Class A medical office building sells for $6.76 million

The medical office building at 6160 Tutt Blvd. sold as part of a 1031 exchange.

A Class A medical office building in Colorado Springs recently traded at just over $190 per square foot.

The buyer, Bellevue You-Store-It LLC, paid $6.76 million for 6160 Tutt Blvd., a 35,500-sf “gem” built in 2005.

“It was a gem of a medical office building,” Ted Link of Cascade Commercial Group said of the facility, 98 percent leased at the time of sale. Link, along with David Schroeder II of Cascade Commercial Group and Dean Corey, Troy Meyer and Kevin Matthews of Sperry Van Ness/Denver Commercial, represented Bethesda Real Estate in the sale.

“The buyer is getting a great property in a growing market as part of a 1031 exchange,” added Schroeder.

A number of long-term leases are in place at the building, where Cascade Commercial Group represented the landlord for all of the leases in the building.

The buyer represented itself in the transaction.

Additionally, Cascade Commercial also recently represented Ocean Blue Equities LLC in its $2.55 million sale of 155 Printers Parkway, a 30,000-sf medical office building in the Printers Park submarket in Colorado Springs.

Featured in CREJ’s September 21-October 4, 2016, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…