Medical Space in Colorado Springs Sells for $1.5M
Woodlands Exchange, a 13,350-square-foot medical building in Teller County, within the Colorado Springs MSA, in the affluent and rapidly expanding city of Woodland Park, Colorado Springs, has sold for $1,525,000.
Located at 509 S Scott Avenue, Woodland Exchange was recently constructed in 2006 and has been meticulously maintained. The property experiences excellent visibility to more than 26,000 vehicles per day and is easily accessible from the main thoroughfare on U.S. Highway 24.
The building is 96.5 percent occupied by a diverse mix of medical and professional office tenants. National retailers in the immediate vicinity of the property include Safeway, Natural Grocers, Walgreens, McDonald’s, Arby’s, Sherwin Williams, and several others.
Matt Call of NavPoint Real Estate Group represented the buyer, 240 Wilcox LLC, in this transaction. The seller, VIG Woodland LLC, was unrepresented.
“This was a well-located asset with future rent growth upside but with an excellent in place rent roll. Our firm was very excited to represent the buyer in this acquisition on the replacement in a 1031 exchange,” said Call.