Colorado Springs Real Estate Briefs: May 21, 2004

The rock-bottom reason for the popularity of Pikes Peak region real estate showed up again last weekend. The weather was pretty perfect and the views were great as always. It's hard to beat Colorado real estate, with its tumbleweeds jumping around the planned parkways. I'm from Chicago - I oughta know. After 36 years watching local change and growth, I still get a daily dose of why I moved here many years ago. And there are a lot of people who feel the same way - some moving back or relocating their businesses and homes. They're bringing their money with them.

The local rental home market really shows it. Helped in great part by returning military, rental action is brisk, according to Sylvia Scalabrini, new leasing manager for ERA Shields. Scalabrini moved to the Shield's department in December, and saw property nearly running out the door in the single-family dwellings and apartments she manages when Fort Carson troops first started returning from overseas.

It was very brisk when they started coming back. Most definitely things were filling that had been empty for months, she said. There's also new properties coming on line, and some seasonal activity as renters move or owners suddenly transferred for work put properties into the rental pool. Rents are rising and getting closer to what owners need, she reports.

It's got to be a comforting situation to investors who've seen lean times lately, and it's a boon to those who see the opportunity to hold and grow their units rather than compete with new inventory and builder incentives.

Local builder ranks 122 in nation

Classic Homes took honors in the May Professional Builder magazine, taking place 122 in the list of 200 top builders in the country. Classic closed 567 units for $188 million gross revenue. National giants Pulte, US Home and Richmond ranked in the top 100, as expected. And their new neighborhoods in the region are prompting some developing commercial offerings in retail, office and warehouse. It's a growing edge 10 miles and more from downtown, and the people out there are looking for convenience too. Shops, entertainment and recreation have the advantage when they're nearby. A work commute is a different thing for many people, who'll cross town for a paycheck but not to spend it.

The latest leasing news

From Mark Dyer at Quantum Commercial comes news of a 17,476 square foot leasing at Centennial Technology Center, 4820 Centennial Blvd., for occupancy this summer by DALSA, whom he represented. Paul Engle and Michael Palmer, NAI Highland Commercial Group, represented the landlord.

New tenants grabbed space at April's end, including five deals featuring NAI Highland Commercial Group LLC. Three tenants used Paul Engel at Highland including Drive-In Radio to lease 4,617 square feet from Nor'Wood Ltd Inc. at Sundance Plaza on Sinton Road, with John Onstott also from Highland representing the owner. Intertest Systems Inc., which tests electrical products, signed for 6,620 square feet for Suite C, 1490 Garden of the Gods Road. Palmer McAllister Co. acted for International Education Foundation Inc. Engel's other deal was for 8,292 square feet at 5050 List Drive, Suite G, for the new Panache Linens, a specialty lines sales and rental firm. Owners Everett and Frankie Mae Bishop used Fidelity Real Estate to broker their side.

Mark Skelton with ReMax Real Estate Group brought VideoTronix Inc. d/b/a Security Integrators to 207 Sutton Lane in the Sutton Building for 2,400 square feet. John Onstott worked for the Torrey Bryan Joint venture in leasing its space.

The Airport Powers Business Center filled 10,000 square feet through the efforts of Stephen Bach, Bach Commercial Brokerage Co. for tenant FRIWO USE Inc., a maker of cell phone batteries. Connell Development, the owner, was helped by Paul Engle of NAI Highland Commercial for this space at 1340 Newport Road, Suite 130.

Maurice Gaubatz, chief executive officer of Pyxant Labs just expanded his operation at 4720 Forge Road into an adjacent 4,000- square-foot space.

Farther west, Avenue West Corporate Housing of Denver opened its new Colorado Springs office at 2903 W. Pikes Peak Ave. Avenue West is a property-management firm specializing in temporary furnished residences throughout Colorado. Owners Kimberly and Eric Smith named Rosalie Dorlard, formally of Colorado Springs, to head the office.

Sometimes look below ground

Not all award-winners in the locale have a high profile. Solid Rock Construction is blowing its horn from the basement for a recent award for 2003 Best Remodeling Project - Basement at the home builder association spring MAME awards. Competition for MAME draws the best of the best, and Solid Rock's winning entry is on display at its Web site, www.SolidRockBasements.com. National gurus predict a good portion of the Baby Boomers will stay in place and improve their existing homes rather than move to upgrade, and a snazzy basement can double the quality space for a rancher with a sweet yard or bungalow with original hardwood floors. Solid Rock Construction made the choice to specialize in basement remodeling, winning a MAME first- time out, according to owners Lain and Barbara Chappell.

June commercial realtors meeting

The Realtors Commercial Industrial Society meets June 16 for a general membership meeting. Contact Karen Buckingham at KB@hoffleigh.com. Deadline to turn in the required 100 pitch sheets is Monday noon prior to the meeting.

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