DENVER – CBRE announced the completion of a $3.4 million sale of a 7,931-square-foot retail strip center located at 532-536 Garden of the Gods Road in Colorado Springs. Matthew Henrichs, Parker Brown and Brad Lyons with CBRE Capital Markets, National Retail Partners, in Denver represented the seller, Republic Investment Group of Denver, and sourced the buyer, a high net worth investor from California. The purchase of the Shops at Garden of the Gods, which closed Aug. 25, was the investor’s first retail property acquisition in Colorado.
“For a relatively small footprint, the Shops at Garden of the Gods had a lot going for it, including its high-profile corner location, Class A renovations and the security of long-term cash flow from three internet-resistant, credit lease tenants,” said Mr. Henrichs, senior vice president, CBRE.
The Shops at Garden of the Gods was built in 1977, but completed a remodel last year. Upon completion of the renovations, three national brand-name retailers took up residency: Qdoba Mexican Eats, FedEx Office and Cricket Wireless. They each signed a long-term lease, bringing the property to 100 percent occupancy.
The building sits on 0.75 acres in west Colorado Springs, just off I-25 with frontage along Garden of the Gods Road, a retail corridor that sees traffic volume in excess of 54,000 vehicles per day. The property is three miles from National Natural Landmark Garden of the Gods Park, attracting nearly 2 million visitors annually, and is 17 minutes from downtown Colorado Springs.
“Given the scarcity of quality small format retail offerings in Denver proper, the investor who purchased this property looked to an ‘A quality’ infill location in Colorado Springs as an avenue to entering the Colorado investment market,” added Henrichs. “Investors from across the country are actively pursuing secondary and even tertiary markets along the Colorado Front Range to bolster their real estate portfolios.”
Image courtesy of CBRE.