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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.