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.
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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.
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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.