and commercial development.In the attached article the current owner of the property reveals his success with home sales,increased demand for more and future commercial development.
To find out more about the development of Gold Hill Mesa read The Gazette article by clicking here.
Exciting opportunity to purchase (or Lease) the 8000 square foot Office Building Gold Hill Plaza.
Gold Hill Plaza is located at 1586 South 21st Street, just west of Highway 24 between Cimarron Street and Lower Gold Camp Road, very close to Old Colorado City.
Call J.P. Nolette today, or email him about this fantastic opportunity by clicking on his name – J.P. Nolette
The City of Woodland Park has discussed the “renewal” of the downtown area along Highway 24 for many years but never had the support or funding to act on it. It appears that now they do have the support and funding, and are moving ahead with plans to revamp the Highway 24 corridor in downtown Woodland Park. See the attached link to the Business Journal article.
As reported on Thursday January, 31, 2013 the group that owns the Garden of the Gods Club has plans to put the resort up for sale. That process encountered a minor hiccup Tuesday morning as Colorado Springs Fire Department crews removed burning insulation from the second floor of the 43,000-square-foot main building. The Colorado Springs Fire Department confirmed there was no active fire, but the cause of the burning installation is unknown as they continue to investigate. The Gazette has the details here.
For more information on the impending sale of the resort read The Gazette story here.
by Wayne Heilman
The partnership that owns the Garden of the Gods Club and related properties will soon put them on the market to focus on developing high-end lots in the Kissing Camels area.
Garden of the Gods Club LLC, a joint venture of Palm Desert, Calif.-based Sunrise Co. and J. Thomas Schmidt LLC of Colorado Springs, hopes by mid-summer to sell the club complex that includes 66 guest rooms, a 27-hole golf course, a 43,000-square-foot main building, 21,000-square-foot golf clubhouse and 7,50-square-foot recreation center, said Dirk Gosda, president of Sunrise’s Colorado Division. He said the partnership is in the process of hiring a resort broker to market the property and hasn’t set an asking price.
The partnership paid $24.75 million in 2007 to Dallas-based Hill Development Corp. for the club and about 300 acres of undeveloped land in the upscale Kissing Camels Estates and surrounding developments, and restructured the club’s membership base from mostly national to mostly local.
“We feel like it is a good time to sell the club,” Gosda said. “The club’s income has increased by 25 percent since we bought it and the occupancy rate of our rooms has more than doubled from the 20 to 30 percent range to 55 percent last year. While we had close to 1,000 members resign, we had 900 new members join and in the process the club became much more local. We have gone from about 30 percent of our membership base being local to about 70 percent today. In the past, most of our members came here for short visits in the summer.”
Since acquiring the club and surrounding property, the partnership has generated about $15 million from selling off lots to homebuilders, Gosda said. Sunrise will continue to develop lots and sell them, including some property zoned for apartment development, he said. Although the Colorado Springs housing market made a dramatic recovery last year with housing construction and sales surging by double-digit levels, he said the market for lots in Kissing Camels has been slower to improve than the rest of the local market.
The club at 3320 Mesa Road has about 1,600 members and employs about 200 people year-around with up to 200 more employees working there on a seasonal basis, generating an annual payroll totaling $5 million, Gosda said. Since buying the club, Sunrise spent about $5 million remodeling the club and golf courses.
Sunrise also operates three other country clubs in California, Nevada and Texas as well as two other housing developments in California and Nevada. During the past 40 years the company has developed 11 other country clubs and nine other housing developments, mostly in Southern California.
The late Dallas oilman Al Hill bought the entire 1,600-acre mesa just east of Garden of the Gods Park in 1949, and built and opened the Garden of the Gods Club in 1951 and the Kissing Camels Golf Club in 1960. Much of the club was demolished and rebuilt in 1995.
Downtown is getting a new liquor store, but owner Greg Huesgen hopes it will be several fine wines, craft beers and antique furniture displays above typical liquor stores found in suburban shopping centers.
His Downtown Fine Spirits & Wines opens Thursday in a building Huesgen owns on the southeast corner of Colorado and Wahsatch avenues, at 103 S. Wahsatch, in Colorado Springs. The store will join a handful of liquor stores downtown or on the area’s outskirts.
Huesgen envisions his store competing with speciality and upscale liquor outlets in town, both on atmosphere and price.
