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8/17/22
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Two shopping centers in Colorado Springs, CO traded hands in separate deals totaling $13.85 mil. A Colorado-based private investor acquired Springs Ranch Shopping Center for $8.3 mil, while a San Diego-based 1031 exchange investor acquired Peterson Square for $5.55 mil.
Springs Ranch Shopping Center is a 40.3k sf ($206/sf), multi-tenant retail center located at 6010-6080 N Carefree Circle in the highly trafficked Powers Boulevard retail corridor of Colorado Springs. Anchored by Springs Liquor Outlet, the center is 100% leased to a mix of retail and medical tenants with long-term leases. A private Denver-based partnership sold the property.
6809 Space Village Ave, Colorado Springs |
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Peterson Square is a 14.2k sf ($391/sf) shopping center located at 6809 Space Village Ave, steps from the north entrance to Peterson Space Force Base, a U.S. Space Force Base with more than 45,000 personnel. Peterson Square is also fully leased, with a mix of daily needs, quick-service restaurants, and service-based tenants, also with long-term leases. A Denver-based private fund sold the center.
Parker Brown, Matthew Henrichs and Brad Lyons with CBRE’s National Retail Partners represented the sellers in each transaction. According to Brown, Colorado Springs has emerged as a highly sought-after growth market in the western United States for private capital real estate investment.
The retail property investment sector has performed well this year, according to CBRE research. In Colorado Springs, retail property sales over $500k totaled $233.8 mil for the first half of 2022, up more than 300% year-over-year.
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