August 17-September 6, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 21
Colorado Springs/So. Front Range
by Jennifer Hayes
ADenver-based buyer picked
up a Printers Park property for
$2.55 million.
The buyer, TWDD MOB LLC,
purchased the 30,000-square-
foot medical office property at
155 Printers Parkway in Colo-
rado Springs from Ocean Blue
Equities LLC.
“The new owner is plan-
ning on reinvesting back into
the property,” said John Witt
of NavPoint Real Estate Group,
who represented the buyer with
Matt Call, also of NavPoint. The
reinvestment will include reno-
vating the common areas of the
building, constructed in 1999, as
well as taking care of deferred
maintenance.
Additionally, the buyer is
planning to put together an
aggressive leasing strategy to
fill up the remaining vacancy
at 155 Printers Parkway, added
Witt.
At the time of sale, the build-
ing was 60 percent occupied by
tenants primarily on short-term
leases.
“The value-add component
was very attractive to the buyer
with the ability to lease up the
vacancies and increase cash
flow,” said Witt.
Cascade Commercial Group’s
David Schroeder II and Ted
Link represented the seller.
Other News
n
Commonwealth
recently
released its second-quarter
apartment sales report for Colo-
rado Springs.
The report includes all sales of
complexes 30 units and larger.
During the quarter, the report
noted, there were six closings
comprising 857 units with a
total sales volume of $56.75 mil-
lion.
There were no Class A sales
despite demand for the product
at an all-time high as previous
Denver buyers are now active
in the Springs, equaling more
buyers than product, according
to Commonwealth. Addition-
ally, no Class B sales closed dur-
ing the second quarter.
Commonwealth reported that
two Class C sales closed during
the period with the Palo Verde
complex commanding the high-
est price per unit at $87,750
per door. The 72-unit complex
built in 1984 is located south of
Highway 24 on North Murray
Boulevard. The Class C market
saw $9.77 million in sales.
Within the Class D market,
which totaled $46.98 million in
sales in the quarter, the highest
price paid per square foot was
$107 at the Tanglewood apart-
ments. The highest price per
unit was paid for the 216-unit
Stratus complex at $80,440 per
unit while the lowest price per
door was $51,210 paid for the
374-unit Summer Grove project.
The average price per unit for
Class D was $63,742 and the
price per sf was $93.
n
A 17-unit apartment build-
ing in Pueblo recently traded
hands for $525,000, or $30,882
per unit.
The property at 625 W. 14th
St. is located near the Parkview
Medical Center and was sold to
an undisclosed buyer.
“The seller had owned the
building for 24 years and decid-
ed to retire and capitalize on
current market conditions. The
property was very attractive to
the buyer due to its location and
price per unit,” said
Brent Hub-
bell
of
Pinnacle Real Estate
Advisors LLC,
who, with
Jeff
Johnson
of the Johnson Ritter
Team represented the seller in
the transaction.
It was built in 1966.
n
Healthcare Partners Colo-
rado LLC
renewed and expand-
ed its lease at 1625 Medical Cen-
ter Point in Colorado Springs.
It signed a 16,151-sf lease.
The landlord,
Union Medi-
cal Campus Owner LLC,
was
represented by
Peter Scoville
of
Colorado Springs Commercial,
a Cushman & Wakefield Alli-
ance.
The tenant was represent-
ed by
Olive Real Estate Group.
n
Colorado Moving & Stor-
age
leased a 6,120-sf space at
Bally Plaza.
It leased the space at 1803
S. Academy Blvd. in Colorado
Springs from
Pace
Bally Plaza
LLC.
Andrew Oyler
of
Quantum
Commercial Group Inc.
repre-
sented the tenant.
Jay Carlson
of
Front Range Commercial
LLC
was the listing agent.
n
Tree House
signed a 6,000-
sf industrial lease in Colorado
Springs.
The warehouse space at 34, 36
and 38 Buchanan St. was leased
from
J. Damien Ltd. Mike
Berger
of
Weichert, Realtors
Pikes Peak Group
handled the
transaction.
Additionally, a 4,100-sf lease
was inked at 30 Buchanan by
Land Marc Sign.
Berger han-
dled both sides of the transac-
tion. J. Damien Ltd. was the
landlord.
n
Watts Orthodontics
recently inked a lease for its
fifth location in Douglas and El
Paso counties.
Cascade Commercial Group’s
Ted Link
and
David Schroeder
II
represented the tenant in its
2,558-sf lease at 501 S. Tejon St.
in Colorado Springs.
The appeal of locating in a
new bank building with sig-
nage opportunities were the
deciding factors in locating to
the space, according to Cascade
Commercial.
The landlord was represent-
ed by
Mike Suggs
and
Randy
Dowis
of
NAI Highland LLC.
Watts Orthodontics will occu-
py the space near the end of this
year.
s
The new owner plans to make improvements to 155 Printers Parkway, including taking care of deferred
maintenance.
