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Colorado Springs Growth Brings in Out-of-State Capital
Garden Gateway Plaza, a three-building office complex in Colorado Springs, recently sold for $11.2 million. Idaho-based Alturas Capital purchased the property in an off-market transaction.
Located at 1355, 1357 and 1365 Garden of the Gods Rd., Garden Gateway Plaza totals 115,052 square feet on 7.42 acres. The property was 92 percent leased at the time of sale and consists of one low-rise and two single-story office buildings.
Patrick Deveraux, James Brady and Campbell Davis with CBRE capital markets in Denver represented the seller, Presidio Property Trust from San Diego.
“The Colorado Springs economy continues to enjoy an expanding employment base and offers a Front Range lifestyle at a significant discount to Denver. This growth is resulting in new out-of-state capital pursing value-add and stabilized commercial investment opportunities,” said Devereaux.
Garden Gateway Plaza is the third office property sale arranged by this CBRE team in the past year, following the sale of the North Creek Office Complex at the end of January and the Centennial Technology Center in 2020.
