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COLORADO REAL ESTATE JOURNAL
— September 21-October 4, 2016
7 7 ACRES ON SANTA FE DR .
CONTACT:
Tristan Sedbrook
(303) 534-4822
5300 DTC Pkwy, Suite 100, Greenwood Village, CO 80111
Remarkable 77-acre parcel is a once in a lifetime opportu-
nity to build a premier master planned community in Littleton,
Colorado. Located off S. Santa Fe Dr. about half way between
Mineral and C-470, this parcel is currently zoned for 36 acres
of residential and 41 acres of commercial. Currently offered at
$19,750,000. Call for additional information.
demand for a hotel there,” said
Hardy, noting with a hotel, the
development would be complet-
ed in a single phase.
There hasn’t been a new hotel
built between downtown Love-
land and Centerra (at Interstate
25) in 20 years, and hoteliers
are eager to capture leisure and
group travelers, including those
headed to Estes Park. The hotel
likely would be a four-story,
approximately 60,000-sf facility
with 90 to 100 rooms.
“We’re pretty excited about
that and think it would be a
neat opportunity for the proj-
ect,” Hardy said.
The hotel would be locat-
ed between First and Second
streets. From Second to Third,
The Foundry will include two
five-story mixed-use build-
ings, one with 100 apartments
over 8,000 sf of retail space
and one with 7,000 sf of retail
and 46 apartments; a central
plaza with a stage and water
features; and a four-story, 460-
space parking garage with one
level below grade. The section
between Third and Back Stage
Alley, behind the Rialto The-
ater and restaurants on Fourth
Street, will feature a 625-seat
movie theater, for which there is
a signed letter of intent.
Alleys will be transformed
into well-lit pedestrian corri-
dors.
The city of Loveland assem-
bled the redevelopment site
over time and has demolished
existing structures, giving
Brinkman Partners, which was
selected from a requests-for-
proposals process, a clean slate
with which to work.
Brinkman completed the five-
story Gallery Flats mixed-use
apartment building nearby in
2012. “It has performed very
well for us and our investors,”
said Hardy.
“We feel very good about the
market,” he said, adding that
the opportunity to do a pub-
lic-private partnership for The
Foundry was compelling.
“Part of this is market-making
because it is new, and that’s
where the city has been an
enormous partner in making
this happen,” he said. “With-
out that, you wouldn’t have a
project.”
The Foundry is estimated to
generate $11,000 a day in new
retail sales in the downtown
area – or $40 million over 10
years – not to mention the jobs,
property taxes and community
benefits, including additional
redevelopment, it will create.
“Historically, we take on proj-
ects that are very community-
driven,” Hardy said. “Obvious-
ly, we’re Northern Colorado-
based, and this is home for us.”
The development team
includes OZ Architecture and
Russell + Mills Studios.
s
tional Properties’ Mike Winn
and Tim Richey, also of the
Denver office, along with Matt
Hargrove and Mike Shellow of
CBRE Advisory & Transaction
Services|Occupier in Los Ange-
les and D.J. Decker of CBRE
Global Workplace Solutions in
Dallas, advised the seller.
“We are seeing more and more
institutional owners targeting
Colorado Springs and the entire
Front Range for strategic invest-
ment opportunities, drawn in by
our region’s outstanding quality
of life, strong business climate
and top-ranking talent pool,”
added Winn.
Originally a build-to-suit for
IBM, the campus, constructed
between 1984 and 1994, has been
institutionally owned and main-
tained since its development.
After IBM, it served as a corpo-
rate campus for MCI and, upon
MCI’s acquisition, Verizon.
In addition toVerizon, themul-
titenant campus also is home to
Xerox and PGi. Verizon’s opera-
tions on the property span new
product development, corporate
services, wireless services and
Verizon wireline services.
“Although initially conceived
as a corporate headquarters,
2424 Garden of the Gods’ unique
design has
evolved to
become one
of the region’s
p r e m i e r
multitenant
properties,”
Decker said
in a release.
“From
the
large
floor
plates, full-
service cafeteria and 120-seat
auditorium to the mountain
views, unique parklike setting
and generous parking supply,
the campus offers a level of
amenities appealing to even the
most discerning corporate office
users.”
“We believe this is the highest-
quality, best-located, larger-foot-
print building in the whole city
with an ownership that really
wants to make things happen,”
said Peter Scoville of Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance. Sco-
ville and Greg Phaneuf, also of
Colorado Springs Commercial,
were part of the sales team and
will be handling leasing for the
new owner. The pair also han-
dled the leasing of the campus
for Verizon.
“What this is on a macro level,
what this is doing, is having a
really great corporate campus
that is perfect for call center- and
service center-type users that
hasn’t really been out in front
of the market,” added Scoville.
“The new ownership group is
focused on stabilizing the asset
with third-party tenants.”
At the time of sale, the campus
was approximately 84 percent
leased with 54,000 sf of con-
tiguous space available imme-
diately. Verizon will be giving
back space over a period of time
allowing for 25,000 to 150,000 sf
of available space at the campus.
Lease rates were not disclosed,
however, Scoville emphasized
rates will be “very competitive
with the Class Amarket.”
Additional amenities at the
campus, comprising six inter-
connected two-, three- and four-
story buildings with 20,000- to
80,000-sf floor plates, include
its location along Garden of the
Gods – minutes from Interstate
25 and the University of Colora-
do Colorado Springs – and near
the U.S. Air Force Academy and
historic Broadmoor Hotel and
Golf Club.
The new owner also is plan-
ning a new auditorium, a new
fitness center, to resurface park-
ing lots, add new landscaping
and a host of additional com-
mon area upgrades.
s
Foundry
Campus
Peter Scoville
was built in 1927, and as the area
began to shift from an industrial
area to an emerging mixed-use
neighborhood, the previous
owner, Walnut Street Property
Holdings LLC, transformed it
into creative office/showroom
space with “gorgeous” office
space.
The building at 1141 29th was
built in 1948 and also offers cre-
ative space, with exposed brick
and a 24-foot bow truss. Yeddis,
who represented the buyer in
the transaction, is marketing the
property for lease at $30 per sf
triple net.
CCT Ventures LLC was the
seller.
Other News
n
Evans Ave. Venture LLC
purchased an 11,976-square-
foot office building at Interstate
25 and East Evans Avenue in
Denver from
Alexander Spe-
ros
for $1.39 million. The buyer
of the building, located at 5840
E. Evans Ave., is an owner-
user.
The three-story building was
constructed in 1972 and reno-
vated in 2015.
NAI Shames Makovsky
bro-
kers
Hayden Hirschfeld
and
Dorit Fisher
represented the
buyer.
Tim Finholm
and
Sam
Leger
of
Unique Properties
Inc.-TCN Worldwide
repre-
sented the seller.
s
River North
A 4,655-sf building at 1141 29th St. is being offered for lease.
