Cleveland-based Boyd Watterson Asset Management has acquired a 67,640-square-foot Class A multi-tenant office asset in Colorado Springs. According to Cushman & Wakefield, Boyd Watterson purchased the asset from Denver-based Flywheel Capital for $11 million. The property, located at 1670 Newport Rd, recently underwent interior renovations as well as significant improvement to select tenant spaces.
The team of Aaron Johnson, Jon Hendrickson and Mitch Veremeychik with Cushman & Wakefield’s Capital Markets in Denver represented Flywheel Capital, in the transaction.
“Colorado Springs continues to attract national investor interest due to its significant growth dynamic, increasingly diverse economy anchored by aerospace and technology and low cost alternative when compared to Denver,” said Johnson. “The sale of 1670 Newport demonstrates investor demand in Colorado Springs for well located, quality product with a strong rent roll. The property’s location adjacent to Peterson Air Force Base coupled with the tenant mix at the property solidified the asset as an excellent long-term investment.”
Flywheel Capital’s Senior Director John Fefley noted that, “Flywheel purchased the 1670 Newport Building as part of a two-building acquisition along with 3535 Northrop Grumman Drive just over a year ago and was able to add value to the 1670 Newport building by updating common areas and exterior landscaping along with renewing two of the larger tenants within the building.”
Fefley continued, “Aaron and his team identified a perfect buyer for us in Boyd Watterson who owns many buildings with a large GSA presence which 1670 Newport has in that approximately half the building was leased to the GSA. We are pleased with the outcome of the sale and plan on continuing to look for more opportunities to bolster our presence within the Colorado Springs market.”
1670 Newport Rd provides high visibility at the intersection of major thoroughfares E Fountain Blvd and S Powers Blvd (Hwy 24/21), with several restaurants, hotels, banks and other amenities in close proximity. The location is also within minutes of Colorado Springs Airport.