Colorado Real Estate Journal - September 17, 2014

U.S. Taekwondo pays $3.05m for former Eckerd Drug

by Jennifer Hayes

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U.S. Taekwondo Center of Colorado Springs acquired its fifth location in the city with its $3.05 million purchase of a former Eckerd Drug.

The buyer paid above $200 per square foot for the morethan-14,000-sf building at 5799 Stetson Hills Blvd., which was sold by Tebo Development.

Constructed in 2003, the building was originally a single-tenant pharmacy and now is home to Qwik Care MD, a Colorado Springs urgent care facility that occupies 7,000 sf at the property. U.S. Taekwondo plans to occupy the balance, approximately 7,500 sf.

“This was an ideal transaction for both parties, with U.S. Taekwondo Center obtaining a wel l-built building with a fantastic location to be used as an additional studio along Powers. It is getting harder and harder to find quality real estate along the Powers corridor,” said Ted Link of Cascade Commercial Group. Link, along with Ted Breitenstein of Cascade Commercial, represented the seller.

Mark Useman of Colorado Springs Commercial, a Cushman & Wakefield Alliance represented the buyer.

The U.S. Taekwondo Center is expected to do a substantial amount of remodeling in the building as well as some building upgrades.

Other News

NEPPL LLC acquired the former Minco manufacturing facility in Colorado Springs for $2.33 million – an acquisition expedited by growing interest in industrial facilities in the city from the marijuana industry.

Springs Fabrication, which occupies a portion of the building, opted to acquire the building when its lease terminated and on an accelerated timeline, thanks to the growing number of marijuana growers/operators looking for warehouse and distribution space, noted Randy Dowis of NAI Highland LLC.

Dowis noted that the Springs’ industrial market is starting to see more competition between traditional users and growers for industrial space. Dowis, along with NAI Highland’s Bob Garner, represented the buyer. Dowis and NAI’s Jim Spittler represented the seller.

The approximately 50,000- square-foot building is located at 855 Aeroplaza Drive in the airport submarket.

GB 2 855 Aeroplaza LLC sold the property, constructed in 1980, which features 18- to 20-foot ceilings, grade-level and dock-high doors as well as a sprinkler system throughout.

Improvements are anticipated at the property, which is located across from Springs Fabrication’s campus.

A growing local U.S. Department of Defense contractor is establishing new headquarters office space in Colorado Springs’ airport submarket.

Summit Technical Solutions LLC leased 14,155 sf of space at Patriot Park VII at 565 Space Center Drive.

It leased the space from CV Patriot Springs LLC. Peter Scoville and Greg Phanuef of Colorado Springs Commercial, a Cushman & Wakefield Alliance represented the landlord.

Depuy Synthes Products LLC recently inked a 12,860- sf office lease at the Quantum Office Campus in Colorado Springs.

The company leased the space at Building C at 10285 Federal Drive.

Peter Scoville and Greg Phanuef of Colorado Springs Commercial, a Cushman & Wakefield Alliance represented the landlord, CS/Federal Drive C LLC.

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