Alturas Capital Partners has purchased NorthCreek Office Complex in northern Colorado Springs from Younan Properties.
Younan Properties purchased NorthCreek in 2015 for $15.8 million from LNR Property and sold the complex to Alturas for $47 million. Cushman & Wakefield’s Denver equity, debt and structured finance group secured $34,242,409 acquisition financing for the deal.
The three-building office park, totaling 325,208 square feet, sits on Mark Dabling Boulevard adjacent to I-25. Tenants include CSAA Insurance, First Insurance Group and Pima Medical Institute.
NorthCreek is the third office acquisition in Colorado Springs for Boise, Idaho-based Alturas, and reflects its growing investment footprint in the market.
“We are excited to grow our portfolio in Colorado Springs. NorthCreek is a great asset in an excellent market with a diverse portfolio of high-quality tenants,” Alturas President Travis Barney said. “We look forward to building great relationships with these valued clients for years to come.”
"Obtaining 75 percent loan-to-value office financing in today’s debt market speaks volumes of the quality sponsorship and real estate,” said Cushman & Wakefield Associate Christina Grimme.
“Alturas’ approach to ownership has proven to be successful in Colorado Springs and NorthCreek is a well-located, core, suburban asset.”