Page 16 —
COLORADO REAL ESTATE JOURNAL
— November 5-November 18, 2014
Colorado Springs/So. Front Range
by Jennifer Hayes
Florida-based
Priderock
Capital Partners LLC recent-
ly acquired the Ironwood at
Palmer Park apartments for
$22.75 million, according to
public records.
The 192-unit community
located at 3504 Van Tylingen
Drive in Colorado Springs was
sold by Hamilton Zanze in a
transaction handled by CBRE’s
David Potarf, Dan Woodward,
Matt Barnett and Jake Young.
“There was a lot of activity
on the property,” said Young,
noting the community’s value-
add opportunity drew a num-
ber of offers locally and nation-
ally for the asset constructed in
the early 1980s.
Located in the Palmer Park
s u b m a r -
ket near the
Un i v e r s i t y
of Colorado
C o l o r a d o
S p r i n g s ,
Ironwood at
Palmer Park
c o m p r i s e s
all two-bed-
room units
of more than
1,000 square
feet. Unit amenities include
wood-burning
fireplaces,
9-foot ceilings, oversized clos-
ets and washers and dryers.
Community features include
a fitness center, pool and loca-
tion in a neighborhood-type
area.
At the time of sale, Ironwood
at Palmer Park was around 96
percent occupied.
The acquisition represents a
return to the Colorado market
for Priderock, which owned
some assets in the state in the
late 1970s and early 1980s. It
already has started property
improvements at Ironwood at
Palmer Park, which will con-
tinue over the next 24 months.
“Ironwood at Palmer Park
is a jewel that we are proud to
share with the residents of Col-
orado Springs,” said George
Bank, managing partner of
Priderock Capital, which is
aggressively looking for addi-
tional assets throughout Colo-
rado.
Other News
n
A flex facility in Colora-
do Springs recently traded for
$690,000.
The 7,500-square-foot build-
ing, comprising 1,250 sf of
office space and 6,240 sf of
warehouse space, at 1944 Aero-
tech Drive sold to
Wheel City
Auto.
The used car dealer pur-
chased the property from an
unidentified seller. The build-
ing features clear-ceiling
heights of 14 to 15 feet and
five drive-in doors on a fenced,
1.31-acre site.
Lloyd Riphenburg
of
Olive
Real Estate Group Inc.
repre-
sented the seller.
Paul Rubley,
also of
Olive Real Estate,
rep-
resented the buyer.
s
The 192-unit community features all two-bedroom units that average more than 1,000 square feet.
Jake Young
by Jennifer Hayes
Cetis, the world’s leading
hospitality telephony provid-
er, acquired the MKS Instru-
ments building in northwest
Colorado Springs for $1.45
million.
The
24,760-square-foot
building in the Garden of the
Gods submarket features not
only 35 percent office and
65 percent warehouse and
manufacturing finish but also
4.3 acres of land suitable for
on-site expansion.
“It has good visibility on
North 30th in the Garden of
the Gods submarket,” said
Randy Dowis of NAI High-
land LLC, who noted that
the 1983 building underwent
a complete overhaul that
included gutting the interior.
“The fact that it was gutted
helped tremendously sell the
building.”
Dowis and Craig Anderson
of NAI Highland represented
the seller, MKS Instruments.
ChuckArmstrong ofWeichert
represented the buyer.
Cetis will relocate from
around 50,000 sf on the east
side of the city to the proper-
ty, where itʼs also planning to
develop a 20,000-sf building.
The building includes a
main level and mezzanine
level, 18-foot-ceiling-heights
in the manufacturing area
and four overhead and three
loading doors.
Dowis also worked on sev-
eral leases within the Colo-
rado Springs area.
• Trane recently leased
20,000 sf at the Centennial
Industrial Park.
The lease brings the two-
building, 105,000-sf campus
to 100 percent occupancy.
The lease represents a relo-
cation for Trane.
The campus is located at
4825 Centennial Boulevard
and 4830 List Drive in the
Garden of the Gods industri-
al area and was built in 1981.
Dowis and NAI Highland’s
Bob Garner represented the
landlord. Brad Bird of CBRE
represented Trane.
• A pair of leases was
inked at the 18,900-sf build-
ing at 1340 N. Newport Road
bringing it to full occupancy.
Lennox and G Tech inked
approximately 9,000-sf leases
at the Airport Powers Busi-
ness Centre.
Garner and Dowis repre-
sented Lennox in the lease.
Aaron Horn of Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance
represented G Tech. Paul
Engel of NAI Highland and
Dowis represented the land-
lord in both deals.
Built in 2000, the property
features two dock-high and
one ramped drive-in door per
suite.
s
A pair of leases was signed at the 18,900-square-foot building at
1340 N. Newport Road.
