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Albany Road Real Estate Partners Acquires Colorado Springs Office For $31.7M

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SOLD
$31,700,000

Colorado

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Office146,099 SF
Sold 11/03/2022
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Property Image
SOLD

Albany Road Real Estate Partners Acquires Colorado Springs Office For $31.7M

10807 New Allegiance Drive, Colorado Springs, Colorado 80921, United States

See Similar Deals
Office146,099 SF
Sold 11/03/2022
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Summary

COLORADO
Asset Type:Office
Price Per Square Foot:$217
Total Square Footage:146,099 SF
Transaction Type:Sale

The office property located at 10807 New Allegiance Drive in Colorado Springs, CO has been sold. The sale was facilitated by Aaron Johnson and Jon Hendrickson from Cushman & Wakefield. The buyer, Albany Road Real Estate Partners, acquired the property from Crescent Real Estate for a total price of $31,700,000. The office building spans a total area of 146,099 square feet, resulting in a price per square foot of $217.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $31,700,000
  • Address: 10807 New Allegiance Drive
  • Market: Colorado Springs, CO
  • Buyer: Albany Road Real Estate Partners
  • Seller: Crescent Real Estate
  • Brokers: Aaron Johnson & Jon Hendrickson - Cushman & Wakefield
  • Sale Price per Square Foot: $217

This transaction involved the collaboration between Albany Road Real Estate Partners as the buyer and Crescent Real Estate as the seller. Aaron Johnson and Jon Hendrickson, representing Cushman & Wakefield, played a key role in facilitating the deal. The sale of this office asset marks a significant milestone in the Colorado Springs market.

Players

Aaron Johnson
11 deals$199M volume
BROKER

Jon Hendrickson
Cushman & Wakefield
11 deals$199M volume
BROKER

Albany Road Real Estate Partners
BUYER

Details

SOLD
IMAGE: Aaron Johnson & Jon Hendrickson DATE: 11/03/2022 ADDRESS: 10807 New Allegiance Drive MARKET: Colorado Springs, CO ASSET TYPE: Office BUYER: Albany Road Real Estate Partners SELLER: Crescent Real Estate BROKERS: Aaron Johnson & Jon Hendrickson - Cushman & Wakefield SALE PRICE: $31,700,000 SF: 146,099 ~ PPSF: $217

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,690,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$112,623.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$150,274.17
Annual Debt Service$1,803,290.07