Colorado Springs, CO – NavPoint Real Estate Group is pleased to announce it has completed the sale of 5825 Delmonico Drive, a Multi-Tenant Office Investment property consisting of 39,670 rentable square feet, for $7,950,000.
Located directly off I-25 in the well-established Northwest Colorado Springs office submarket, the building has been very well-maintained through the years. The property recently underwent significant renovations to the common area hallways, restrooms, and fitness facility, as well as a full parking lot mill and overlay. The seller also added additional value to the property prior to the sale by converting the former drive-thru bank awning into covered parking for tenants to lease.
The property was over 90% occupied at the time of sale by eight tenants, including USA Triathlon which occupies the entire second floor, anchoring the building.
Matt Call of NavPoint Real Estate Group represented the Seller, DCP Delmonico, LLC. The Buyers, 3855 Pierce LLC and 5825 Delmonico LLC, were represented by Eric Rutherford of WK Real Estate.
Matt Call commented on the Sale, “Selling this asset off-market with multiple offers simply underscores the continued demand for high quality office assets in Colorado and more specifically in Colorado Springs. Every day Colorado Springs attracts more and more attention from Investors as more people realize the fundamentals of the Springs economy will create continued opportunity and appreciation in commercial real estate.”
This transaction successfully closed in April 2022.