Altus Properties, a St. Louis-based real estate investment and development firm with a portfolio of industrial, retail, multifamily and office assets, has acquired a Class A industrial manufacturing/distribution building totaling 97,094 square feet in Colorado Springs.
Located at 10205 Federal Drive, the property is 100 percent leased and serves as the headquarters for ConcealFab Corporation (a wholly owned subsidiary of Valmont Industries, Inc.), which engineers and manufactures wireless infrastructure mounting and concealment solutions.
Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson represented the seller, a private partnership, in the sale.
“This best-in-class facility is exceptionally located in the desirable northern Colorado Springs submarket with no like-kind competing product and supported by a high-quality tenant on a long-term lease,” said Executive Director Aaron Johnson. “10205 Federal Drive was originally constructed in 1998 but underwent a significant capital improvement and repositioning program under prior ownership that resulted in the building fully leasing to the existing tenant.”
Locally in Colorado, Altus also recently closed on a mixed-use retail and office asset in Cherry Creek North and is advancing two ground-up infill industrial projects in the Denver market.
Johnson continued, “Access to Colorado’s Front Range, proximity to Denver, low-cost housing and overall business operation are all contributing factors to Colorado Springs being recognized as one of the highest population growth markets and best places to live in the country. Additionally, with its strategic location in the central part of the country, $350 million has recently been invested to expand Interstate 25 to further streamline the short trip between Colorado Springs and Denver. We maintain a positive outlook for this dynamic market.”
The Cushman & Wakefield team had also recently brokered the sale of the 10205 Federal Drive building in December as part of a larger 289,018-square-foot portfolio disposition by Flywheel Capital to the present seller.