Springs office portfolio sells for $125.25 million
A more-than-1-million-square-foot, 13-building office portfolio in Colorado Springs sold last week for $125.25 million.
The sale of the portfolio, comprising 1.02 million sf of office space across buildings located in various business parks in the city’s north and southeast/airport submarkets, sold to an undisclosed real estate investment company.
“Colorado Springs continues to attract national interest due to its significant growth, increasingly diverse economy and low-cost alternative when compared to Denver,” said Aaron Johnson of Cushman & Wakefield Denver’s Capital Markets group. “The institutional price point coupled with multiple buildings within the portfolio suitable for private capital gave us great exposure across both buyer pools. The buyer recognized the value of the portfolio, the product mix providing diversified tenant options and multiple exit strategies.”
Johnson and Jon D. Hendrickson, managing directors of the Denver Capital Markets group along with the firm’s New Jersey and New York City office represented the seller in the transaction.
At the time of sale, the portfolio was 77 percent lease across industry sectors that included aerospace, government, military and defense contractors, technology and health care.
Read more about the sale in the upcoming Dec. 5 issue of the Colorado Real Estate Journal.