The 5,000-square-foot business — bigger than many such stores — has carpeting throughout, while large selections of fine wines, craft beers and upscale liquors will be displayed on cabinets and other pieces of antique furniture from Huesgen’s personal collection. He plans to add a wine-tasting room in about a month.
Huesgen said he has the financial means and low overhead to buy large quantities of higher-end products, keeping his prices competitive with Coaltrain Wine and Liquor, Cheers Liquor Mart and Powers Liquor Mart, among others.
“I want to compete price-wise with the bigger liquor stores in town,” he said of his store, which will employ six to eight people to start.
Some critics have complained about bars and nightclubs dominating portions of the downtown area, and resulting drunken behavior. But Huesgen said he hopes to cater to a higher-end clientele — business people, office workers and others looking for quality products in a nice atmosphere. He said he’s not courting customers who want a six-pack at 10 in the morning, though he does carry some of the same brands found in neighborhood liquor stores; he’ll close his store at 9 p.m. during the week and 10 p.m. on Fridays and Saturdays.
“I’m not going after the (Colt) 45 malt liquor market,” he said.
Born and raised in Germany, Huesgen spent 21 years in Asia as an investment banker and nine years before that as a banker in Europe. In 2009, he moved to the Springs, where his wife grew up.
He owns nine buildings in town, including three in the downtown area, and lives in the Old North End.
Huesgen, who also owns a separate company that leases solar power systems, has installed 144 solar panels on his building roof to help generate power. He’s also installed energy-efficient heating, cooling and lighting systems in his building.
Huesgen said he chose downtown for his store, in part, because he said he believes in the area’s potential. Mayor Steve Bach — among others — has made downtown a priority, and Huesgen said he expects more development in the next few years.
“The southern part of downtown, in the next one to two years I foresee that coming back, the economy coming back,” he said.
Published by The Gazette | January 24 2013 | Written by Wayne Heilman
A Colorado Springs-based manufacturer of large precision-cutting and shaping machines has acquired an industrial building in the northwest part of the city that will allow the company to significantly boost production after it consolidates operations there in March.
Diversified Machine Systems plans to move its operations from two buildings near Interstate 25 and Circle Drive to a 70,000-square-foot building at 1068 Elkton Drive that it acquired this month for $2.5 million from General Electric Capital Corp. Diversified CEO Patrick Bollar said in a press release that the company, after a record year last year, acquired the new location to allow it to boost production capacity, give it the ability to take on more custom projects and pursue new business opportunities.
“This facility is an investment in our future, and reinforces our strong commitment to U.S. manufacturing,” Bollar said.
John Rodgers of Peak Commercial Properties, which represented Diversified in the purchase, said the company had been looking for a building for two years. He said the company is likely to retain one of its existing buildings for additional manufacturing floor space. Gail Mead of Denver-based Colorado Commercial Real Estate Professionals represented GE Capital in the deal.
GE Capital foreclosed in 2011 on a $3.72 million loan made in 2007 to Maharishi Ayurveda Products International, which moved to Colorado Springs in 1992 and completed the Elkton Drive building in 1997 as its headquarters for selling herbal health care products. MAPI moved to southeastern Iowa in 2011.
The new location will allow Diversified and its Freedom Machine Tool subsidiary and their 60 employees to share the same building, which includes manufacturing space as well as office space for management, engineering and design, support services, inventory control and sales.
Much of Diversified’s growth has come from expansion into China, India and other international markets. The company’s cutting and shaping machines are used in the aerospace, automotive, art, composites, electronics, medical health care, music, plastics and mold and pattern industries.
Diversified’s roots reach to 2000, when Bollar set up an operation of his family’s Motionmaster Inc. company in the Springs to produce custom-made versions of the cutting and shaping machines Diversified now makes. Motionmaster shut down three years later, forcing Bollar to scramble and start Diversified to continue producing the machines for Motionmaster customers.
Unable to find an affordable building for Diversified in the Springs, Bollar moved the company to Texas in 2004. Diversified returned to the Springs in 2008 after Bollar bought a former indoor baseball facility and remodeled it into a manufacturing plant.
Maryland-based Corporate Office Properties Trust, which invested more than $100 million in Colorado Springs commercial real estate after its 2005 arrival and became the city’s largest office landlord, is selling the majority of its local properties.
