Leeds West invests in restoration project in Colo. Springs

GREENWOOD VILLAGE, Colo. — Leeds West Property Group, a division of Leeds West Groups (LWG), is branching outside of the tire industry.

The company officially closed on 50/50 joint venture with Niebur Development to invest in the Trolley Block Project in the downtown area of Colorado Springs, Colo. The Trolley Building once served as a repair shop and garage for the city's trolley system. It has been converted into a market-style facility that houses such tenants as the Denver Biscuit Co.; Fat Sully's Pizza; Frozen Gold Ice Cream; Dos Santos Tacos; and Cork & Cask.

According to LWG, the Trolley Block Project is the first major investment in the redevelopment of downtown Colorado Springs, led by Neibur Development,.

The transaction closed on Dec. 29. The purchase price and terms of the deal have not been disclosed.

Niebur Development, founded by Joe Niebur, is commercial development firm with a portfolio of projects across all real-estate asset classes, including medical office, multi-family, industrial, retail, single-family and golf assets.

LWG, led by CEO Judd Shader, owns and manages 107 dealerships in the U.S., including Midas, Big O Tires and SpeeDee Oil franchises. It acquired five locations in 2020, and in 2019, amassed $120 million in sales.