Supplemental Assets Sell Office Building in Colorado Springs
Northpark Offices, a 25,913-square-foot office property located at 4465 Northpark Drive in Colorado Springs, has sold for $3 million, according to Skyler G. Cooper, regional manager of Marcus & Millichap’s Denver office.
Investors were drawn to the supplemental assets offered with the property, which generated multiple offers during the marketing phase.
“The listing included four cell towers, which provide additional income to the property owner,” Cain said.
Positive economic outlook of the Colorado Springs market drew multiple proposals from out-of-state investors.
The city’s population within a three-mile radius of the property had experienced six-percent growth since 2010. Present average household income within the same area is above $70,000.
“The strength of the northern Colorado Springs trade area demographics cannot be overstated,” Cain said.
The asset was purchased by an out-of-state investment group with similar holdings on the East Coast.
Barry Higgins, an investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Carlos Cain, an investment specialist in Marcus & Millichap’s Denver office.
Photo courtesy of Marcus & Millichap