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COLORADO REAL ESTATE JOURNAL
— February 17-March 1, 2016
by Jennifer Hayes
Evergreen Development has
broken ground on a “retail hub”
designed to bring new options
to Colorado Springs’ southeast
market.
The fully diversified real estate
company recently completed the
landpurchase for the 23-acre retail
development at the southeast cor-
ner of constitution Avenue and
Marksheffel Road, where it broke
ground on the project in late Janu-
ary.
King Soopers Marketplace, a
123,000-square-foot grocery store
concept that is double the size
of its typical store design, will
anchor Claremont Ranch Market-
place.
“We’re looking forward to kick-
ing off the development of Cla-
remont Ranch Marketplace with
the official groundbreaking of
King Soopers,” saidTyler Carlson,
principal and leader of Evergreen
Development’s Denver retail
office. “The Pikes Peak region
continues to grow and this devel-
opment will usher in new retail
options for residents in southeast
Colorado Springs.”
The Marksheffel corridor, Carl-
son continued, is one of the most
actively growing areas in Colo-
rado Springs and the retail site is
surroundedby theneighborhoods
of Claremont Ranch, Cimar-
ron Hills, Hannah Ridge, Jessica
Heights and Willshire, which at
full build-out will include around
8,000 homes. Additionally, within
three miles of the site there is
an average household income
of $75,000 – significantly above
the metro average of $55,000, he
added. The property also benefits
from close proximity to the Colo-
rado Springs Airport, Schriever
Air Force Base and Peterson Air
Force base as well as traffic counts
on Marksheffel of 14,534 cars per
day and 9,082 cars per day on
Constitution.
Claremont Ranch Marketplace
also will include 15,000 sf of mul-
titenant space designed for mul-
tiple uses, including retail, service
and dining. There also are four
standalone retail pad sites that
will front Marksheffel for addi-
tional retail and restaurant oppor-
tunities.
Pacific Dental, Patriot Liquors
and Lux Nails recently signed
leases to occupy space at the cen-
ter, which has 4,109 sf available for
lease. Also, Evergreen Develop-
ment is in discussions with sever-
al regional and national restaurant
chains for two of the pads as well
as quick-service restaurants and
other retailers.
“As construction starts on Cla-
remont Ranch Marketplace, resi-
dents will be able to see our vision
to create a retail hub for the bur-
geoning community in Colorado
Springs,” added Laura Ortiz, a
managing partner at Evergreen
Development.
Bryan Slaughter of Sullivan-
Hayes is handling leasing of Cla-
remont Ranch. Lease rates are $32
per sf triple net for inline space,
while $34 per sf triple net for the
last end cap facing King Soopers.
The center was planned and
engineered by Galloway. Farn-
sworth Group Inc., a national
full-service engineering, architec-
ture and survey firm, provided
the architectural design for the
multitenant building. Bryan Con-
struction will spearhead the con-
struction of the sitework and the
multitenant shops building.
Work is expected to be complete
in early 2017.
Other News
n
EviCore healthcare
celebrat-
ed the grand opening of its new
Colorado Springs location at 1575
Garden of the Gods Road.
The firm, which offers diversi-
fied medical benefit management
solutions that help clients reduce
costs while increasing the quality
of care for its members, has been
in Colorado Springs since 2004
with 600 employees in the region
– an estimated 400 of whomwork
remotely.
The new office space adds 400
additional workstations and ame-
nities such as a break room, meet-
ing rooms, several coffee stations,
a lounge, large-screen televisions,
a fitness center, a courtyard and
even a space with foosball and air
hockey.
The center houses teams sup-
porting call center operations,
consumer engagement, IT medi-
cal management, quality assur-
ance, training and workforce
management.
The lease of the nearly 96,000
square feet of space was handled
by
Michael Palmer
of
Quantum
Commercial Group,
who repre-
sented the landlord,
Real Capital
Solutions,
and
Randy Miller
and
Nicola Myers-Murty
of
CBRE,
who represented the tenant.
n
GF Management,
a nation-
al hotel ownership and man-
agement company, through its
affiliate, acquired the 299-room
DoubleTree by Hilton Colorado
Springs at 1775 E. Cheyenne
Mountain Blvd.
The acquisition of the hotel off
Interstate 25 marks the company’s
first ownership venture in Colo-
rado.
“The DoubleTree Colorado
Springs offers a platform of great
potential wherein we know the
implementation of our proven
management systems, along with
our planned capital improve-
ments, will elevate the hotel to
a superior operation,” said
Jeff
Kolessar,
GF Management’s
senior vice president. Kolessar also
led acquisition efforts.
The price was not disclosed.
n
A 6,500-sf retail property at
1-16 Mark Plaza in Pueblo West
sold late last year.
Thomas Coburn
paid $1.6 mil-
lion for the property, which was
sold by
Kushner White Associ-
ates LP.
Paul Bonanno
of
Net Lease
Real Properties
was the listing
broker.
Patrick O’Donnell
and
Bruce Campbell
of
Realtec Com-
mercial Real Estate
represented
the buyer.
n
A local investor acquired a
fully occupied industrial property
in Colorado Springs for $1.78 mil-
lion.
The Class B office/flex property
at 1510 Quail Lake Loop, in the
southwest industrial submarket,
comprises 21,000 sf.
The seller, aprivate investor,was
represented by
Brian C. Smith,
CCIM,
and
Lee Blackburn
of
Mar-
cus & Millichap’s
Denver office.
“With the sale, the seller was
able to take advantage of the cur-
rent attractive market conditions
for office/flex properties in Colo-
rado Springs,” Smith commented.
The facility has a strong operat-
ing history, noted Marcus & Mil-
lichap. The anchor tenant, Quan-
tum Clean, has leased 67 percent
of the space for the past 15 years
while the balance of the space is
occupied by LVW Electronics, a
company that recently expanded
from its headquarters next door.
“The buyer, a local investor,
liked the product type and the
specialization of the tenants in the
building,” added Blackburn.
s
The office/flex property at 1510 Quail Lake Loop traded for $1.78 mil-
lion. See Other News.
Colorado Springs/So. Front Range
