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 firstname.lastname@example.org. Hurley was a staff reporter at the Colorado Springs Business Journal from 2001 until 2010.