COLORADO SPRINGS – Investment company Crescent Real Estate sold the final piece of a 1 million square foot office portfolio in Colorado Springs.
Since 2019, Crescent Real Estate has sold the 13-building portfolio as individual buildings or micro-portfolios to multiple buyers, and the last remaining building in the portfolio recently sold. The entire asset traded for an aggregate price of approximately $180 million. Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson represented Crescent Real Estate in the sale of the entire portfolio.
The portfolio comprises Northrop Grumman at 3535 Northrop Grumman Point; Newport Centre One at 1670 N. Newport Road; the 59,763 Sf office building at 1055 N. Newport Road; Patriot Park I, II, V, VI, VII along Space Center Drive and Technology Court; InterQuest I-IV along Federal Drive; and the most recent to sell – Epic One at 10807 New Allegiance Drive, purchased by an affiliate of Boston-based Albany Road Real Estate Partners for $31.72 million.
“This portfolio comprises some of the most prestigious properties in the region that are all well positioned in a constrained Class A market with minimal new construction and limited competition,” said Johnson. “Colorado Springs is recognized as one of the most desired locations in the U.S. for aerospace and engineering and tech users and has proven resilient with solid fundamentals driven by increased leasing and activity. While still facing challenges like any other market, Colorado Springs is expected to continue its path of healthy recovery.”