COPT, a publicly owned real estate investment trust, has begun marketing 16 of its 21 properties — including its five buildings in the Patriot Park business park on the Springs’ east side and six buildings in the north side InterQuest business park. In all, the 16 properties total roughly 1.2 million square feet.
Company officials declined to talk with The Gazette. In an earnings conference call last week with financial analysts, COPT executives said the sale of the properties could fetch $160 million, although it was unclear if that figure also included some assets outside of the Springs.
Company executives also said in the call that they were in the “early stages” of marketing the Springs properties, and their sale was expected to be completed by the third quarter.
Among tenants in the buildings being sold: Northrop Grumman, ITT Exelis Systems, Lockheed Martin and United Healthcare.
“We believe we know who, not who the buyer will be, but the type of buyer, and we’ve got a good package ready to go,” executives told analysts.
COPT is a nationwide real estate company that buys, develops and manages Class A, or top-of-the-line, office space. It focuses primarily on Department of Defense-related tenants and has large concentrations of buildings in Maryland and Virginia, along with Texas, Alabama and Pennsylvania. Through Sept. 30, it owned 206 office properties with 18.6 million square feet of rentable space.
The company came to the Springs, in large part, because several of its Washington D.C.-area defense and aerospace tenants had operations near local military installations.
In 2005, it bought the 65-acre Patriot Park at Powers Boulevard and Platte Avenue. Among other activity since then, COPT constructed several single- and multi-story buildings at Patriot Park and in InterQuest; purchased the three Northcreek office buildings on the northwest side; and bought several buildings near the Colorado Springs Airport, including one that houses Northrop Grumman.
In 2007, Colorado Springs Airport officials chose COPT as the master developer of a planned 272-acre business park at the airport, a project that’s still in its early stages.
Though COPT just recently began marketing the properties, it announced the decision to sell its Springs assets in December 2011. COPT said then that it was adding “office properties and land holdings” in the Springs to others being sold as part of a management-initiated, three-year “strategic reallocation plan.”
As part of that plan, the company said it wanted to reduce its exposure to “slower-growth markets,” improve its building occupancy and growth of its “core” properties and “redeploy capital into higher growth investments,” among other items.
COPT likely decided Colorado Springs is underperforming, based on the money the company invested here and how its return on that investment compares with other markets, said Jim DiBiase, a commercial broker with Olive Real Estate Group in Colorado Springs.
As of Sept. 30, COPT reported that its Springs properties had a vacancy rate of 23.5 percent, more than double the companywide rate of 11.9 percent, according to Security and Exchange Commission documents.
A lack of significant job growth and uncertainty about federal spending cuts and their potential effect on local defense contractors has led to a shaky market for COPT and other landlords, DiBiase said.
DiBiase expects COPT also will sell the remainder of its holdings in the Springs. COPT’s buildings are top drawer and should attract major real estate investors, he said.
Defense contractors and other tenants, meanwhile, aren’t likely to be scared off by a change in ownership, he said.
“Those tenants will end up with good, quality landlords,” DiBiase said.
Springs Aviation Director Mark Earle said the airport learned over the past few months that COPT planned to sell its local assets.
COPT has not yet said if it will walk away from its contract to serve as the airport business park’s master developer, Earle said. If it does, airport officials likely will seek another master developer for the project, he said.
Frontier Airlines short-lived “focus city” experiment in Colorado Springs failed because the Denver-based carrier underestimated how willing local passengers are to drive to Denver for a wide selection of inexpensive flights, the experiment’s architect says.
The carrier unveiled ambitious plans nearly a year ago to launch nonstop flights from the Springs to Los Angeles, Phoenix, Portland and Seattle as part of a strategy to make the city a test market for tiny hubs in smaller cities. By the time the flights started in mid-May, Frontier officials said bookings were so strong that the airline would replace Portland and Seattle as summer season destinations that were scheduled to end in the fall with winter season service to San Diego and Orlando, Fla.
But bookings declined in the fall, forcing Frontier to discount fares more than anticipated to fill the 138-seat aircraft it uses for the Springs flights, said Daniel Shurz, Frontier’s senior vice president of commercial and architect of the Springs expansion. As a result, Frontier will halt flights to San Diego on Feb. 21 and Orlando on Feb. 25 while trimming its schedule to Phoenix from daily to five days a week and its schedule to Los Angeles from six to three days a week. Flights to Denver will end March 2 because Frontier is phasing out its fleet of 99-seat regional jets.
