February 21, 2014
By Marija B. Vader
The 137,900-square-foot Platte Airpark Center sold for $14.35 million, the broker announced this week. The five buildings are located at 320 to 480 N. Wooten Road.
The buyer is Fairbridge Partners LLC, a national real estate investment trust, of Princeton, N.J.
One of the listing agents, Andy Oyler of Quantum Commercial Group Inc., said the property is fully leased, with the exception of half of one building, or 11,700 square feet. Tenants include Boeing
Corp., Lockheed Martin, CSC and L3.
“The plans are the same, to keep it occupied and to lease it out to government contractors,” said Dmitry Gordeev, principal at Fairbridge Partners LLC.
“We are value investors,” Gordeev said. “We look for properties which are priced right, newer and could be utilized for many years to come.”
Gordeev said the CAP rate is a desirable 11 percent.
“It’s attractive because it’s leased out to national companies with very high credit ratings,” Gordeev said. Also, the CAM (Common Area Maintenance) expenses are only $3.75 per square foot.
Older properties have “wasted” space, such as atriums, gyms, grand foyers, he said, which typically lead to CAM expenses up to $7.50 per square foot.
“Every single inch of the building is rentable space,” Gordeev said. The property had been on the market since July.
That the property sold “is another positive sign of the Colorado Springs market that money from outside Colorado Springs is being deployed here,” Oyler said. “Our market is rebounding.”
Other listing agents include Russell Stroud, also of Quantum Commercial Group, and Barry Higgins of Marcus Millichap in the Denver area.
Medical office building
NavPoint Real Estate Group announced the sale of the 37,498-square-foot Research One medical office building at 8540 Scarborough Drive for $7.65 million.
The building is occupied by North Springs Family Medicine and Urgent Care, Tuttle Family Dentistry, the Shandy Clinic, Skelton Orthodontics and others.
The seller was Research One LLC, managed by developer-investor Joe Niebur. The purchaser was Pensa Nuwind LLC, a private international investor. Matt Call and John Witt of NavPoint represented the seller.