COLORADO SPRINGS, CO—Transwestern's Denver office has negotiated the sale of the NorthCreek office portfolio. Located at 5755 Mark Dabling Blvd. in Colorado Springs, the three-building complex consists of 320,712 square feet of class A office space in a campus-like setting.
Transwestern managing directors Brad Cohen and Larry Thiel facilitated the transaction on behalf of the seller, GCCFC 2007-GG9 Colomary Facilities LLC. The new ownership group, Younan Properties Inc., has engaged Transwestern to lease the portfolio, and vice president Karen Clarke wil serve as the lead broker.
"This was an exceptional opportunity to acquire a one-of-a-kind office portfolio in the North Interstate 25 corridor and Colorado Springs with a very strong tenant roster,” said Zaya Younan, Chairman and CEO of Younan Properties. “We see great potential in this portfolio and significant upside in stabilizing the occupancy in this constantly improving market.”
The two- and three-story buildings are well-positioned along I-25 offering excellent visibility from both northbound and southbound traffic. Built in the mid- to late 1980s, the approximately 16.6-acre property provides ample on-site parking and excellent views of Pikes Peak and the Rocky Mountains.
"The quality of these assets attracted multiple investors from around the country,” said Cohen. “We were impressed with Younan Properties' fresh capital and renewed energy, which will benefit NorthCreek and its tenants."
The NorthCreek campus is currently occupied by large corporate and government tenants including AAA Insurance; FirstSource Group USA; PMC Sierra Inc.; the General Services Administration; Bureau of Alcohol, Tobacco, Firearms and Explosives; and Drug Enforcement Administration. The property features a fitness center with locker room and showers, full-service café, underground parking, conference facility and landscaped courtyards and atriums with water features and natural lighting.
Transwestern is a privately-held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
