Colorado Real Estate Journal - Boston Investor Acquires Trophy Asset in Colorado Springs
- News
- November 17, 2022
- No Comments
- klucks
COLORADO SPRINGS – A premier Class A office asset in Colorado Springs recently traded hands following a competitive marketing campaign.
Epic One, the 146,099-square foot office building at 10807 New Allegiance Drive, is under new ownership by an affiliate of Boston-based Albany Road Real Estate Partners. According to public records, the buyer acquired the property from an entity related to Crescent Real Estate for $31.72 million, or $217 per sf. Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson brokered the transaction on behalf of the seller.
Built in 2009, Epic One is located in the InterQuest business park on the north edge of Colorado Springs. The five-story building offers prominent visibility to more than 130,000 vehicles per day via Interstate 25, the Cushman team noted. Additionally, the property features efficient floor plates, high-end finishes, an on-site fitness facility and a 5:1,000 parking ratio. At closing, the property was 87% leased to a mix of users.
“Epic One is a true trophy office asset and recognized as one of the highest-quality multitenant office buildings in Colorado Springs. The property is well leased to a diverse tenant roster across many industry sectors, including aerospace and defense, health care and technology, providing durable in-place cash flow with potential significant investor upside in a constrained Class A market,” said Johnson. “This premier asset is exceptionally located and has consistently performed at the top of the market, even defying the pandemic, attracting and retaining tenants over the last three years.”
According to Johnson, Epic One garnered significant investor interest after hitting the market in June. The property received eight initial offers.
Epic One represents Albany Road Real Estate Partners’ first investment in Colorado. Its portfolio totals more than 60 properties across different product types in several states.
“We are pleased to introduce Epic One as our first acquisition in Colorado,” said Peter Albro, managing director of Albany Road’s Mountain States office in Denver. “The location is in a distinct path of growth, marked by extensive retail and housing developments in the immediate area, as well as Centura’s new InterQuest hospital campus scheduled to open in mid-2023. Furthermore, we believe that Epic One’s asset quality and functionality will continue to resonate with ten-ants in the market.”
