The four-story Alamo Hotel building in downtown Colorado Springs, Co., was recently purchased for $5.9 million by local investor Alamo LLC from Matterhorn Development.
The 42,556-square-foot building was constructed around 1900. Matterhorn purchased the property in 2006 for just $200,000 less than the sale price.
Cascade Commercial Group brokered the sale and will be retained to market the building for lease.
“What makes this sale unique is the good properties are not lasting long,” Cascade Broker/Owner Ted Link told The Colorado Springs Business Journal. “They are being sold at an astonishing rate.”
Cascade said that the building, which sold for $138 per square foot, was 90-percent occupied upon closing, with significant tenants including the Gaspar Law Group, the Law Firm of Graham and Black and MacKenzie’s Chop House–occupied by Concept Restaurants since 1975.
The Alamo Hotel building was listed on the U.S. National Register of Historic Places in 1977.