The cuts mean fewer opportunities for people to fly out of the Springs and more reason to drive to Denver. And they’re another setback for the Colorado Springs Airport, which expects to see the first annual increase in passenger traffic in four years when final figures are released for 2012 — an increase fueled by the new Frontier flights. The flights added by Frontier in May were the largest expansion by any airline locally since Western Pacific Airlines operated in the Springs in the mid-1990s; Western Pacific moved its hub from the Springs to Denver in 1997 and went bankrupt months later.
“The challenge is that the market knows there is high-frequency, low-fare service to virtually any market of significant size from Denver,” Shurz said. “We know there is healthy demand — Colorado Springs is large enough to generate that demand, but when you compare multiple daily flights in Denver to several flights a week from Colorado Springs, it turned out to be more of a challenge than we thought. At times when demand was high, we could get the fares where they were economically viable, but the trick is not doing it in July, it is doing it in enough months to generate a profit.”
The percentage of seats sold to every destination but Phoenix fell sharply between August and September, and was between 20 and 40 percentage points lower than Frontier flights to the same destination from Denver, according to U.S. Department of Transportation data.
Frontier plans to continue service to Phoenix since it has generated strong demand in both the Springs and Denver and will continue the Los Angeles service at least through the summer since bookings were strong on the route last summer, Shurz said.
“We are focused on keeping the company sustainably profitable and to do that each plane has to justify its existence. As a result, the capacity in Colorado Springs has been reallocated to flying from Denver,” Shurz said.
What about Southwest?
Don’t expect low-fare giant Southwest Airlines to swoop into the Springs to replace Frontier. The Dallas-based carrier doesn’t anticipate adding any new cities during the next two years other than those already served by its AirTran unit, which it acquired in 2011, said Chris Mainz, a Southwest spokesman. Southwest hasn’t ruled out serving the Springs or other cities, he said, but the company has focused in Colorado on expanding its Denver operations, which have grown in six years to 163 flights to 54 cities, making Denver Southwest’s fifth-largest hub.
Colorado Springs Airport officials continue to work with other carriers about adding service, touting some of the most aggressive incentives offered by any airport in the nation, but those efforts often take years to bear fruit, said Mark Earle, the city’s director of aviation. Airport officials recruited Frontier to expand its schedule in the Springs after the shutdown of ExpressJet in 2008 ended service between the Springs and three California cities, but Earle said the process took two years and dozens of meetings to play out.
Earle said the airport has ongoing conversations with Southwest and several other carriers and keeps them aware of changes in the market that could create opportunities, targeting its pitches to those carriers whose strategy, fleet and route network would best fit the Springs.
“These latest changes create opportunities for some of our existing carriers and we are in conversations with specific carriers about specific routes, but we can’t disclose that,” he said.
The most likely candidates to replace Frontier on the routes it is ending would be United to Denver (the carrier already operates several daily flights to its Denver hub); Allegiant Air to Orlando, where it operates flights to 45 cities; and Alaska Airlines, which operates hubs in both Portland and Seattle. A spokeswoman for Alaska Air said the carrier doesn’t discuss plans for new destinations, while an Allegiant spokeswoman said the carrier has no plans for new destinations from the Springs but is “always evaluating new opportunities in our network.”
Mayor Steve Bach said he believes “there is demonstrated demand for increased air service to certain destinations and we are optimistic that these and additional routes will be picked back up by Frontier or other carriers.”
Incentives go only so far
The Springs airport offers incentives that include landing-fee rebates, income sharing and marketing help for up to three years to encourage airlines to launch or expand service in the Springs. But the incentives are meant to defray startup costs, not to convince airlines to start or keep unprofitable flights in place, Earle said.
“Incentives won’t get a carrier to consider a market it wouldn’t otherwise service or to continue service that is not profitable. Airports can’t afford to subsidize service from their own revenue, unless there is outside money involved from a chamber of commerce, convention and visitors bureau or some other source,” Earle said. “Our incentive package is one of the best in the nation because of its duration (up to three years), but very small compared to the overall cost of operating in a market. They are just a tie-breaker with another destination in some cases.”
