For Sale
$6,750,000

8955 Drennan RdColorado Springs, CO 80925

High-yield, single-tenant office/retail building.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 45,251-square-foot office and retail building situated on a substantial 10-acre lot in Colorado Springs, CO. The property is currently occupied by L3Harris Technologies, a leading American technology company with an investment-grade credit rating (S&P: BBB), under a Net Net lease. The lease commenced December 4, 2017, and expires February 26, 2026, with two remaining three-year renewal options, each including a 2% annual rent increase. The building, constructed in 1984, comprises 37,561 square feet of office and lab space, and 7,690 square feet of warehouse space. L3Harris has a 24+ year operating history at this location and has consistently expanded its footprint. The property boasts a strong financial profile, with a current asking price of $6,750,000 and a 7.64% cap rate, generating a Net Operating Income (NOI) of $515,515. Its strategic location near the Colorado Springs Airport, Fort Carson Military Base, and the Air Force Academy adds significant value. This is a rare opportunity to acquire a high-quality, single-tenant asset with a long-term, creditworthy tenant and significant upside potential. The property's address is 8955 Drennan Road, Colorado Springs, CO 80925, and its APN is 5503201001.

Highlights

  • $6,750,000 asking price for a single-tenant office/retail building.
  • 45,251 square feet net rentable area on a 10-acre lot in Colorado Springs, CO.
  • Investment-grade tenant, L3Harris Technologies (S&P: BBB), with a 24+ year operating history.
  • 7.64% cap rate with a $515,515 NOI.
  • Building features 37,561 square feet of office/lab space and 7,690 square feet of warehouse space.
  • NN lease with 2% annual rent bumps, expiring 2/26/2026, with two 3-year options at 2% annual increases.

Property Details for 8955 Drennan Rd

Property type
Retail properties, Research & development properties
Year Built
1984
Lot Size (sq. ft)
435,600 SF

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.780965085606
Longitude
-104.66057282051
8955 Drennan Rd, Colorado Springs, Colorado

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8955 Drennan Rd
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