Colorado Real Estate Journal -
Howell Construction came out of the recession in the black and ready to invest the future. It planned to buy and raze its hodgepodge of buildings at 550 Lipan St. in Denver and build a new facility to appeal to existing employees as well as young people entering the workforce. But Howell Construction President Joe Slavik wanted to be 100 percent, not 99 percent, sure he was making the right decision, so he ran it by Cassidy Turley Colorado President and CEO Greg Morris. Morris suggested a meeting with one of his brokers, Craig Myles, and now Howell has decided to move from the only headquarters it’s known for at least 60 years. Through an entity called Harvard Real Estate LLC, the company recently bought the Colorado Hardscapes building, a high-image, 16,000-square-foot industrial building on just over two acres at 8085 E. Harvard Ave. in Denver, for $1.35 million. Colorado Hardscapes, which owned the property, sold the building and leased back approximately 5,000 sf. “We really weren’t actively looking to leave. The challenge was we wanted to stay relatively central. We needed industrial space where we could have a yard, office and warehouse, and young people now want to be in nice space,” said Slavik. “Most industrial space looks like industrial space. This building was built as a headquarters space. It’s a nice brick building all the way around. It’s going to have a nice image in addition to being an industrial facility,” he said. “This is a beautiful building,” said Myles. “Really it was an upgrade of facility, bringing it to the next level.” The building offered the right balance of office and warehouse space Howell Construction was looking for, Slavik said. Howell will gut its portion of the building and create open, collaborative workspace. There will be a new sign, and Howell will apply to Arapahoe County for approval to put in a fenced yard. Otherwise, the exterior of the building will remain as is. AlloSource, a tissue bank now headquartered in Centennial, occupied the property before Colorado Hardscapes purchased it in 2001. “It really turned into a nice deal for us and a nice deal for them,” Slavik said, referring to Colorado Hardscapes. Located near East Iliff Avenue and South Quebec Street, the property isn’t quite as central as Howell’s existing location, but, “’From a lifestyle standpoint, it’s a significantly better location,” said Slavik. It is close to bike trails, parks and other recreation amenities, as well as restaurants and shops. Howell plans to move into the facility next July. “The timing was right. I believe we probably captured the market somewhere within nine months of the low,” said Slavik. Within the construction industry, Slavik said, Howell Construction is fortunate to be in a financial position to invest in a new facility, and it was able to do so because of the types of projects it takes on: typically tough, technical renovation projects that have to be completed while a facility is occupied, i.e., hospitals and data centers. “I think we’ve been blessed that we are kind of a niche contractor,” he said. “In addition, our financial situation has allowed us to add some great personnel to handle larger projects, while other contractors have been downsizing.” Myles represented the construction company in the acquisition. Randy Swearingen of Advisor Commercial Realty LLC represented the seller.