Colorado Springs' Office Market Moxie
Investors have turned to secondary markets in a big way, including Colorado. Solid office properties in strong secondary locations have an edge when it comes to attracting buyers, Transwestern managing director Brad Cohen tells us.
Brad, along with colleague Larry Thiel, recently repped the seller of the three-building, 320k SF NorthCreek office portfolio at 5755 Mark Dabling Blvd in Colorado Springs, which was acquired by Younan Properties. Brad says the property, and its secondary-market location, attracted the interest of investors from around the country.
According to Younan CEO Zaya Younan, there's significant upside in stabilizing the building's occupancy; currently it has a number of corporate and government tenants. The two- and three-story buildings are along I-25, offering visibility from both northbound and southbound traffic. Developed in the 1980s, the 16.6-acre property provides on-site parking and views of Pikes Peak and the Rockies.