Three medical office buildings in Colorado Springs, Colo. have sold for a combined $21.7 million. The three-building Union Medical Campus in downtown Colorado Springs was sold to Dallas-based investment firm Cirrus Group. Sperry Van Ness, which represented the seller, reports that this is a record sale price for a medical office campus in Colorado Springs.
The property was purchased for $143.42 per sq. ft. and required a loan defeasance to be completed to accommodate new financing. Built in two stages between 1993 and 1997, the property is situated on 11.23 acres and was 97% occupied at the time of sale with major tenants including: Centura Health, Pikes Peak Cardiology, CS Health Partners and Total Healthcare.