The ripple effect of a center’s creative turnaround

When a retail center loses a major anchor, there is a ripple effect that goes well beyond the closed doors of the big-box space. It spreads to the in-line retailers, the nearby retail centers, the owner’s own

CREJ

February 17, 2020

Woodmen Office Campus II trades for $6.62 million

A Missouri-based buyer purchased its first Colorado Springs office property with its acquisition of Woodmen Office Campus II. The American Way Group LLC of St. Charles, Missouri, paid $6.62 million for the 77,608-square-foot building at 7450 Campus Drive in Colorado Springs. “Woodmen Office Campus II offered investors the opportunity to acquire a property with exceptional…

Jennifer Hayes

February 16, 2020

Progressive joins Offices at Victory Ridge development

The first Class A speculative office development in more than a decade in Colorado Springs now has its first tenant. Progressive Casualty Insurance Co. signed an 18,089-square-foot lease at The Offices at Victory Ridge, a two-building, 145,053-sf office and retail development at 10855 Hidden Pool Heights. “The Offices at Victory Ridge is the first Class…

Jennifer Hayes

February 16, 2020

Military housing turned apartments sells for $26.1 million

An out-of-state investment group made its first Colorado acquisition with its record-pricing purchase in Colorado Springs. Clear Capital LLC of Los Angeles paid $26.1 million, or $207 per square foot, for The Palmer Park Apartments – a record price per sf for multifamily assets built in Colorado Springs prior to 1990. The 200-unit community at…

Jennifer Hayes

February 10, 2020

Tertiary markets see influx of investment activity

As we enter 2020 in the longest bull market run since World War II, there is little question we have entered uncharted waters in the investment landscape, particularly for those of us in the multihousing space.

CREJ

February 9, 2020

One330 Apartments fetch $37.1M in off-market deal

A newly built multifamily community in Colorado Springs sold to an Atlanta-based buyer for $37.1 million, or $249,000 per unit. Cortland Partners purchased One330 Apartments at 1330 Kelly Johnson Blvd. in an off-market transaction. The 149-unit community was in lease-up at the time of sale. “One330 is situated in a well-established area of central Colorado…

Jennifer Hayes

January 19, 2020

Kneaders Bakery and Café sells at 5.12% cap rate

A single-tenant, net-leased Kneaders Bakery and Café in Colorado Springs recently sold. The Kneaders Bakery and Café at 13482 Bass Pro Drive sold for $2.93 million and at a 5.12% cap rate, representing one of the lowest cap rates ever for a single-tenant Kneaders Bakery and Café nationally, according to CoStar. A Colorado-based 1031 exchange…

Jennifer Hayes

January 13, 2020

Berkadia arranges loan for self-storage facility purchase

Berkadia arranged financing on behalf of a private investment firm based in Las Vegas for its acquisition of two self-storage facilities, including the AAA Platte Self Storage in Colorado Springs. Senior Managing Director Cutt Ableson and Associate Director Johnny King of Berkadia’s Houston office secured the loans for Crystal View Capital. MidCap Financial Services provided…

Jennifer Hayes

January 6, 2020

Advenir at Spring Canyon apts. sell for $69.3 million

A new buyer to the Colorado Springs market purchased the Advenir at Spring Canyon apartment community at record pricing. Benedict Canyon Equities paid $69.3 million, according to public records, for the 292-unit community at 4510 Spring Canyon Heights. At $237,329 per unit, the price appears to be a record per-unit price paid for 1990s product…

Jennifer Hayes

January 6, 2020

Westgate project adds Candlewood Suites

Candlewood Suites is coming to Westgate. Utah-based hospitality firm Western States Lodging and Nuterra Partners, a Utah-based development and management company, are under contract on a 1.86-acre parcel in the 58.71-acre Westgate at Powers mixed-used project in southeast Colorado Springs. The partnership is planning to construct a 104-key Candlewood Suites at the development, located at…

Jennifer Hayes

December 30, 2019