Springs airport officials have been studying “how we do business” for two years and are in discussions with airlines on how the airport might restructure its operations to be more attractive to new service, Earle said. He declined to elaborate, but said the talks should be completed within two months.
Mike Boyd, a Golden-based aviation industry consultant, said he doubts Southwest will consider expanding to the Springs “anytime soon” and that the carrier remains focused on expanding its operations in Chicago and Denver. He said other low-fare carriers like JetBlue and Spirit focus mostly on large cities like Denver.
“It is time to tell the community you have what you have,” Boyd said. “There are only 10 full-schedule airlines left and that could be reduced to nine if American merges with U.S. Airways. You have to manage what you have now,” he said, and hope not to lose service as carriers continue to reduce capacity.
Yet local employers always rank better air service as one of top three or four issues they face and employers considering moving the Springs continue to cite local air service as a concern, said Joe Raso, CEO of the Colorado Springs Regional Business Alliance.
A company controlled by billionaire real estate and sports mogul Stan Kroenke, whose holdings include the Denver Nuggets basketball team and Colorado Avalanche hockey team, has paid $31.5 million to buy two shopping centers in Colorado Springs.
Limited liability companies formed by The Kroenke Group of Columbia, Mo., recently completed the purchase of the 215,000-square-foot Uintah Gardens at 19th and Uintah streets on the Springs’ west side and the 84,000-square-foot Academy Place, at Academy and Union Boulevards in northern Colorado Springs.
The shopping centers were sold by Houston-based Weingarten Realty.
Uintah Gardens, built in 1974 and a popular retail destination for west side residents, is anchored by a King Soopers grocery. Other tenants include Walgreens, Big 5 Sporting Goods, Petco and an ARC Thrift store.
Academy Place, completed in 1982 and one of the first retail centers built as the city expanded to the north, is anchored by a Safeway grocery and a Target department store. However, The Kroenke Group acquisition includes only the retail space between Target and Safeway; Target owns its store and Safeway leases its space from another owner.
Kroenke Group representatives didn’t return a phone call Monday, but real estate experts say Kroenke’s purchase of the centers shows he’s bullish on the local market.
THF Realty in St. Louis, a separate Kroenke company that has developed shopping centers around the country and several in Colorado, is planning a 350,000-square-foot retail project on the southern edge of Colorado Springs. It will be anchored by a Wal-Mart Supercenter and Sam’s Club warehouse store.
“The kind of quality investor that Stan Kroenke is, and what he owns across the nation, says a lot about his interests in Colorado Springs,” said Mark Useman, a broker with Sierra Commercial Real Estate in Colorado Springs. Useman and members of the Denver office of commercial real estate services firm CBRE represented Weingarten in its sale of the properties to The Kroenke Group.
Brad Lyons, a first vice president with CBRE, said both Uintah Gardens and Academy Place were attractive because they have the potential for a solid investment return.
“They’re two high-profile retail centers in the Colorado Springs area,” Lyons said. “They’ve garnered substantial interest in the investment community. It was a good indicator of how strong the market is right now for high-profile retail assets.”
The vacancy rate for local shopping centers was 12.2 percent in the fourth quarter, according to Turner Commercial Research in Colorado Springs.
However, the rate is deceiving, Useman said. The rate for newer centers is around 4 percent, while vacancies in smaller, older centers without major tenants is about 18 percent, he said.
In any case, investors will remain interested in older retail centers if they have a strong tenant mix, Lyons said.
“If you’ve got a good infill location with a good anchor,” he said, “you’re going to be able to attract strong tenant interest, which is really going to be a driver for investors.”
Kroenke is married to a niece of Wal-Mart founder Sam Walton. His biography on the THF Realty website says his real estate interests also include “sports stadiums, ranches, vineyards, and warehouse and storage facilities throughout North America.”
Forbes magazine says Kroenke owns Canada’s largest cattle ranch and two wineries, while The Kroenke Group has several hundred storage facilities, apartment buildings and shopping centers.
In addition to the Nuggets and Avalanche, Kroenke owns the St. Louis Rams of the National Football League and the Premier League soccer club Arsenal, according to Forbes. The magazine estimates Kroenke’s net worth at $4 billion, which ranked him No. 92 on Forbes’ most recent list of the 400 wealthiest Americans.
Colorado Springs’ housing market rebounded in 2012, but the same can’t be said for commercial real estate.
