{"id":1004509153,"date":"2021-02-05T11:51:03","date_gmt":"2021-02-05T19:51:03","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004509153"},"modified":"2021-05-15T10:04:31","modified_gmt":"2021-05-15T18:04:31","slug":"younan-properties-sells-colorado-office-park-for-47m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/younan-properties-sells-colorado-office-park-for-47m\/","title":{"rendered":"Younan Properties Sells Colorado Office Park for $47M"},"content":{"rendered":"
\"\"<\/a>

5725 Mark Dabling Blvd. Image courtesy of CBRE<\/i><\/p><\/div>\n

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.<\/p>\n

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.<\/p>\n

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 caf\u00e9, 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.<\/p>\n

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.<\/p>\n

The CBRE team that assisted the seller consisted of First Vice President James Brady, Senior Vice President Patrick Devereaux and Senior Associate Campbell Davis.<\/p>\n

Last month, Younan Properties acquired Two Westlake Park<\/a>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alturas Capital acquired the three-building asset south of Denver.<\/p>\n","protected":false},"author":867,"featured_media":1004518042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21783,21742,21747,15],"tags":[36206,32789,33231,33586],"class_list":["post-1004509153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-investment","category-latest","category-office","category-west","tag-bellco-credit-union","tag-cbre","tag-u-s-bank","tag-younan-properties"],"acf":[],"yoast_head":"\nYounan Properties Sells Colorado Office Park for $47M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/younan-properties-sells-colorado-office-park-for-47m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Younan Properties Sells Colorado Office Park for $47M\" \/>\n<meta property=\"og:description\" content=\"Alturas Capital acquired the three-building asset south of Denver.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/younan-properties-sells-colorado-office-park-for-47m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-05T19:51:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:04:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/5725-Mark-Dabling-Blvd..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/younan-properties-sells-colorado-office-park-for-47m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/younan-properties-sells-colorado-office-park-for-47m\/\",\"name\":\"Younan Properties Sells Colorado Office Park for $47M - 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