Woodmen Office Campus II, a 77,608-square-foot office building located at 7450 Campus Drive in Colorado Springs, has sold for $6,615,000.
James Brady, Campbell Davis and Patrick Devereaux with CBRE’s Denver office, along with Nicola Myers-Murty of CBRE’s Colorado Springs office, represented the seller, an institutional investor out of Dallas, Texas. The American Way Group, LLC, from Saint Charles, Mo., purchased the property in a sale that closed Dec. 20, 2019.
“Woodmen Office Campus II offered investors the opportunity to acquire a property with exceptional interstate visibility, high-profile tenancy and attractive building fundamentals at a significant discount to replacement cost—and within an office market experiencing robust rent growth and healthy office leasing activity. With a portion of this building currently vacant, there’s
also the opportunity to add value to the investment through full lease-up,” stated Mr. Brady.
Built in 1996, the two-story property is 79 percent leased to three tenants. Regis University and ENT Credit Union lease the first floor, while VMware, Inc. occupies a large portion of the second floor. Suite 250 on the second floor currently has 16,182 square feet available for lease.
“Companies appreciate that Woodmen Office Campus II provides their employees Class A space with incredible mountain views and abundant parking in a convenient and central location near I-25 and numerous retail amenities,” added Ms. Myers-Murty, who retained the leasing assignment for the building.