Vacancy rates remained historically high late last year for Springs-area commercial buildings, while rents fell, according to a fourth-quarter report by Paul Turner of Turner Commercial Research in Colorado Springs. The report suggests the commercial market has far to go before it recovers from the area’s economic downturn.
The combined vacancy rate for local offices, shopping centers and industrial buildings was 11.9 percent in the fourth quarter, up slightly from 11.6 percent a yearearlier, Turner’s report shows.
For much of the last 15 years, the combined vacancy rate typically was in single digits. After the economy slumped in 2007, the rate climbed into double digits and has been there ever since — reaching as high as 12.9 percent in 2009.
Meanwhile, the combined average asking rent for commercial properties fell to $9.57 per square foot in the fourth quarter, down 1.5 percent from the same period a year earlier, Turner’s report showed. Four years earlier, the average asking rent was nearly $11 per square foot.
“It’s not gotten too much worse,” Turner said of the latest quarter. Still, he predicted that continued uncertainty about federal government policies will cause many businesses and investors to remain on the sidelines.
For example, an agreement by Congress and the Obama administration to avert the so-called fiscal cliff earlier this month delayed action until March 1 on what to do regarding scheduled spending cuts that could affect the Springs’ defense and aeropsace industries.
“Sequestration?” Turner said. “It’s still sitting out there.’
Randy Dowis, a principal with NAI Highland Commercial Group, said many business people and investors were on the sidelines waiting for the outcome of the November election. Then they waited out the fiscal cliff. Now, Dowis said, they’re uncertain what might happen with the debt ceiling and the nation’s ability to borrow money.
“How do plan for the future when the future is so uncertain?” Dowis said. “I think there are a lot of companies, nationally and locally, that are still hoarding cash. They’re not making any capital investments.”
Generally speaking, when employers aren’t hiring, they don’t need as much office space — whether existing leased space or new buildings.
Likewise, if manufacturers have slowed their operations, they and their suppliers don’t necessarily need as much industrial space. Retailers, meanwhile, aren’t apt to add as many stores if they see a stagnant economy.
The problems extend beyond empty offices or vacant storefronts. When vacancies rise and rents fall, commercial property values suffer, which leads to potential foreclosures.
AT A GLANCE:
A look at Colorado Springs-area commercial real estate in the fourth quarter of 2012 shows:
• Offices: The overall vacancy rate was 14.5 percent and the average asking rent was $10.27 per square foot, both almost unchanged from a year earlier. But the vacancy rate for Class A, or top of the line, office space was 21.4 percent in the fourth quarter, compared with 20.2 percent a year earlier. Class A rents averaged $13.47 in the fourth quarter, a 0.5 percent year-over-year decline. Downtown fared better than other areas; its overall vacancy rate was 9 percent, down from 9.8 percent in the fourth quarter of 2011. Downtown rents averaged $11.35 in the most recent quarter, a 1.9 percent drop from a year earlier.
• Shopping centers: The vacancy rate rose to 12.2 percent in the fourth quarter from 11.6 percent a year earlier. Rents averaged $12.34 per square foot, down 3 percent from the fourth quarter of 2011.
• Industrial buildings: The vacancy rate in the fourth quarter was 9.4 percent, up slightly from 9.2 percent a year earlier, while the average rent fell 0.8 percent to $6.12 per square foot.
SOURCE: Turner Commercial Research
Press Release | March 9, 2012 | Colorado Springs
The new ownership group is excited to bring Corporate Centre back to its previous excellent physical condition and stature. The new owners believe that the highly identifiable building, its great location, with convenient access to and from I 25 and Woodmen, will make this property again very desirable for tenants looking in the North I 25 corridor.
Bob Nolette, with Front Range Commercial LLC says, “Leasing activity has been steady. Several current tenants are negotiating expansion agreements as well. I am confident that we will have the property close to 100% leased by the end of the year.”
Steve McFarlane, managing partner for Platinum Group Realtors, the anchor Tenant in the building, is excited about the ownership change. “We are looking forward to having strong, proactive, local ownership and management for the property again,” he said.
Front Range Commercial, LLC will provide management services for the property. Mark O’Donnell and Brian Wagner of Sierra Commercial Real Estate will continue doing the leasing for the property and can be reached at 719-955-2000.