Colorado Springs Real Estate Briefs: October 19, 2007

When it comes to the local real estate investment market, old Pikes Peak region boundaries appear to be giving way to opportunities to the north and south.

Last week, for instance, as Centura officials announced plans to build a full-service hospital at The Meadows in Castle Rock, a partnership with ties to the Pikes Peak region reported that it has closed on the $4 million purchase of a 16,000-square-foot, two- story medical building at 755 S. Perry St. in Castle Rock.

The buyer was American Oaks-Perry LLC, a company with ties to the Pikes Peak region.

The building is home to four medical practices: OMS Associates- Colorado P.C (Oral Maxillary Surgeons), Castle Rock Foot & Ankle, Castle Rock Family Physicians P.C., and Mirage Dental Associates LLC.

Quest Diagnostic also has a location in the building.

The transaction's managing member is American Oak Properties LLC of Newport Beach, Calif., managed by Gary Wescombe, a former principal in the accounting firm of Kenneth Leventhal. American Oaks Properties plans to purchase additional medical office buildings in the southwestern United States.

Griffis/Blessing will manage the Castle Rock property for the new owners.

Local representative for American Oaks-Perry LLC and owner of Cohen Commercial Real Estate, Paul Cohen, said the buyers felt Castle Rock represented "an attractive and growing residential market."

"In the past, we focused on retail centers, but are now looking at leased medical properties in the greater Colorado Springs area," he said, which would include Woodland Park and Pueblo. "We really didn't want to go further north than Castle Rock."

The seller, Everglow LLC, whose general partner is Michael Onstad D.D.S. of Colorado Springs, was represented by Ted Link and Brian Norton of Cascade Commercial Properties.

Nolte Associates moves

The Colorado Springs office of Nolte Associates Inc. has moved to Corporate Pointe, 1975 Research Parkway, Suite 165.

The new location houses 40 engineers and support staff who focus on public and private sector projects. The company has served as a consultant to both the Downtown Partnership and the town of Manitou Springs, both of which have created business improvement districts.

The full-service civil engineering firm employs about 450 people throughout the western United States and Mexico.

Financial company opens office

Primerica Financial Services has leased 2,500 square feet of office space at 5360 N. Academy Blvd. in the Times Square building.

Susan Beitle of Grubb & Ellis Quantum Commercial Group represented the tenant, and Brian Bjorson of Axis Commercial Realty represented the landlord, R. Jay De Serpa Ltd.

Consultant leases Hilton Parkway space

Business Truths Consulting Inc. has leased 1,000 square feet of office space at 4570 Hilton Parkway.

The tenant was represented by Tom Brown of Thomas R. Brown Associates. The landlord, FSLM Partners LLP, was represented by Grubb & Ellis Quantum Commercial Group brokers, Russell Stroud and Andy Oyler.

Developers in planning mode

While news from Southern Colorado Economic Forum analysts didn't exactly light up the sky for those involved in real estate and construction, here's an interesting update from Brandon Scott of the City of Colorado Springs planning and land review office.

Based on applications received by city planning through August, 57 major applications for annexation, master planned residential and commercial development, and zone changes have been recorded -- a decline of just 8 percent from the prior year. Minor applications stood at 367, down just 2 percent from a year-over-year total of 399.

Senior planner Larry Larsen said his level of activity "has increased substantially," compared with last year. He attributes the increase in applications and land review activity to Colorado Springs eastern perimeter where developers of neighborhoods like Banning Lewis Ranch's Northtree and new communities planned for west of Marksheffel, between Woodmen and Dublin, are planning for the next upswing in the residential market.

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