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June 24, 2024
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Private Investment Entity Pays $10 Mil for Two Retail Assets in Colorado Springs


A private real estate trust acquired two retail properties in northern Colorado Springs, near the intersection of Interstate 25 and E. Woodmen Rd, for a combined price of $9.98 mil as part of a 1031 exchange. The properties were sold by Crest At Woodmen Retail LLC.

6955 Campus Drive, Colorado Springs, CO
6955 Campus Drive, Colorado Springs, CO
The two properties are the Floor & Décor store at 6867 Crest Hill View and the Maverik gas station at 6955 Campus Drive. The Maverik gas station was built in 2021 and totals 4.4k sf on 1.5 acres. The Floor & Décor store was completed in 2023 and totals 79.6k sf on 5.77 acres. Both properties were sold as long-term, triple net ground leases.

The properties are located immediately off Interstate 25, surrounded by existing and planned retail and multifamily development.

Jason Ortiz and Tyler Swenson with CBRE’s Fort Collins office represented the buyer in the transaction. Chris Lind with Marcus & Millichap repped the seller.

“The buyer had a specific goal in mind with this acquisition to satisfy their 1031 exchange. We targeted properties that offered a high degree of security and a lower cost on a per-square-foot basis—not an easy task as pricing per square foot climbs amid record low retail availability. In this case, the combination of the smaller footprint gas station and larger footprint, brand-new construction big box store led to a blended price per square foot that fit the bill perfectly,” said Ortiz.

Retail property availability reached record low levels in the U.S. in the second quarter, according to CBRE research, dropping to 4.8%. Availability is more manageable in Colorado Springs at 7.2%, per CBRE data, where retail development remains active with over 330k sf underway.

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