COLORADO SPRINGS-AG Real Estate Funds, the real estate investment arm of a New York City money management company, has sold its 113,000-sf One Gateway Plaza office building for $12.5 million.

AG, and partner Amerimar Enterprises Inc. purchased the building for slightly less than $8.5 million in 1999. That translates into a 47% return, before expenses, in two years. The buyer, NNN One Gateway Plaza LLC., is an affiliate of Triple Net Properties of Santa Ana, CA.

The building is a class A property on a 201,949-sf site. It is 93% leased. Many of the tenants are defense contractors, including Lockheed Martin Corp., Boeing Co. and Raytheon Corp.

AG Real Estate is the real estate investment arm of Angelo, Gordon & Co., which focuses on purchasing non-traditional assets. The 13-year-old company manages more than $7 billion in capital in real estate, private equity, distressed securities. AG Real Estate’s opportunistic real estate acquisitions throughout the US total more than $2.5 billion.

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