COLORADO SPRINGS-Two affiliated companies of Equus Realty Advisors, LLC, a real estate investment firm specializing in value-added, income-producing and tax-deferred real estate investments, has paid $12.8 million for two class A office buildings. The Tech Center I and Pikes Peak Research Center are in the north Interstate 25 submarket. The buildings and are 56% occupied.

CMD Realty Investors, LP sold the two properties, which total 200,000 sf. Michael Palmer of NAI Highland Commercial represented both parties. Palmer was awarded the leasing assignment for both properties and Sierra Commercial Real Estate, Inc. will provide property management services.

Both Tech Center I and Pikes Peak meet Equus’ investment criteria–value-added assets in good locations priced at a discount to replacement cost, and in need of repositioning, leasing and capital improvements. “We expect the improving economy will lead to increased leasing activity and continued positive net absorption in Colorado Springs.” says Jeff Schindler, chief investment officer of Equus. “We are confident that both properties will be stabilized in the near future through capital improvements, aggressive leasing and creative management.”

The four other office buildings in the Tech Center business park are more than 85% leased. Executives at Equus say they are bullish on recovery prospects in the Colorado Springs office market. So bullish that the company plans to acquire up to one million sf of office and industrial property.

“We anticipate attractive buying opportunities over the next 24 months and are looking to expand our relationships with investment and leasing brokers, co-investors and service providers,” says Chad Carpenter, chief executive officer of Equus. “With discretionary capital available through Equus Realty Funds, we intend to invest over $300 million in the western US over the next 15 months, of which $100 million is expected to be in Colorado.”

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