Colorado Springs Real Estate Briefs: August 31, 2007

Michael Underwood has purchased a 27,220-square-foot industrial building at 2150 Executive Circle for $1.87 million as part of a 1031 exchange transaction.

The property is on 2.6 acres in the Harrison Business Park.

Charley Conrad of the Olive Real Estate Co. represented the seller, GBG LLP, which had owned the building since 1997.

The property is leased by Crystal Specialties Inc. which has operated at the location for more than 17 years.

Apartment locator services

News that Hubbuzz.com, a Denver-based apartment search Web site, has kicked off service in Denver and Colorado Springs comes as some print advertising and less user-friendly Web competitors have begun to disappear.

"We've been online with Hubbuzz.com for maybe two months, and I think it's already working," said Pat Stanforth, Griffis Blessing's senior vice president of multifamily property services.

She said that today's apartment locator market is becoming increasingly dependent on interactive search capabilities and that there are fewer apartment locator magazines available at the grocery store and fewer "traditional" locator services from which to choose.

"I'd estimate as much as 40 percent of our renters find out about us online -- and they're becoming much more sophisticated," Stanforth said. "And by the time they show up or register a guest card with us, you know they're pretty serious."

The newest locator service not only assists renters with information about specific apartment communities, but identifies types of neighborhoods (e.g., "eclectic, "established" or "urban") and provides lists of nearby retail, services, employment centers and other information.

The locator services track lease volume by paying tenants $100 to report completed transactions.

Hubbuzz.com also features user-generated commentary about neighborhoods, events and local businesses.

Trinidad site of golf resort

Trinidad is working hard to dispel its image as a sleepy former railroad and coal mining hub. Not only has it hosted its third annual "Trinidaddio" Bluesfest, but a number of new home developments and hotels have begun to appear in the area.

Among those, the Cougar Canyon Golf Resort, a residential golf course community, has opened a sales office and will open its 18- hole, links-style Nicklaus golf course during Labor Day weekend. Future plans call for a boutique hotel, spa and fitness facilities, a recreation center with swimming pools and tennis, and 3,000 acres of open space with eight miles of trails.

The community's custom and semi-custom homes are priced from $274,990, and home sites start at $79,900.

Company spokesman and broker, Shane Hass, said estimates that Cougar Canyon Ranch will include as many as 1,700 residents -- a significant addition to Trinidad's population of about 10,000.

Multifamily absorption up

Colorado Springs absorbed a net 513 apartment units during the second quarter of 2007, the best leasing results during the past year, according to Apartment Insights.

Only two submarkets (South Central and Security-Widefield- Fountain) posted vacancy rates greater than 15 percent, with a loss of 113 occupied units. Since both districts border Fort Carson, those results are not surprising.

In contrast, the North and Airport districts saw 372 and 214 units absorbed during the second quarter and 896 during the past three quarters.

Rents also remain stable, with the highest average rents showing up in the North submarket at $841 per month, followed by the southwest part of town, where rents averaged $720 per month.

The lowest rents were recorded in the north central part of Colorado Springs. Overall, the second quarter average rents were $10, or 1.5 percent higher, than during the third quarter of 2006.

Machinist buys building

An industrial building at 5940 Paonia Court has been purchased by SAG LLC for $457,000.

The property included a 4,880-square-foot office warehouse facility and a 2,240-square-foot enclosed storage building.

Charley Conrad of the Olive Real Estate Group represented the owner, Hoodoo Properties Inc. Andrew Madden and John Rodgers of Grubb & Ellis Quantum Commercial Group represented the buyer.

Garden Park lease signed

Frontier Radio Communications has leased 3,000-square-feet at 1110 Elkton Drive, Suite J.

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

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

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