12/25/20 – Global Pacific Acquires the Iconic Hibbard Building
The Hibbard Building, 17-19 S. Tejon Street, Colorado Springs, CO 80903
Denver, CO., December 25, 2020 /Press Release/ — Global Pacific in partnership with Urban Frontier is pleased to announce the acquisition of The Hibbard Building located at 17-19 South Tejon Street, Colorado Springs, CO 80903. Global Pacific purchased the building for $5,550,000 or approximately $140 per square foot.
The Hibbard Building is a recognized, boutique brick and timber office building in the heart of the urban core of Colorado Springs. The building is five-stories totaling approximately 40,000 square feet with ground-floor retail and office space. At closing, the building was 70% leased to a mix of professional business and technology companies, as well as Chipotle Mexican Grill.
The Hibbard Building is located within the Central Business District in downtown Colorado Springs, which has experienced over $400 million in total investment since 2013. The property benefits from close proximity to The Antlers Hotel, Pikes Peak Center for the Performing Arts, US Olympic Paralympic Museum, Memorial Park, The Broadmoor and Colorado College. The location offers easy, quick access to I-25 connecting north to Denver via both Bijou and Colorado.
The entire downtown area has experienced strong growth in tourism, area demographics, and residential population over the past decade. The CBD submarket in Colorado Springs is a midsized and growing submarket that contains approximately 3.6 million square feet of office space. The vacancy rate has fallen significantly over the past year and as of 4Q’20 stood at 5.0%, below the 10-year average.
The Hibbard Building is an attractive building and enjoys high visibility and exposure to daily foot and vehicle traffic, which will assist in the lease-up of the asset. Additionally, it offers historic charm with Hibbard & Co. manufacturer artifacts, high ceilings, expanded corridors, approximately 8,000 SF floor plates and a fifth floor roof deck with exceptional views of Pikes Peak and the Rocky Mountains. Constructed by the Hibbard Family in 1914, the building offers an enticing opportunity to occupy a piece of Colorado Springs history. Global Pacific feels confident in its ability to secure leases at market rents, even during the COVID-19 pandemic.
“Similar to our acquisition of The Paper Building in the LoDo core of Denver, we continue to target irreplaceable assets in high barrier to entry markets with strong supply-demand fundamentals and future employment growth potential. Given the recent pandemic and political unrest occurring in many of the primary coastal cities, we believe The Hibbard Building will outperform due to its location, quality and strong future growth in Colorado Springs.” explains Dave Lederhos, Vice President of Global Pacific Properties.
About Global Pacific
Global Pacific acquires, develops and manages commercial real estate assets in Colorado. Affiliate companies own and manage office, industrial, flex warehouse, retail, parking and multi-family buildings throughout the Front Range. For more than 30 years, the company has operated a fully vertically integrated real estate platform to provide comprehensive solutions to maximize return on investment for its ownership. Additional information is available at www.gpproperties.com