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Big industrial deal in Springs

Becky Hurley

By Becky Hurley

Special to InsideRealEstateNews

Midnight Sun Capital LLC, in a venture with two Native American Alaskan investment groups, paid $11.175 million for a T-Mobile call center in Colorado Springs, the largest industrial building transaction so far this year in the Pikes Peak region.

The 69,287-square-foot building at 556 Chapel Hills Drive was sold to 556 Chapel Hills LLC, the entity created by Colorado Springs-based Midnight Sun to buy it.

The seller was DIV Briargate Property LLC, a Massachusetts limited liability company that teamed with Griffis/Blessing of Colorado Springs.  The building was originally part of a 283,000-square-foot Prime Center Business Campus acquisition last year.

Larimer heads Midnight Sun

Midnight Sun is a  private equity company headed by Colorado Springs attorney and native Hawaiian, Louie V. Larimer. Larimer is the president and CEO.

The T- Mobile building purchase was a collaborative venture between Larimer and two Alaska Native American corporations –  Cal Corp. and the Aleut Corp. Brady O’Donnell of Johnson Capital brokered the financing, which was provided by Wells Fargo.

“The acquisition of the T-Mobile call center with its strong cash flow is a continuing step toward fulfillment of our vision to create long-term, sustainable cash flow for native-owned organizations,” Larimer said.

The group’s acquisition strategy is focused on investing in core Class A income-producing properties.

Founded in 2009, during its first year, Midnight Sun Capital’s portfolio accumulated $10 million in assets.  It plans call  for an additional $15 million to $20 million in property acquisitions annually through 2012.

For more information, contact Louie Larimer, 719-440-6410 or email Louie@MidnightSunllc.com. Becky Hurley can be reached at 719-650-3272 or beckyhurley6@gmail.com. Hurley was a staff reporter at the Colorado Springs Business Journal from 2001 until 2010.

 

 

 

 

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