Global Pacific Properties Acquires Historic Hibbard Building in Colorado Springs
A downtown Colorado Springs landmark, the Hibbard building, located at 17-19 South Tejon Street, has sold for $5.55 million. The five-story, former department store has been a fixture in Colorado Springs for more than 100 years.
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, a premier real estate investment, development and management company with a longstanding history of industry experience maximizing asset value.
The 40,000-square-foot 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. In 2005, Elder Construction was selected to assist the Hibbard family and RTA Architects in providing an updated, modern feel to the building.
“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.”
Photo courtesy of Newmark