The property was sold at a 7 percent capitalization rate in mid-January to Balbach Street Properties LLC for more than $1.27 million. That amounts to $144.20 per square foot of the 8,824-square-foot building. It was on the market 30 days.
The seller was Terra West LLC. Matt Call, principal of NavPoint, represented the seller in the transaction.
The building was leased at the time of sale to BBVA Compass Bank, which has occupied the property since 1999. The property is a single-tenant, triple net leased investment.
“We had tremendous activity for this asset with multiple offers within 30 days … the quality of the tenant, strength of the location and long term tenancy of Compass proved attractive to a number of investors …” Call said.
Months prior to this sale, Call also represented the purchaser of the nearby Cottonwood Square retail and office development.
NavPoint is a full-service commercial real estate firm with offices in Colorado Springs, Castle Rock and Denver.