CBRE announced the $46.6 million sale of the NorthCreek Office Complex located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs, Colo. James Brady, Patrick Devereaux and Campbell Davis with CBRE Capital Markets represented the seller, NorthCreek Complex, LLC. Alturas Real Estate Fund, LLC, purchased the property in a sale that closed Jan. 29.
“NorthCreek Office Complex attracted investor interest for its tenant roster, strong historical occupancy and robust amenities. Ownership had maintained the properties well, and the buyer was able to get a high-quality asset in a strategic location at a fraction of replacement cost,” said Mr. Brady, first vice president, CBRE.
Built between 1984 and 1989, the NorthCreek Office Complex totals 325,208 rentable square feet across three buildings on 16.61 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking including covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. Prior to its sale, ownership invested over $3.6 million in capital improvements, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades.
The property was 89% leased at the time of sale to a mix of tenants including CSAA Insurance, First Source Group and Pima Medical Institute.
NorthCreek Office Complex is located adjacent to Interstate 25 and the South Rockrimmon Blvd. interchange, approximately 10 minutes from downtown Colorado Springs and 40 minutes south of metro Denver.
