CREJ

Page 4 — Retail Properties Quarterly — November 2018 www.crej.com Retail News by Jennifer Hayes Work is underway on an 11-acre project in Parker bringing a mix of retail, medical and professional ser- vices to the town. Koelbel and Co. has broken ground on Pine Bluffs Plaza, a two-phased development at the northeast corner of Parker and Hess roads. The site, which Koelbel has owned for the past 20 years, will be trans- formed into a mix of food, fitness and service providers and anchored by a freestanding emergency room and medical office. “We purchased this land 20 years ago and have always envisioned a retail development but we were wait- ing until there was enough residential growth to create the demand neces- sary to attract a good mix of tenants to the center,” saidWalter A. “Buz” Koelbel Jr., president of Koelbel and Co. “The area has seen tremendous growth over the last few years making this a perfect time to deliver much- needed commercial and medical ser- vices.” In addition to the area’s recent growth, there are more than 5,000 homes within a few miles of the proj- ect. The first phase of the project, comprising 9 acres, will include a 10,800-square-foot emergency room, a 13,500-sf building dedicated to medical office tenants and three retail buildings totaling 27,500 sf. HCA has a ground lease in place for the freestanding ER and will construct its own building. Koelbel will develop the rest of the center. G3 Architecture is the architect andWaner Construc- tion is the contractor. Designed so that both the retail and MOB buildings look alike, Pine Bluffs Plaza has signed two leases with Fuzzy’s Taco Shop and Invision Sally Jobe Imaging Center. Fuzzy’s inked a lease for the south endcap of one of the buildings (4,500 sf) while negotiations are ongoing with other retailers for the south end- cap of another building and the north endcap of the Fuzzy building. The drive-thru space as well as additional inline space is available along with roughly 2,600 sf of retail space in the medical office building. David, Hicks & Lampert Broker- age’s Phil Hicks and Andrew Fox are handling leasing of Pine Bluffs Plaza, which is targeting users such as food, fitness and service but looking to include “nonstandard” national chains to provide more character for the cen- ter and variety for the residents. The second phase will be the devel- opment of three pad sites at Pine Bluffs Plaza. The sites are expected to be home to a mix of restaurants, drive-thru quick-service restaurants and bank tenants, for example. No current negotiations are taking place on the pad sites, however, there have been discussions with a few pros- pects. Koelbel’s buildings are expected to be completed in core-and-shell condi- tion in the first quarter with tenants to be open for business by summer. “Koelbel and Co.’s reputation as a first-class developer across the region is well-known and we are pleased to be working with them here in Parker,” said Matt Carlson, town of Parker Economic Development. “The Pine Bluffs commercial project will bring much-needed amenities and service choices to the south end of town that will serve not only Parker residents but also those in our southern trade area from Castle Rock to Franktown, Elizabeth and Kiowa.” Koelbel and Co. worked with the town of Parker and the Pine Bluffs homeowners’ association to create an access point at the north end of the project to ensure access for nearby residents and patrons of the site. Other News Q A single-tenant, triple-net-leased property in Parker traded at a price topping $1,100 per square foot. The 2,920-sf property at 11179 Pikes Peak Drive, occupied by Jack in the Box, sold to a California-based buyer in a 1031 exchange. Jack in the Box has 12 years remain- ing on its lease at the property, sold by a California investment group. Senior Managing Director Justin Mendelson and Senior Associate Josh- ua Berger with Charles Dunn Co.’s Res- taurant Property Group, in collabora- tion with JDS Real Estate, represented the buyer and the seller. The buyer plans to hold the asset as a long-term investment with minimal landlord responsibilities. “With this latest transaction, Charles Dunn’s Restaurant Property Group has now brokered the sale of approximately 20 Jack in the Box sin- gle-tenant properties over the past 24 months, giving us one of the largest market shares in the country for Jack in the Box triple-net-leased assets,” said Mendelson. “Jack in the Box has strong credit associated with the brand, which is attractive to investors seeking passive, low-management investments or value-add opportuni- ties; however, other crucial elements of the marketing process are accurate pricing and identifying a targeted prospective buyer pool.We have been successful at both of these challenges and ultimately have been able to cre- ate a mutually beneficial situation for both buyers and sellers.” s Work begins on Pine Bluffs Plaza in Parker Pine Bluffs Plaza will feature a mix of retail, medical and professional services.