Colorado Springs Office Building Sells for $158.49 Per SF
A two-story, 100 percent occupied, 30,759-square-foot office building located at 5385 Mark Dabling Boulevard in Colorado Springs, has sold for $4.875 million or $158.49 per square foot.
Seller Second Wind Enterprises, LLC sold the property to Killin Land Company, LLLP. Newmark Knight Frank’s (“NKF”) Kent Mau and Brian Wagner represented Second Wind Enterprises, LLC on the transaction.
“This involved two family investment partnerships, a unique building located in the popular I-25 corridor, offering easy access and great visibility, and a 1031 tax exchange,” commented NKF Executive Managing Director Kent Mau. “Fully leased to Viking Enterprise Solutions, 5385 Mark Dabling Boulevard was a solid investment for the family partnership that held the single-tenant office building for more than 25 years.”
The tenant at 5385 Mark Dabling Boulevard, Viking Enterprise Solutions (“VES”), designs, manufactures, and sells leading edge off-the-shelf and customized server and storage platforms for datacenters and enterprise markets. VES is a division of Sanmina Corporation (Nasdaq: SANM), a $7 billion global leader in providing integrated manufacturing solutions.
“VES has grown into its space at 5385 Mark Dabling Boulevard over the last 15 years, investing in the asset to build out customized lab infrastructure for the company,” added NKF Managing Director Brian Wagner, who worked with Mau on marketing the office asset and subsequent sale transaction.
The purchaser, Killin Land Company, LLLP, plans to hold on to 5385 Mark Dabling Boulevard. The family-owned partnership has holdings in Colorado and Wyoming. Lee Donald Groom and Cheryl Stafford with Corporate Real Estate Advisors represented Killin Land Company, LLLP in the transaction.
Photo courtesy of NKF