The building that houses USA Triathlon has changed hands again, 16 months after USA Triathlon sold it for $4.65 million.
This time, Boulder-based real estate syndicator and property management firm Tepuy Properties bought 5825 Delmonico Drive for $7.95 million, closing on April 29. USA Triathlon sold the three-story building to local investment group Dormie Capital Partners in January 2021.
The 38,638-square-foot office building is Tepuy’s first property purchase in the Colorado Springs area.
Built in 1985, the property is directly off Interstate 25 in an established part of northern Colorado Springs. USA Triathlon is still among the building’s eight current occupants, leasing the entire second floor.
“The quality of the tenants is one of the most important aspects,” said Brandi Prochazka, Tepuy’s property manager. “With the building anchored by a large tenant with a 10+ year lease, the guaranteed cash flow is a huge advantage. Investors are excited to add such a quality building to our portfolio.”
Many of the property’s additional tenants also revolve around the sports industry, including chiropractors, physical therapists and the Ultimate Players Association.
The building has 10 percent vacancy, but Tepuy is in the process of negotiating a lease for the remaining space.
“We are hopeful that this building is just the start of our expansion into other areas of the state and even the country,” said Prochazka.
Tepuy Properties purchased 5825 Delmonico Drive via a 1031 exchange from the recent sale of 385 S Pierce Ave. in Louisville. Eric Rutherford of WK Estate represented Tepuy Properties in the transaction. The seller, DCP Delmonico, was represented by Matt Call with NavPoint Real Estate Group.
Tepuy Properties was founded in 2013 and has grown to more than 125 investors and 83 tenants, and has acquired 20 buildings in the Front Range area.
By | The Colorado Springs Business Journal.
Original article here
