Colorado Springs Real Estate Briefs: August 10, 2007

Colorado Springs commercial real estate activity continues at a healthy pace, although trend watchers like Sierra Commercial Real Estate Director of Market Research Ben Lowe see some shifts through second quarter 2007.

Among the most important will be the fate of the 1 million- square-foot-plus Intel facility which, if left unoccupied into 2008, will impact the overall market industrial vacancy rates.

"Fortunately Intel never relied heavily on local suppliers so the ripple affect on related industrial businesses should not be too great," he said.

Retail activity, in contrast, remains steady going into the third quarter.

That's somewhat surprising because retail expansion typically follows rooftops, and new home construction is off by as much as 40 percent compared to a year ago.

But, retail leasing and sales have continued to meet demand, according to Lowe's mid-year data.

Finally, the office sector, still recovering from the lows of 2001 and 2002, remains steady, if uninspired.

"Office leasing follows jobs, and Colorado Springs is still rebuilding its employment base," Lowe said.

Aerials Gymnastics buys land

A gymnastics training facility will open at 1459 Woolsey Height in the Claremont Business Park.

Aerial Gymnastics Center LLC has purchased a 1.31 acre parcel from Hammer's Construction Inc. for $359,000.

Andrew Madden of Grubb & Ellis Quantum Commercial Group represented the buyer. The sellers represented themselves.

New home for furniture dealer

Furniture Specialist, a wholesale furniture sales company owned by Thomas Dill, has leased 3,328 square feet of office space at 4345 Beverly St., Suites D & E.

Susan Beitle of Grubb & Ellis Quantum Commercial Group represented the tenant and Brian Bjorson of Axis Commercial Realty represented the landlord, Beverly Drive Limited Liability Co.

Investors buy

industrial land

Culebra Investments LLC has purchased 1.1 acres of vacant land at 176 Talamine Court from Richard and Marcia Shellenberger for $225,000.

The property is in the Butler's subdivision, north of Fillmore Street, in an industrial park. Buddy Rutherford of the Fidelity Real Estate Group represented the buyers and Andy Ellis of Prudential Professional Realtors represented the sellers.

Retailer opens in Manitou

Ventures West LLC has leased 2,506 square feet at 110A Canon Ave., the former Adams Mountain Cafe space, in Manitou Springs for a retail store.

Russell Stroud and Mary Frances Cowan of Grubb & Ellis Quantum Commercial Group represented the landlord and tenant.

The company operates Jake's at the Peak "Life is Good" Genuine Neighborhood Shoppe, a retail clothing store.

Retail space in Manitou Springs is approaching 90 percent occupancy.

Gleneagle retail leases

Two tenants have leased space in the Gleneagle shopping center.

Pride Hair Biz, a hair salon, leased 1,390 square feet at 13872 Gleneagle Drive and Tao Thai, a Chinese restaurant leased 2,160 square feet at 13886 Gleneagle Drive.

Rob Rolley of Keller Williams Commercial Realty represented the salon owner. Michelle Long represented the restaurant owner.

Rolley and Dick Liccardi represented the landlord, Emris LLC.

Church sells building

Deliverance Tabernacle has sold its 2,515-square-foot building at 623 E. Hills Drive to Gott Property Investments.

The buyer was represented by Rob Rolley of Keller Williams and the seller was represented by Peggy Littleton, also of Keller Williams.

Star Ranch opening to feature Nashville band

Nichols & Comito has invited the public to preview its 52-acre gated village and estate home community in southwest Colorado Springs during a "star-studded" evening featuring the Grammy- winning band Asleep at the Wheel.

The event, which will benefit the Pikes Peak United Way, is scheduled for Aug. 15.

The 8:30 p.m. performance will be preceded by a wine tasting and home tour starting at 6:30 and a gourmet western dinner at 7:30.

The luxury home developer will introduce 42 village homes on third-acre lots and 32 single-family estate home sites on the heavily treed property overlooking the city.

The cost is $150 per person.

Becky Hurley covers real estate for the Colorado Springs Business Journal.

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