Flywheel Banks $54M from Sale of Two Denver-Area Flex/Office Buildings
Flywheel Capital has unloaded a Class A office/flex and industrial manufacturing/distribution portfolio in Colorado Springs, Colorado for $54 million. The portfolio consists of two adjacent buildings totaling 289,018 square feet which Flywheel acquired in September 2018 for $28 million. Flywheel renovated the buildings which likely resulted in the buildings being 100% leased at the time of sale. The buyer was not disclosed.
“To take this asset from virtually a vacant building to 100% occupancy while executing a repositioning and major capital improvement program all in the midst of a pandemic is a remarkable accomplishment.” said Flywheel’s John Fefley.
The portfolio comprises two (2)-story buildings. The building known as 10125 Federal (Building A) is a 191,924-sf multi-tenant office building that is 100% leased and is anchored by a division of Northrop/Grumman along with a technology security company. 10205 Federal Drive (Building B) is a 97,094-sf industrial manufacturing and distribution building that is 100% leased.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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