Younan Properties Sells Colorado Office Park for $47M

Alturas Capital acquired the three-building asset south of Denver.
5725 Mark Dabling Blvd. Image courtesy of CBRE

Younan Properties has sold NorthCreek Office Complex, a three-property park encompassing 325,208 rentable square feet in Colorado Springs, Colo. Alturas Capital acquired the asset for $46.6 million and Bellco Credit Union originated a 10-year, $34.2 million acquisition loan.

The trio of buildings previously traded in February 2015, when U.S. Bank sold them for $15.8 million, CommercialEdge shows. The lender had come to own the assets after it foreclosed on a $146.5 million CMBS loan originally issued for Corporate Office Properties Trust.

Located on 17 acres at 5725, 5755 and 5775 Mark Dabling Blvd., the three buildings were completed between 1984 and 1989. The property has an on-site café, a conference room, and a gym with locker rooms and showers. At the time of closing, the office complex was 89 percent leased to CSAA Insurance, First Insurance Group and Pima Medical Institute, among others.

During its ownership, Younan executed a $3.6 million renovation program on the asset, which consisted of significant upgrades to the roof, lobby and common areas, as well as improvements to the parking lot, garage and HVAC system.

The CBRE team that assisted the seller consisted of First Vice President James Brady, Senior Vice President Patrick Devereaux and Senior Associate Campbell Davis.

Last month, Younan Properties acquired Two Westlake Park, a 455,000-square-foot office building in Houston. The company had previously owned the asset between 2007 and 2011, when KBS bought it for $80.5 million.