Colorado Springs Real Estate Briefs: March 23, 2007

A 133-acre vacant parcel on the southwest corner of Interquest Parkway and Federal Drive, owned by Nor'Wood Development and Corporate Offices Properties Trust, is already in the concept development process, said Steve Sharkey, managing broker for the project.

"We will be requesting a zone change from Planned Industrial Park to Planned Urban Development, but we haven't submitted anything (to city planning) yet," he said. "So far, we're looking mostly at office buildings and a small amount of retail."

When the project is completed, in about 10 years, the Interquest campus is expected to include nearly 2 million square feet of space.

"Our build-out will be phased and market driven," Sharkey said, adding that new construction will include facilities from a single story to 10 stories in height.

NASS Design, Classic Engineering, Yergensen, Obering, Whittaker Architects and Land Patterns are working with COPT and Nor'Wood to create a preliminary development plan.

New building under way at Patriot Park

Dirt is moving and foundations are ready to pour on building six at Patriot Park, said George Swintz, Corporate Office Properties Trust managing broker and vice president for asset management and leasing.

The 104,000-square-foot spec building was designed by Yergensen, Obering, Whittaker Architects. The general contractor is Bryan Construction.

The facility includes three 30,000-square-foot levels above grade and is sited to capitalize on mountain views to the west.

"The location lends itself to use by commercial office tenants, definitely defense users," Swintz said, adding that the newest building could be modified to include force protection features if necessary.

COPT also is moving ahead on plans to break ground on a second building for S.I. International.

The 60,000-square-foot structure will be "online" before the end of the year, Swintz said.

And COPT is still in an acquisition mode.

"We're looking primarily at new product rather than buildings constructed in the '80s and before," Swintz said.

New sales and lease activity

The Masters Group Inc., a real estate office, has leased 5,375 square feet of space at 4760 Flintridge Drive.

Tim Leigh, Steve Leigh and Travis Bontrager of Hoff & Leigh Real Estate represented the tenant and the landlord, Karden Enterprises LLC.

Product Development Corp. has leased 8,000 square feet of industrial space at 4850 Northpark Drive.

Bob Hoff of Hoff & Leigh represented the owner, Joanne Spellman and Cory Meaker, also of Hoff & Leigh, represented the tenant.

1504 North Circle LLC has purchased an industrial building at 2301 Rand Drive for $276,882. The buyer and the seller, PNQ Investments LLC, were represented by Tim Leigh and Lester Colodny of Hoff & Leigh Real Estate.

Colorado Window and Door Co. LLC has leased a 1,500-square-foot industrial building at 315 S. Wahsatch St.

Tim Leigh represented the landlord, Hoff & Leigh Inc., and Steve Leigh and Travis Bontrager represented the tenant.

Al Brown, owner and operator of Aspen Concentrator Repair Service, has leased 1,625 square feet of industrial space at 947 E. Fillmore St. from Shoup Management Co. LLC. Lester Colodny of Hoff & Leigh facilitated both sides of the transaction.

Commercial briefs: downtown

The Robertson Co. has purchased the Goodwill retail building at 324 E. Pikes Peak Ave. for $1.4 million.

The 31,100-square-foot site is just east of Nor'Wood Development's planned Pikes Peak Place mixed use high-rise - a key location for future retail or office development. Robertson has not announced any plans for the site.

Northwestern Mutual Financial Network has relocated its district office from the Hibbard Building to 8,826 square feet at 2 N. Cascade Ave., Suite 900 in the First Bank Building (the former Holly Sugar Building).

Jim Spittler Jr. and Frank Tuck of NAI Highland Commercial Group represented the tenant. Greg Phaneuf of Sierra Commercial Group at the time of the lease signing (and now with Cushman Wakefield) represented the landlord.

A 1,423-square-foot office building at 1212 W. Colorado Ave. has been purchased by Rocky Mountain Land Trust for $195,000.

Bob Cope of Front Range Commercial Group represented the tenant and Bonnie Nipp, a broker with Real Estate Answers, represented the sellers, Scott Midgley and Tammie Van Neusen.

Sam Cameron of CameronButcher Commercial Real Estate said the company's Los Arcos headquarters building on the northwest corner of South Tejon and Cimarron streets will get an exterior facelift beginning in about a month.

Jim Nakai & Associates is the architect on the project.

The company owns two lots across the street at 418 and 422 S. Tejon, both likely to see vertical development during the next two to three years, Cameron said.

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