Colorado Real Estate Journal - May 6, 2015
An out-of-state buyer acquired a portfolio of three net-leased properties in Colorado Springs for $6 million. Spirit Master Funding IX LLC purchased the properties, each of which are under new, 15-year corporate leases with Caliber Collision, one of the largest collision center operators in the United States with more than 200 locations. “Caliber Collision is rapidly expanding in Colorado and around the country,” explained Troy Meyer of Sperry Van Ness. “Caliber had purchased the seller’s collision center business last year, which included all three locations. The seller maintained ownership of the real estate, which he successfully completed his disposition of through this transaction.” Meyer, along with Sperry Van Ness’ Kevin Matthews and Dean Cory represented the seller, IGH LLC. The buyer was represented by Ryan Butler and Brad Moulder of Stan Johnson Co. The sale comprised the Caliber Collision properties at 790 Copper Center, 10778 Maltese Point and 4635 Park Vista Blvd. The Copper location, built in 2012, comprises 15,240 square feet; the Maltese Point location, built in 2009, comprises 9,882 sf and the Park Vista property built in 1978 and renovated in 2014 totals 14,069 sf.
-Cascade Commercial Group completed a number of transactions during the first quarter of 2015, including the sale of 104 Pro Rodeo Drive in Colorado Springs. Dr. Steven Barrick purchased an 8,000-square-foot building for $800,000. Barrick will occupy approximately 80 percent of the building. “This represents a fair price for both buyer and seller in this market,” said Ted Link of Cascade. “A lot of medical office buildings have changed hands but have been primarily investment in nature where this sales represents a user transaction in our market.” Link and Ted Breitenstein of Cascade represented Barrick. Cascade Commercial Group represented Dr. Nawei Jiang, an acupuncturist, who purchased 1010 W. Colorado Ave. in Colorado Springs from Adams Bank and Trust. The new owner plans on renovating any vacant spaces and leasing them within the next 12 months. The purchase price was $295,000 for the 3,910-sf building. The firm also represented Bethesda Real Estate in its lease of 3,300 sf to Dr. Neil McAllister. McAllister will occupy the space this summer and represents the third optometrist that Cascade Commercial Group has facilitated a transaction with in the last six months. McAllister was represented by Brett Ogden of Hoff and Leigh. The lease will bring the occupancy rate at 6160 Tutt Blvd. up to a level of 82 percent.