January 28, 2021 9:00 AM
Newmark announces the $5.55 million sale of the 40,000-square-foot Hibbard building at 17-19 South Tejon Street in Colorado Springs, Colorado. Newmark Director Simon Penner and Managing Director Brian Wagner represented the seller, The Hibbard Family, LLC, in the sale to Denver-based Global Pacific Properties.
The five-story, one-of-a-kind building is a landmark in downtown Colorado Springs. A downtown Colorado Springs fixture for more than 100 years, the building operated as a family-owned department store from 1892 to 1996. Undergoing a building reconstruction in 1914 and additional renovations in 1996 when it was converted to a retail and office, the building maintains its character, high ceilings and iconic architectural elements while also facilitating multi-tenant flexibility.
“The acquisition was driven by confidence in the downtown Colorado Springs market to outperform other markets with the existing strong supply-demand fundamentals,” said Penner. “The property’s historic aspects and status as a part of the downtown community’s fabric makes it an irreplaceable asset for the buyer.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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