High-Rise Club Building Switches Owners, Colorado Springs Ranch Set for Game Change
- Oct 13, 2011
Alex Girda, Associate Editor
One of Denver’s high-rise buildings recently traded hands in a deal between former owners Cls Holdings Inc. and Dca Denver LLC and the current owner, an unnamed pension fund. The total amount of the transaction was undisclosed according to the Denver Business Journal. The high-rise office building dates back to 1954 and boasts a generous 231,454 square feet of space.
The building underwent a $10 million renovation that saw significant lobby upgrades and the addition of several new amenities. These include a brand new fitness center as well as a conference room. The broker that handled the sale for the buyer is Lowe Enterprises Investors. Lowe refused to disclose the sale price, but did share that the company would be handling property management as well as leasing duties, according to DBJ. The building had an occupancy rate of 74 percent at the time of the sale.
A massive land deal was recently closed by a petroleum company that plans to start oil and gas operations near Colorado Springs. Ultra Petroleum has locked in a deal for a staggering 18,000 undeveloped acres that comprise the Banning Lewis Ranch. The huge piece of land cost the company a total of $20 million according to the Business Journal.
The company and local authorities are currently debating the existing master plan for the piece of land Ultra now owns, as well as other agreements that would restrain operations on the ranch. Since 1988, the city of Colorado Springs had plans for the development of 75,000 homes that would accommodate 180,000 residents. The land was acquired by the oil company after previous owners filed for bankruptcy, DBJ reported.