"These acquisitions provide COPT with continued growth opportunities in both markets and fit naturally into our strategy of owning core buildings in the defense information technology sector in areas near government demand drivers." According to a RW Baird research note, the acquisitions represent future development opportunities with excess land accompanying the San Antonio asset. In Colorado Springs, the main tenant, Northrop Grumman, has reported it may need an additional building to accommodate its consolidation, RW Baird says. COPT did not return calls in time for deadline.
A three-story, class A, 124,305-sf building, the Colorado Springs office was acquired for $23.2 million. It is located at 3535 Northrop Grumman Point in the Colorado Springs Airport Business Park, known as Cresterra.
Cresterra, which COP developed, is located at the entrance of the Colorado Springs Airport and next to the Peterson Air Force Base. The building is 100% leased to Northrop Grumman, which is using the building as its headquarters in the market.
The San Antonio properties, known collectively as 151 Technology Center, were acquired for $17.3 million. They are two story office buildings totaling 122,975 sf, located at 1560 Cable Ranch Rd. The buildings are fully leased to Sears, Air Force Federal Credit Union and AFNI.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
