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COLORADO REAL ESTATE JOURNAL
— December 17, 2014-January 6, 2015
Griffis/ Blessing to manage
Northgate Retail Center
LBK II Trust 1994 named
Griffis/Blessing Inc. the prop-
erty manager for the Northgate
Retail Center at 13425-13461
Voyager Parkway on Colo-
rado Springs’ north end. The
18,600-square-foot retail center
is 100 percent occupied by The
Studio for Exceptional Den-
tistry, El Padrino Mexican Res-
taurant, Integrity Urgent Care,
Pizza Hut and Thuy’s Nails and
Spa.
Day-to-day operations for the
retail center will be overseen by
Rita Dugan, property manager,
with assistance from the com-
mercial property services team
consisting of Elizabeth Miller,
portfolio assistant, Josh McFar-
land, property accountant, and
Tony Brizzie, service technician.
“The addition of this location
to our 100-plus property port-
folio establishes our presence
in another Southern Colorado
submarket,” said Senior Vice
President Richard Davidson,
CPM. “It’s also the second asset
we have been selected to man-
age by this owner.”
Broomfield Fitness Center
selects Colorado CFS
Commercial Fitness Solutions,
a Colorado company, will pro-
vide a new floor plan design,
as well as supply and install
strength equipment for the Paul
Derda Recreation Center in
Broomfield. CFS also provided
comprehensive design and con-
sulting service to create a fresh
and modern fitness center.
“I’m very excited to once
again be able to outfit Broom-
field Recreation,” said owner
Ken Greenberg. “The folks at
Paul Derda are always look-
ing to be the best and did their
homework.”
The recreation center was
first completed in 2003 with
CFS masterminding the fitness
design. For the current reno-
vation, CFS will re-create the
strength training area. The deci-
sion was made after consid-
ering other companies at the
International Health and Rac-
quet Sports Association confer-
ence.
“We – I – really appreciate all
the time you have spent with
Tony and I making the deci-
sions about the weight room,”
said Veronica Mueller, fitness
supervisor at Paul Derda. “We
feel great about the time we
invested and the quality of the
equipment we purchased.”
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reliable . experienced . 24x7 monitoring . rapid response
3 0 3 . 9 4 8 . 5 1 1 7
As 2014 draws to a close, we want to thank you for an amazing year.
We are grateful to work with such a wonderful community of clients and
contractors. We look forward to building and strengthening our relationship
in the new year, as we continue our commitment to provide you, our
customers and partners, with the tools you need to maintain best-in-class
assets. We are truly grateful to you for choosing us as your service provider.
We wish you a great year ahead!
Thank you!
Griffis/Blessing will manage Northgate Retail Center
net leases have declined,” he
said.
In other words, a 10-year
lease is worth more than a five-
year lease, he explained.
What can happen is that as
the leases expire, the GSA can
move out and “you go from
having a full building to an
empty building,” Tupler said.
It also is possible, of course,
that the GSAwill renew its lease
or the owner can lease the space
to a private company.
“But you probably won’t get
a 15-year lease,” with a private
company, he said.
What has not changed dur-
ing this process is the underly-
ing cash flow or income stream
from the properties, he said.
From that perspective, the
EPA building appears very
healthy.
Trepp’s research shows that
last year the base rent was
slightly more than $8 million in
the building, which equates to
$29.06 per sf.
Total revenues were $9.18 mil-
lion, or $33.20 per sf.
Total operating expenses were
about $3.1 million, providing
$6.08 million in net cash flow.
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