COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million.
James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021.
Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades.
At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.