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Phoenix & Southwest   /   February 8, 2021

Lisa Brown
By: Lisa Brown

NorthCreek Draws Investor Interest with Historical Occupancy

Alturas Real Estate Fund LLC recently purchased the NorthCreek office complex located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs for $46.6 million. Prior to its sale, ownership invested more than $3.6 million in capital improvements including roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades.

James Brady, Patrick Devereaux and Campbell Davis with CBRE capital markets represented the seller, NorthCreek Complex LLC.

“NorthCreek office complex attracted investor interest for its tenant roster, strong historical occupancy and robust amenities. Ownership had maintained the properties well, and the buyer was able to get a high-quality asset in a strategic location at a fraction of replacement cost,” said Brady

Built between 1984 and 1989, the NorthCreek office complex totals 325,208 rentable square feet across three buildings on 16.61 acres. The property was 89 percent leased at the time of sale to a mix of tenants.

The office complex is located adjacent to Interstate 25 and the South Rockrimmon Blvd. interchange.

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Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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