Colorado Real Estate Journal -
Northstar Commercial Partners recently invested in a 152,023-square-foot building in Colorado Springs, where occupancy rocketed from 28.57 percent at contract negotiation to 73.03 percent at closing. Northstar, which specializes in acquiring opportunistic commercial real estate assets throughout the United States, bought a controlling interest in Dabling Properties LLC, which owns the facility, PeakView at Dabling, at 5825 Mark Dabling Blvd. “We’re extremely excited for this opportunity,” said R. Brian Watson, founder and president of Northstar Commercial. “We are thrilled to be a part of this important building in Colorado Springs that with new tenancy will bring a significant number of new jobs to the community.” The call center/office/flex/ data center space, best known as the former home to Mr. Biggs Family Fun Center, which closed in 2012, currently is undergoing build-out for the two new tenants signed prior to closing as well as overall improvements to the building, including a new roof, HVAC, refurbishing the interior, exterior paint and landscape improvements. D1 Sports Training inked an 18,000-sf lease at the building, where it is expected to open this summer. The location, along with a D1 facility in Denver, marks the sports training company’s first foray into the Colorado market. Susan Beitle and Russell Stroud of Quantum Commercial Group represented D1 in the lease. The Macalan Group signed an 18,905-sf lease at the building, where it also is anticipated to move in this summer. Andrew Oyler of Quantum represented Macalan. Sam Cameron of Cameron Butcher represented Dabling Properties in both leases. Stellar Restaurant Solutions, a restaurant call center, which occupies nearly 60,000 sf at PeakView, is headed by partners who have owned the building for nearly nine years. The leases leave a 35,000-sf block of space, which can be demised to 10,000 sf, and is ideally suited for call center use, noted Watson. If needed, the owners could amass up to 57,000 sf by combining the 35,000 sf with some space from an adjoining tenant. “It would be phenomenal call center space,” he added, noting that with Stellar Restaurant Solutions already there, the technical infrastructure already is in place but the space also works for general office, flex and research-and-development use. Situated on nearly 15 acres, PeakView at Dabling has a parking ratio of 8:1,000. “It is one of the best parking ratios, frankly, in Colorado. It is very functional, flexible space,” said Watson. The owners already have seen tremendous demand for the balance of the space, primarily from call centers, both existing and new to the Colorado Springs market. “It’s very exciting,” added Watson. When fully leased, the building is anticipated to house 1,400 employees. Asking rates are $10.50 per sf triple net with estimated operating expenses of $3.50 per sf. Built in 1979, the building includes two drive-in and five dock-high doors, upgraded power, a backup generator and clear ceiling heights of 24 feet. Northstar also is working on the acquisition of a 13-property portfolio and other investment opportunities around Colorado.