Carpathia Goes Under Contract on The Offices at Victory Ridge; CBRE Marketing Space for Pre-Lease

CBRE announced today that a partnership between Carpathia and Mission Hill Capital has gone under contract to purchase the high-profile office property located at the intersection of Voyager Parkway and Interquest Parkway in northern Colorado Springs’ Victory Ridge development. Currently owned by Westside Investment Partners of Denver, the acquisition by Tulsa-based development partnership Carpathia and Colorado Springs-based Mission Hill Capital builds on a wave of recent momentum for the mixed-use project. CBRE’s Brad T. Bird and John Marold are representing Westside on the sale and have been retained by Carpathia for marketing the contracted buildings for pre-lease opportunities.  

“The Offices at Victory Ridge are located at the best intersection within Colorado Springs’ best-performing submarket. Northern Colorado Springs is seeing unprecedented growth, which is fueling development across the office, retail, residential and hospitality sectors. The area surrounding Victory Ridge is shaping up to be one of the Springs’ most vibrant communities,” said Mr. Bird, a First Vice President with CBRE in Colorado Springs.

The project known today as Victory Ridge initially launched in 2006 under different ownership, fell into foreclosure in 2008 and then sat vacant for eight years. Westside Investment Partners took over the development in late 2016 and in less than three years Victory Ridge and the surrounding area has seen a significant positive transformation.

In November 2017 the luxury theater Icon Cinema opened its doors at Victory Ridge and In-N-Out Burger announced that the site would be the home of its new regional headquarters, distribution facility, and first Colorado retail location. Icon Cinema recently bought an expansion parcel where they will add to the existing theater a 106’ mega screen that will be the largest in Colorado. Lokal Homes has also closed on 15 acres at the project, where they plan to construct 221 townhomes and have pre-sold the first twenty-four just months after breaking ground. Also under contract and planned are a Panda Express, Qdoba, premier in-line retail, two pre-leased 40,000-sq.-ft. medical buildings, and at least one hotel.

“There are over 4.8 million sq. ft. of corporate employers in the area, and we’ve done the research,” said Casey Stowe, a Carpathia Principal. “This is where the highly educated workforce lives, and more companies will want access to that demographic for their employment base. We are excited for what Victory Ridge adds to the already burgeoning north Colorado Springs market.”

Carpathia is a partnership between the Ross Group and Nelson+Stowe Development, both based in Tulsa, Oklahoma. With 50 years of collective design, engineering and construction experience, the partners have completed $2 billion in projects spanning office, hotel, retail, restaurant, apartments and high-rise hotels. In recent years Carpathia has made a name for itself by tackling complex restoration and redevelopment projects and creating market-changing spaces that have elevated the neighborhoods and business districts in which they’re located.

“We look forward to Carpathia joining the development at Victory Ridge and feel that their updated design will be a statement building at the heart of the Victory Ridge master plan,” added Otis Moore, Principal with Westside.

Carpathia and Mission Hill Capital are expected to close on the office building purchase in October 2019 and will then launch exterior reconstruction, followed by interior construction. The property includes one four-story office tower and two two-story buildings to the east and west of the Icon Cinema. Upon completion, The Offices at Victory Ridge will offer 129,991­­­ sq. ft. of office space with highly flexible spaces ranging from 1,330 sq. ft. to over 100,000 sq. ft. of contiguous space. Design features include dedicated garage parking, expansive windows with front range views, third and fourth floor balconies, and first floor patio spaces.

For leasing inquiries at The Offices at Victory Ridge, contact Brad Bird at (719) 660-2799 or [email protected] or John Marold at (720) 528-6355 or [email protected]cbre.com.