Page 20 —
COLORADO REAL ESTATE JOURNAL
— March 2-March 15, 2016
Colorado Springs/So. Front Range
by Jennifer Hayes
Etkin Johnson Real Estate Part-
ners is finalizing its conceptual
plans for 76.8 acres of land it
recently acquired at InterQuest, a
high-tech business park fronting
Interstate 25 in northern Colo-
rado Springs.
The commercial real estate
developer, manager and investor
paid $4.35 million for the land,
situated at the southeast corner
of I-25 and Interquest Parkway,
where it is planning The Gate-
way at InterQuest.
The Gateway at InterQuest
will include a mix of apartments,
office, neighborhood retail and
hotels.
“In our opinion, it is the best
remaining bulk site in the mar-
ket,” said Derek Conn, director
of finance at Etkin Johnson Real
Estate Partners, noting that with
all of the growth in northern Col-
orado Springs, it was an oppor-
tunity to acquire “a great piece of
real estate.”
“This is a particularly exciting
opportunity to acquire bulk land
with freeway frontage in a local
market we’re already active in
and familiar with,” said Conn.
“Etkin Johnson is an ideal
developer for this land, both in
terms of their local efforts and
the momentum it will bring to
the northern submarket,” added
Michael Payne Palmer of Quan-
tum Commercial Group Inc.,
who represented Etkin Johnson
in the acquisition and is market-
ing The Gateway at InterQuest.
Etkin Johnson looks to kick off
The Gateway at InterQuest with
the development of multifam-
ily product, work that should
commence in the next 12 to 18
months. While project specifics
are still being finalized, the com-
pany does plan to offer smaller
pad sites for sale or build to suit.
The Gateway at InterQuest site
also is adjacent to office build-
ings, hotels, entertainment and
retail at InterQuest Marketplace,
where Great Wolf Resorts is
transforming the center’s unfin-
ished Renaissance Hotel into a
family style resort with a water
park that will open this fall.
“They (Etkin Johnson) have
an existing presence in Colora-
do Springs and a proven track
record of successfully develop-
ing mixed-use environments
that attract residents, high-tech
companies and quality tenants,”
added Palmer.
In addition to the land, Etkin
Johnson also owns and manages
three office/flex properties in
Colorado Springs, all of which
are 100 percent occupied.
“This acquisition provides us
the opportunity to utilize all of
our core competencies as a long-
time, local investor in a market
where substantial value can be
created,” said Conn. “Our devel-
opment plans will draw on the
strengths of our more-than-25-
year history in Colorado and will
focus on creating a vibrant com-
munity in this fast-growing area.
“There is so much positive
activity in this area, we’re excited
to be a part of it,” he added.
Corporate Office Properties
Trust sold the land. It was repre-
sented in the sale by Jim Capece-
latro of Cushman &Wakefield.
Other News
■
A 70-unit apartment prop-
erty in Colorado Springs sold in a
record-setting sale.
The Shannon Hills Apartments
sold for $5.8 million, or $82,867
per unit, which represents the
highest-price-per-unit sale ever in
Colorado Springs for pre-1980s
construction that is more than 12
units with no common-area ame-
nities other than laundry facilities.
Greg Price
of
Marcus & Millic-
hap
and director of the National
Multi Housing Group had the
exclusive listing to market the
property on behalf of the seller, a
limited liability company.
“The buyer saw an opportunity
to acquire an asset that has a rare
unit mix, large floor plans, supe-
rior drive-by appeal and upside
with upgrading kitchens on unit
turns,” Price said.
Located at 2110 E. La Salle St. in
the Palmer Park neighborhood,
the property is within walking
distance of retail, including Wal-
Mart.
The property comprises four
three-story buildings, which
underwent numerous repairs
in the 18 months prior to sale,
including roof replacements,
some electrical upgrades, hallway
flooring and light fixture replace-
ments, new exterior paint and
parking lot resurfacing.
Shannon Hills features 25 one-
bedroom, one-bath units, 23 two-
bedroom, one-bath units and 12
two-bedroom, two-bath units.
Units average 800 square feet and
approximately half have decks or
patios.
■
The Shops at Polaris Pointe,
a Class A retail center in Colo-
rado Springs, sold to
Blue Skies
Properties LLC
for $3.8 million.
The 8,442-sf center, shadow-
anchored by Bass Pro Shops, was
sold by
Copper Ridge Accord
LLC.
The 100 percent-occupied
center sold at full asking price in
a 1031 exchange, which was the
upleg for the buyer.
Jimmy John’s, Costa Vida,
Interstate Battery, Orange Leaf
Yogurt and Beef Jerky Outlet
occupy the Shops at Polaris
Pointe, located at 122 Tracker
Drive.
Troy Meyer
and
Kevin Mat-
thews
of
Sperry Van Ness/
Denver Commercial
listed the
property.
Tilden Moschetti
of
SVN Rich Investment Partners
represented the buyer.
s
An aerial view of The Gateway at InterQuest in northern Colorado Springs.
