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Monday, June 9, 2014

Colorado Springs Development Land and Partially Built Commercial Buildings To Be Sold in a Bankruptcy Auction

CHICAGO, IL (JUNE 9, 2014) NRC Realty & Capital Advisors, LLC (NRC) has been retained by the US Bankruptcy Court of Colorado under Case Number 10-13186 to auction Colorado Crossing located in Colorado Springs, Colorado. Colorado Crossing is a 151-acre mixed-use development which includes 134 acres of development land. The property will be sold through a 363 sale, ‘free and clear of all liens’.

Prior to the bankruptcy filing, the developer in bankruptcy filings has stated that over $50 million was invested in acquisition and construction costs. Colorado Crossing is being offered in two parcels; one with the partially completed commercial buildings and the second with the remaining unimproved vacant land. Bidders can purchase one or both. The improved property consists of five buildings on 9.8 acres and was designed as a “town-center” concept with three office buildings containing first floor retail space, a fourteen-screen movie theater and a parking structure with spaces for 1,050 cars. The improvements are between 60% and 85% completed and with a total of 190,000 square feet under roof. The second parcel is comprised of the 134 acres surrounding the improvements. The property is one of the largest remaining undeveloped parcels in Colorado Springs and is suitable for multi-family apartments, data center or corporate campus as well as retail and office uses. Colorado Crossing has several hard corners suitable for retail development. Special District bond funding may be available to cover infrastructure costs.

The property is located in North Colorado Springs just east of Interstate 25 and near the US Air force Academy. The development is surrounded by residential neighborhoods, multi-family apartments, office buildings, hotels servicing the Air Force Academy and light industrial. The property is on InterQuest Parkway and Voyager Parkway approximately one mile east of the InterQuest Parkway interchange at I-25.

“Colorado Crossing is a very exciting development opportunity,” said Evan Gladstone, NRC’s Executive Managing Director. “A buyer can finish the partially completed movie theatre and retail/office buildings for immediate investment income and develop the remainder of the land over time in phases,” he said.

The auction will be conducted using NRC’s proven sealed bid sale process. Detailed information about both the property and submitting an offer can be accessed online at www.nrc.com/1404. Interested parties can register online or by calling the NRC Customer Service Center at 800-747-3342, extension 1404. NRC will conduct on-site showings beginning later this month by reservation only. Call NRC Customer Service to register. Extensive property specific information will be available in mid-June, with a bid deadline of August 12th.