CBRE Arranges Sales at Former Toys “R” Us Site in Colorado Springs
CBRE has arranged two sale transactions at a former Toys “R” Us site adjacent to the Citadel Mall in Colorado Springs.
CBRE’s Patrick Kerscher represented the seller, Dunton Commercial, in both transactions.
Dunton Commercial acquired the former Toys “R” Us site and adjacent medical building in 2019, raised the medical building, and re-platted the parking lot into a 0.92-acre retail pad and a 1.2-acre retail pad. CBRE arranged the sale of the 0.92-acre retail pad to Raising Cains for $2.18 million and the sale of the 47,100-square-foot retail building to In Self Storage for $1.5 million.
“We collaborated with the City of Colorado Springs for increased access of the two main arterials, which made the property more viable for quick service restaurants and fuel/ convenience users,” said Mr. Kerscher, vice president at CBRE.
“Despite numerous challenges and delays resulting from COVID, the strength of the location, high traffic, and visibility of the site made this a very attractive location for Raising Canes and resulted in record-setting pricing in the Colorado Springs market,” said Nate Melchior, principal of Dunton Commercial LLC.
Image courtesy of CBRE