COLORADO SPRINGS, Colo. (PRWEB) March 01, 2021
Alturas Capital Partners has acquired Garden Gateway Plaza located at 1355, 1357, and 1365 W Garden of the Gods Road, Colorado Springs, Colo. The complex consists of two single-story flex industrial/office buildings and one two-story office building. These buildings together total 115,010 rentable square feet situated on 11.91 acres of land and are currently 76% occupied. An additional lease was signed during escrow that will bring occupancy up to 92% once the tenant improvements are complete.
Garden Gateway is located in the busy Garden of the Gods corridor with great access to amenities and I-25. This coupled with the flexible single-story and two-story building configuration creates broad tenant appeal.
As the second largest city in Colorado, Colorado Springs’ population and economy are experiencing significant growth as more employees and business are gravitating to the area. The population grew 15.4% from 2010-2019 when the United States growth average within the same timeframe was only 6.5%. Colorado Springs is considered one of the best places to live in the U.S. according to the U.S. News and World report.
The Colorado Springs market is one of the strongest in the nation, with the office market in particular consistently ranking high nationally. This is demonstrated by the significant lease renewal and new lease signed during escrow.
Peter Scoville of Cushman and Wakefield/Colorado Springs Commercial said, “Garden Gateway represents an excellent complement to the existing Alturas portfolio in Colorado Springs. With a stabilized rent roll and highly functional/flexible office space, this complex will perform really well into the future.”
Travis Barney, President of Alturas Capital Partners said, “We are grateful for our partners who made this project possible, including our lender Bellco Credit Union who was very flexible and creative in getting this deal over the finish line, our loan broker Christina Grimme of Cushman and Wakefield, Patrick Devereaux with CBRE who represented the seller, and Peter Scoville and Greg Phaneuf of Cushman and Wakefield who represented us and will handle the leasing assignment going forward.”
“Garden Gateway has a diverse mix of excellent tenants representing a broad range of industries, from state and federal agencies, healthcare, aerospace, technology and financial services. We are looking forward to being a real estate partner for these excellent organizations at this location for many years to come.”
Patrick Devereaux with CBRE represented the seller.