COLORADO SPRINGS, COLO. — Unique Properties, LLC – TCN Worldwide has sold a 20,500-square-foot office/flex building in Colorado Springs for $1,585,000. Located at 680 Garden of the Gods, the bank-owned building was acquired by Appliance Factory Outlet. Unique's John Sheflin, Marc Lippitt and Scott Shwayder represented the seller, Wells Fargo Bank.
Western
Borrowing a Charles Dickens title, Colorado is “A Tale of Two Cities,” or more accurately, two markets. High density infill markets show strong leasing activity in terms of absorption, rental rates and down time, while lower density rural areas still lag in recovery. Urban markets such as Denver, Boulder and Englewood are returning to earlier days where spaces are quick to fill with an average down time of six months, a waiting list of prospects and increasing rents. For example, a recent side shop vacancy at King Soopers-anchored Belleview Square in Englewood was backfilled with a waiting list of five tenants before the retailer had even closed their doors. On the other hand, secondary and tertiary markets such as Falcon, Colorado Springs and Greeley are slower to lease up with an average down time of 12-15 months and little rent growth. Acquisition activity has not yet recovered, and very few Class A properties are on the market. However, development activity is picking up. Active retail categories include quick service restaurants, health and dental, discounters and mattress stores. One of the interesting trends is the boutique pet store concept occupying less than 4,500 square feet, which seems to be harvesting an …
POMONA, CALIF. — Lee & Associates Ontario has sold a 21,455-square-foot industrial park for $2 million. The two-story offices and fenced-in yard was acquired by DE & Z, LLC. Lee & Associates' Todd Launchbaugh and Justin Leewood represented the sellers, Hua-Chiang Wang and Shan Duo Chang. The buyer was represented by Encon Commercial.
DENVER — The Cherry Creek North Business Improvement District celebrated the completion of “The New North,” an $18.5-million, privately funded streetscape renovation project, with a free festival and concert on Sunday. “The New North” project included new landscaping, as well as a variety of water, lighting and energy conservation efforts. The BID also renovated Fillmore Plaza and upgraded its infrastructure.
PHOENIX — Cassidy Turley BRE Commercial has sold the 62,832-square-foot Foxfire Commerce Center in Surprise, Ariz., for $3.15 million. The buyer was Presson Companies, an Arizona-based private investor. Cassidy Turley executive vice presidents Bob Buckley, Steve Lindley and Tracy Cartledge represented both the buyer and the seller, Dalfen America Corporation, which did business as Rosh Hashanah Realty ADA Compliant Limited Partnership.
SAN DIEGO — Voit Real Estate Services has directed the acquisition of an 11,050-square-foot industrial building in Poway, Calif., for $1.657 million. The acquisition by James and Barbara Hetzler Trust included a nine-month leaseback to Pro Tel Communications, the building's current tenant. Tracy Clark, senior vice president in Voit’s San Diego office, represented the buyer. CFI Commercial's Paula Danker represented the seller, Estate Quest, LLC.
AUBURN, WASH. — Loja Real Estate, LLC, has purchased the Lakeland Town Center for one of the firm’s separate accounts for $39.4 million. Lakeland Town Center is a 125,000-square-foot shopping center in Auburn. It is located within the master-planned community of Lakeland. Kevin Van Voorhis of Colliers International's San Francisco office represented the Loja Group. Paul and Billy Sleeth of Colliers' Seattle office represented Lakeland Town Center II, LLC. The Seattle office will also manage the property.
ALAMEDA, CALIF. — Jamestown, the owner of the 594,000-square-foot Alameda Towne Centre has announced that it will re-brand the open-air retail center as Alameda South Shore Center. The center was known as South Shore Center until 2002 when it underwent an $85-million redevelopment. Jamestown purchased the center from Harsch Investment Properties this past January for $181 million. It was the largest retail center transaction that had occurred in the continental U.S. in the past year.
LOS ANGELES — The Cypress Retail Group, a partner of X Team International, has completed a lease for the first full-service 24 Hour Fitness SuperSport in North Hollywood, Calif. The lease is valued at $11 million. The 33,000-square-foot space resides within the NoHo Commons shopping center. The SuperSport is anticipated to open July 23. X Team International partner Robert Walsh represented the tenant. The landlord was represented by Eric Reuveni of Los Angeles Real Estate Group.
PARKER, COLO. — Westwood Financial Corp. has acquired the 6,336-square-foot Stroh Ranch Retail Center in Parker. The asset was purchased in a short sale. The acquisition is in line with Westwood's goal of purchasing about $100 million-worth of small, distressed strip centers. The property contains two units, the smaller of which is vacant.