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1/12/23
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A private partnership acquired a 289k sf, Class A office/flex and industrial manufacturing/distribution portfolio in Colorado Springs, CO for $54.3 mil ($188/sf). The portfolio, consisting of two adjacent buildings, was sold by Flywheel Capital.
The two-story buildings are located at 10125 and 10205 Federal Dr, within the prestigious Interquest Business Park. 10125 Federal (Building A) is a 191.9k sf, multi-tenant office building that is 100% leased and is anchored by one of the largest defense contractors in the world, along with a technology security company. 10205 Federal Drive (Building B) is a 97.1k sf industrial manufacturing and distribution building that is 100% leased to a single tenant and serves as the headquarters for a company that engineers and manufactures wireless infrastructure mounting and concealment solutions.
Located near the intersection of Interstate 25 and Interquest Parkway, 10125 and 10205 Federal Drive provide quick connection to multiple military installations, the extensive executive and employee housing on Colorado Springs’ north side, and is ten minutes from Downtown Colorado Springs and only thirty minutes from Metro Denver. The properties also offer mountain views of Pikes Peak and the Front Range.
Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson represented Flywheel, which acquired the assets in September 2018. Flywheel executed a significant capital improvement and repositioning program which resulted in the building being 100% leased at the time of sale.
“This unique investment portfolio is fully leased to a high quality roster of national tenants and includes significant infrastructure and improvements supporting mission critical business operations,” said Aaron Johnson, managing director. “Colorado Springs is recognized as one of the most desired locations in the U.S. for aerospace and engineering and tech users and has proven resilient with solid market fundamentals overall. For these reasons, we continue to see investor demand for quality assets in Colorado Springs.”
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