Class A Office Building in Colorado Springs Sells to Miami Investor
COLORADO SPRINGS – One Gateway Plaza, a 113,604-square-foot office building located at 1330 Inverness Drive in Colorado Springs, has sold for $11.75 million to KAS Partners, LLC, of Miamia Miami-based CBRE announced today that it has completed the $11.75 million.
James Brady and Campbell Davis with CBRE represented the seller, Westside Investment Partners of Glendale, Colorado. The buyer, KAS Partners, LLC, of Miami, purchased the property in a sale that closed July 25, 2018. Jared May with CBRE’s Colorado Springs office served as market advisor on the transaction and retained the leasing assignment for the building, which is home to several U.S. aerospace and defense contractors, including anchor tenant Raytheon.
“One Gateway Plaza was attractive to investors because of its high-profile tenancy and location in one of the country’s fastest-growing cities. As Colorado Springs continues to gain prominence for its population growth, millennial in-migration, highly skilled workforce and affordable cost of living, it’s causing new capital sources to take a look at the market,” said James Brady, a first vice president with CBRE Capital Markets.
Built in 1986, One Gateway Plaza is a five-story, Class A office building located on 4.64 acres five miles east of downtown Colorado Springs. Building amenities include a recently updated lobby and four-story atrium, unobstructed western views, fitness center with lockers and showers, 24-hour on-site security and more than 350 surface parking spaces.
The property was 88 percent occupied at the time of sale to seven tenants. It is the regional headquarters for Raytheon, which has been located at One Gateway Plaza for almost 20 years. Other tenants include Harris Corporation, General Dynamics and the U.S. Army Corps of Engineers.
“Colorado Springs is a well-known hub for the aerospace and defense industry. Surrounded by Peterson Air Force Base, Schriever Air Force Base, NORAD, Fort Carson and the United States Air Force Academy, we attract and retain some of the country’s brightest military and tech talent. It’s what drives companies to our market and positions a property like One Gateway Plaza for long-term stable tenancy,” said Jared May, a senior associate with CBRE in Colorado Springs.