This Office Property is Off-Market.

2864 S. Circle Drive
Colorado Springs, CO 80906 ·

150,163 SF · Office For Sale

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Phoenix Tower Office Building

Price N/A Occupancy 71%
Building Size 150,163 SF No. Stories 12
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1973
Property Use Type Investment Lot Size 5.67 AC
Cap Rate 9.16%
Listing ID: 15434849 Date Created: 11/12/2007 Last Updated: 01/05/2009

Description

As the exclusive agent for the owner, CB Richard Ellis is pleased to offer for sale the Phoenix Tower Office Building, a highly identifiable 150,163 square foot 12-story building located in Colorado Springs, Colorado. Named after the largest tenant, University of Phoenix, the building is a landmark location for Colorado Springs residents as it features the key tenant's signage atop of the building, visible to the 70,000+ cars that pass it along Interstate-25 every day. At 71% occupancy with a majority of the vacant space located on the top two floors of the building, the property offers investors a value-add opportunity to purchase a well-located property at a fraction of replacement cost.

Phoenix Tower is situated in the south central area of the Colorado Springs MSA, approximately one-eighth of a mile east of Interstate 25, and three miles south of the central business district at the Circle Drive interchange. Primary north/southbound access throughout the subject neighborhood is a provided by Interstate 25 and Academy Boulevard. Academy Boulevard is a six lane thoroughfare that extends the length of the city. Academy Boulevard provides direct access to Interstate 25 at the extreme northern and southern portions of the city. Union Boulevard and Circle Drive provide additional north/southbound access. Primary east/westbound access is provided by Lake Avenue and Circle Drive (before it begins to traverse north) and Fountain Boulevard (State Highway 24 By-Pass).

Highlights

  • Strong Tenancy
  • Low Operating Expense Profile
  • Highly Visible Asset
  • Excellent Location
  • Population Growth
  • Below Replacement Cost

Research

2864 S. Circle Drive, Colorado Springs, CO 80906 (El Paso County)

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