Colorado Springs Real Estate Briefs: April 16, 2007

Downtown loft and retail developer Dan Robertson has purchased the Goodwill Industries retail building at 324 E. Pikes Peak Ave. for $1.5 million. The nonprofit organization will lease the building for at least another year.

The property is adjacent to the site Nor'Wood Development is planning for its 200,000-square-foot Pikes Peak Place mixed-use tower.

The acquisition caps nearly $30 million in commercial real estate investment by Robertson since 2000, when the Daniels Building went under contract and was developed as downtown's first loft project.

Robertson said he will probably keep the property for at least another year, and hasn't yet determined exactly what's coming next.

"Office condos with retail on the main level would be an easy one," he said. He said the neighborhood also is a good setting for office and residential condos, citing the Lowell Redevelopment area further south.

For now, however, the 18,000-square-foot building will remain pretty much status quo.

Two more projects on tap

Another reason to wait before deciding what to do with the Goodwill site is that Robertson is busy with two other projects.

The first, the $8 million construction of lofts in the Giddings II building, is nearly complete, with only three units remaining unsold. The building also has leased space to the Couture boutique and a dental practice, which is opening this spring.

Robertson owns the original Giddings building, on the northeast corner of Kiowa and Tejon streets, and the Carriage House building, both of which received upper-level loft conversions during the past three years.

Next will be the $6 million redevelopment of two buildings across from Acacia Park at 117 and 119 E. Bijou St. Both are scheduled to add four stories and 16 residential units, with retail and 16 garages below. The Book Broker is expected to continue leasing its space, although Robertson said his tenant will have to temporarily vacate during construction.

The yet-unnamed building will feature hip, urban architectural design, and residential units will be priced from the $200s. The facade will include all-glass fronts and backs, with the upper floors set back slightly to give the building architectural interest.

Ceiling heights will vary and could extend two stories in some of the units. Patios and balconies also will be glass enclosed for indoor-outdoor living.

Condo spaces will range from 775 to 1,200 square feet. Rooftop heating and ventilation mechanical equipment will be screened from view.

A SoDo future?

But Robertson's vision doesn't end there. He said he'd consider a south downtown development like Citygate, but that he prefers converting existing properties.

In 2004, Robertson purchased the 34,000-square-foot DeGraff Building, home to the Old Chicago Restaurant.

"I've thought about converting it to office and residential condos, but honestly it's such a great building as is, I don't know if I want to change things," he said.

Built in 1900, the structure appealed to Robertson's love of history.

"We have great long-term tenants so I don't want to change that," he said. "But if the office market bags some day, I might look at converting to condos."

Medical leases signed

Associates in Obstetrics & Gynecology has leased 4,500 square feet of space at 8580 Scarborough, the second of two buildings developed by Joe Niebur and Ray Thomas of Thomas General Contractors Inc.

The building will be finished this summer.

Ted Link with Cascade Commercial Group facilitated the transaction.

Dr. James Lee, an ophthalmologist who recently moved to Colorado Springs, also will occupy 2,000 square feet in the building.

Industrial transaction news

The American Flooring Co. has leased 3,000 square feet of showroom and warehouse space at 1120 Elkton Drive.

The landlord, Elkton-Garden Park LLC, and the tenant were represented by John Rodgers and Andrew Madden of Grubb & Ellis Quantum Commercial Group.

All Custom Apparel, LLC has leased 5,000 square feet of light industrial space at 5011 List Drive for its manufacturing and showroom operation.

The company does screen printing for shirts and athletic wear.

John Rodgers and Andrew Madden of Grubb & Ellis Quantum Commercial represented the tenant and Paul Engel of NAI Highland Commercial Group represented the landlord, Thomas Martin.

Western Hardscape Supply, a wholesale supplier of decorative concrete, has leased 5,000 square feet at 5065 Geiger Blvd. from FF Investments LLC.

John Rodgers and Andrew Madden again handled both sides of the transaction.

Picture credit correction

The April 6 rendering of changes planned for the land in front of the Pikes Peak Center was provided by landscape architect Jim Byers of Land Development Consultants Inc. James Nakai & Associates was not involved with the exterior improvements but is handling the architectural design of the building.

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