Colorado Real Estate Journal - DECEMBER 19, 2018
A dual-brand hotel’s sale in Colorado Springs marks Marcus & Millichap’s ninth closed hotel deal this year in the state and its third in the Southern Colorado city. The Clarion Hotel & Conference Center and Quality Suites Central at 314 W. Bijou St. was purchased by the owner of The Antlers, a Wyndham Hotel, and The Mining Exchange, a Wyndham Grand Hotel & Spa, for $7.8 million. The 148-room hotel property was built in 1972. Skyler Cooper of the Denver office of Marcus & Millichap led the team, which included California Marcus & Millichap agents, that handled both sides of the sale. “There was a significant amount of interest in the property,” said Cooper, noting it was priced at an over-10 percent cap. “It was a pretty attractively priced asset that we didn’t have on the market for long.” Future plans for the hotel property were not disclosed. In addition to the dual-brand hotel’s sale, Marcus & Millichap also sold the Quality Inn Colorado Springs Airport at 2115 Aerotech Drive and the Baymont Inn & Suites at 1055 Kelly Johnson Blvd. in Colorado Springs earlier this year. The hotels sold for $6.8 million and $5.35 million, respectively. Additionally, the firm handled the sale of the Timber Ridge Lodge in Ouray, the Econo Lodge Cortez in Cortez, the Fairfield Inn & Suites Denver Aurora/Parker in Aurora, the Holiday Inn Express & Suites in Englewood, Denver’s Best Inn & Suites in Denver and the Best Western Plus Plaza Hotel in Longmont this year. Other News MPW Capital LLC recently paid $3.79 million for the Westwind Apartments, a 43-unit apartment property at 1935 Carmel Drive in southeastern Colorado Springs. Westwind Apartments comprises a mix of studio, one- and two-bedroom units. The property was built in 1966 but has undergone “significant” capital improvements in the past few years, including updating new units, new electrical panels, new windows and a new boiler. Austin Smith of Nexus Commercial Realty LLC represented the buyer. The buyer plans to continue to maintain and improve the property, including further renovating units and raising rental rates. The Sausalito Cottages, a unique multifamily community in west Colorado Springs, recently sold for $1.15 million, or $95,833 per unit. T he property at 3428 W. Colorado Ave. comprises two 825-square-foot studios and 10 366-sf stand-alone cottages. The unnamed buyer was looking for a stable, cash-flow investment, noted Zach Hansen of Greystone Unique Apartment Group, who represented both parties as a transaction broker. T he community, situated five minutes from Garden of the Gods, includes a private fenced yard for each unit. Confluent Development, a Denver-based real estate investment and development firm, has announced its plans to develop Raising Cane’s Chicken Fingers’ first location in Colorado Springs, marking the brand’s entrance into the market. The Louisiana-based restaurant company will serve as the sole tenant in the stand-alone 3,067-sf development, which will feature roll-up garage doors, indoor seating, an outdoor patio and a drive-thru for customer convenience. Located within the North Academy retail corridor, the development sits on the corner of North Academy Boulevard and Agora Point. The project marks Confluent Development’s second venture in the retail complex as it nears delivery of the adjacent 8,265-sf multitenant development that will house the popular Snooze, an A.M. Eatery, as well as Bishops Cuts/Color barbershop salon. “Confluent Development appreciates the dedication and drive that launched Raising Cane’s from a single restaurant into a company with an international presence of more than 390 restaurants,” said Marshall Burton, president and CEO of Confluent Development. “We’re honored to work alongside a retailer of Raising Cane’s caliber and look forward to supporting its expansion.” Ground will be broken on the project late this year with an anticipated completion in late spring. PM Design Group Inc. is serving as the architect on the project with Embree Construction Group serving as the general contractor and KimleyHorn as the civil engineer.