Alturas Capital Partners Acquires Colorado Springs Office Portfolio
Written by Diana Hays | November 30, 2021
COLORADO SPRINGS, Colo. --- Alturas Capital Partners, a Boise-based real estate investment company, has acquired 985 Space Center Dr. and 1055 N. Newport Road, two properties that are collectively known as Airport Portfolio. This 162,946 square-foot, office portfolio is in a high-performing submarket within Colorado Springs, Colo., near Peterson Air Force Base.
The property located at 985 Space Center Dr. is 103,183 square feet and currently has 12 tenants including AT&T, BlueHalo, and Colsa Corporation. This three-story building is situated on five acres of land and is currently at 94% occupancy. The building was constructed in 1989 and is one of the original buildings strategically located across from Peterson Air Force Base. Historically this building has been well occupied because of this proximity.
1055 N. Newport Road, a 59,763 square-foot building, is located less than three miles away from 985 Space Center Dr. This two-story office property is 91% occupied by two tenants, Serco, Inc., a government partner, and Ensco Inc., an international tech company. The building was constructed in 2008 with some of the highest quality construction in the Airport Area submarket. This property has immediate access to Peterson Air Force Base, the Colorado Springs Airport, and numerous government contractors.
According to the 2010-2020 US Census, Colorado is number six in terms of state population growth in the United States. Colorado Springs, located just south of Denver, is one of the fastest-growing markets in the United States. It is home to over 760,000 people and has major aerospace, technology, and defense industry presence. Including this acquisition, Alturas Capital Partners now owns six properties in Colorado Springs and plans to continue to grow in the area.
Peter Scoville of Cushman and Wakefield/Colorado Springs Commercial said, “Airport Portfolio provides a good balance with the existing Alturas assets in the Northern Colorado Springs area and further diversifies the Alturas Portfolio within the Colorado Springs market. With a stabilized rent roll and highly functional office space, this portfolio will continue to perform well long-term.”
Alturas Capital Partners attributes much of its success to its continual focus on partnerships notably with the lender for the project Bellco Credit Union, trusted advisors Peter Scoville and Greg Phaneuf of Colorado Springs Commercial, LLC and Aaron Johnson of Cushman and Wakefield who represented the seller in this acquisition.
Alturas Capital Partners continues to stay true to its “one good deal at a time,” philosophy. This strategy has allowed Alturas Capital Partners to continue to grow its footprint in Colorado and across the Western United States.
Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. This business is built on long-term partnerships with investors, brokers, and tenants and its mission is to provide value to these partners. The company was established in 2015 and has grown significantly with now approximately $400 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the Western United States. Contact us for more information.