Colorado Springs Real Estate Briefs: November 23, 2007

Academy Point Service Center, a two-building, 77,000-square-foot office/flex property at 1030 and 1050 S. Academy Blvd., has been purchased by SVN Academy Point LLC for $5 million.

The buildings are 84 percent leased to several major tenants, including the Government Services Administration, Lockheed Martin and BAE Systems.

"This is the 12th acquisition for SVN in less than five years and the first in Colorado Springs," said Chris Bodnar of C.B. Richard Ellis, who along with Geoff Baukol, Chad Brue and Ron Urgitus, represented the seller, Illinois-based CMD Realty Investment Fund III LP.

The buyer was represented by Kurt Holzkamp and Ed Bartlett of SVN Equities Co.

Adviser picks Sierra Madre

Michael Cercere, a financial adviser, has leased 1,304 square feet of office space at 18 N. Sierra Madre St. in the former Gowdy Printcraft building.

The landlord, Sierra Madre Investments LLP, and the tenant were both represented by Andy Oyler and Hermann Spielkamp of Grubb & Ellis Quantum Commercial Group.

Dentists relocate

Edward Souza DMC has leased 2,711 square feet at 3466 Briargate Blvd.

Russell Stroud and Dale Stamp of Grubb & Ellis Quantum Commercial Group represented the tenant and the landlord, R.L. Development LLC.

Hans Egbert DDS of Small Smiles Dentistry has leased 2,524 square feet in the Marketplace at Briargate.

Brian Norton and Ted Link of Cascade Commercial represented both the tenant and the landlord.

Other sales, leases

The first office condominium option at 8540 Scarborough Drive has been purchased by David Richman MD.

The doctor operates Rehab Associates of Colorado and purchased the space for $529,638 from Research I, LLC. Cascade Commercial Group's Ted Link and Brian Norton acted as the broker for both parties.

Swiateck Family Financial Services has opened at 7560 Rangewood Drive in Briargate. The company, which offers financial and mortgage services, leased 1,144 square feet on the first level in the professional office building, bringing total occupancy to 90 percent. Link and Norton handled both sides of the transaction, representing the tenant and the landlord, Joseph L. Decelles Jr., trustee.

McEwen Consulting has leased 2,589 square feet at 15455 Gleneagle Drive in the Gleneagle Office Park, near Baptist Road.

The office will serve as McEwen's north location. Its current office is at 320 N. Academy Blvd.

Link and Norton represented the landlord, Bethesda Real Estate Co., and the tenant in the transaction.

Tough time for home builder

Engle Homes, a TOUSA Inc. operating company based in Florida, might be forced to file for Chapter 11 bankruptcy protection. TOUSA stands for Technical Olympic USA Inc., a subsidiary of an international Greek holding company.

The firm had purchased lots in four Pikes Peak region subdivisions prior to the housing market's decline. The purchases included the single-family home communities of Cross Creek in Fountain, two move-up neighborhoods at Meridian Ranch and The Overlook at Wolf Ranch, a townhome community.

Engle's homes range in price from $165,000 to $390,000. Its two model homes in Meridian Ranch are for sale.

The public company's third-quarter revenue dropped 15 percent to $492.9 million, compared to $576.8 million a year earlier. The decrease was attributed to by a 33 percent drop in orders and a 47 percent cancellation rate, according to the home builder's third quarter report.

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

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