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Phoenix & Southwest   /   February 18, 2021

By: Lisa Brown

NorthCreek’s Multiple Anchor Credit Tenants Are Key in Purchase

Acquisition financing totaling $34 million secured the purchase of NorthCreek Office Complex, a three-building office portfolio totaling 325,208 square feet in Colorado Springs. Alturas Capital Partners, based in Boise, acquired the office portfolio located adjacent to I-25.

NorthCreek is Alturas’ third office acquisition in Colorado Springs and reflects its growing investment footprint in the market.

“NorthCreek is a great asset in an excellent market with a diverse portfolio of high-quality tenants,” says Travis Barney, president of Alturas Capital Partners.

Baxter Fain and Christina Grimme with Cushman & Wakefield’s office in Denver handled the financing and worked on behalf of the buyer to provide 10-year fixed-rate financing.

“Obtaining 75 percent loan-to-value office financing in today’s debt market speaks volumes of the quality sponsorship and real estate. Alturas’ approach to ownership has proven to be successful in Colorado Springs and NorthCreek is a well-located core suburban asset," said Grimme.

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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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