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— Retail Properties Quarterly — February 2018

Market Update

10555 East Dartmouth Avenue, Suite 360

Aurora, Colorado 80014

Corey R. Wagner

303-306-1000 Ext 126

Garrett P. Walls

303-676-8206 Direct

The Granby Business Center was developed in 1999 and converted

to office condominiums in 2004. The project consists of 12 units and

approximately 23,704 square feet of space in the development.

Unit A is occupied by Comcast with a lease term through June 30,

2020. The lease has annual 3% increases.

Unit J is occupied by Thomas A Mason Companies with a lease term

through June 30, 2022. The lease also has annual fixed rate increases.

This investment has very minimal landlord responsibilities, the

commercial HOA provides all the exterior maintenance, the tenants

are responsible for all interior maintenance.

Purchase Price

- $504,000 - 2 condo units free and clear

Property Size

– 23,704 Square Feet

Condo Units

- 12

Unit A

- Comcast 3,050 square feet

Unit J

- Thomas A Mason Painting 3,074 square feet.

Price per Square Foot

- $82.30

Net Operating Income


Year One - $45,345

Capitalization Rate


Year One – 9.00%


– 100%

2 Commercial Condominium Units

Two Fully Leased Condo Units to Credit Tenants

No Landlord Responsibilities

62543 US Highway 40, Granby Colorado 80446

Granby Business Center

Priced to Sell


ost people start the new

year out with a new year’s

resolution, but I am going

to start with a new year’s

prediction: 2018 will be a

booming year for Colorado Springs

commercial real estate. Yes, the

Colorado Springs commercial real

estate market is thriving. It’s filled

with new development projects to

a degree I have never seen since

becoming a commercial broker.

One significant trend we see right

now is reinvestment in the Colora-

do Springs market spurred by larger

development projects. This is result-

ing in the footprint of our com-

munity continuing to expand and

rising retail lease rates, up $1.22

per square foot in the last three

years. From a retail perspective, we

have several exciting developments


In the northeast, the dramatic

population growth over the last 15

years has changed the Interquest

area from “farm land” to a destina-

tion with more than 316,000 sf of

space under construction. Innova-

tive developments are underway

including Victory Ridge, home to the

new VIP theatre Icon Cinema, Colo-

rado’s first In-N-Out Burger and the

Field of Dreams youth sports com-

plex. Nearby, Interquest Commons

has Marriott and Hilton hotels com-

ing, in addition to the newly opened

Fuzzy’s Tacos. Interquest Market-

place is finishing up the available

retail surrounding Great Wolf Lodge.

Activity in the northeast corridor

continues to increase, and it isn’t

just limited to retail commercial

real estate, reinforcing its status as

a new trade area within the market.

Moving south

along Interstate 25,

significant retail

attention remains

on Nevada Avenue.

University of Colo-

rado at Colorado

Springs continues

its expansion,

which brings fresh

investment into

the area. New

UCCS develop-

ments include an

indoor sports prac-

tice facility, national cyber security

center and a 92,000-sf community

arts center. The redevelopment isn’t

limited to North Nevada Avenue, as

2018 also brings the continued rede-

velopment of South Nevada Avenue

where Chick-fil-A and several new

restaurants, such as Tokyo Joe’s,

Mad Greens and Zoe’s Mediter-

ranean, are reimagining the previ-

ously underutilized retail corridor

located near the Broadmoor.

On the west side of the city,

Penrose-St. Francis Health Services

announced the development of an

80-acre site at Fillmore and Centen-

nial Boulevard. Across the street is

a recently announced new devel-

opment for a retail and restaurant

building along with a new 7,000-sf

medical building to be located east

of Grandview Marketplace. Addi-

tionally, since the development of

the interchange off I-25 a couple

of years ago, there is a new Best

Western Plus hotel, IHOP and Les

Schwab Tires. Several properties in

West Colorado Springs also are up

Retail growth on deck for Colorado Springs



Associate, retail

services, CBRE,

Colorado Springs

Please see Johnson, Page 26