CBRE Completes Series of Small-Format Retail Property Sales
Despite the pandemic, the retail investment sales market in Colorado remains active. CBRE has announced the sale of six small-format retail properties located throughout metro Denver and Colorado Springs, totaling over $19.0 million.
“Investors are increasingly targeting high-quality small-format retail assets throughout Colorado that possess irreplaceable real estate fundamentals and offer security of cash flow amid the current environment,” said Brown, senior associate at CBRE.
Polaris Pointe Courte, a 9,100-square-foot retail property located at 13492 Bass Pro Drive in Colorado Springs, sold to a private investor for $5.1 million in a sale that closed Nov.11, 2020. The seller was a private developer. The multi-tenant retail center was 100 percent leased at the time of purchase to Vanguard Dermatology, Dental Nook, OrangeTheory Fitness and Vitality Bowls.
A private investor acquired Ridgeview Marketplace, a 21,008-square-foot retail center situated at 5980 Stetson Hills Boulevard in Colorado Springs, from an institutional owner for $3.58 million in a sale that closed Dec. 17, 2020. The multi-tenant property was fully leased at the time of sale to Summit Dance Works, Conrad Chiropractic & Wellness, Elements Massage, Strive Physical Therapy, Valor Flooring and Republic of Paws.
A local private investor sold a multi-tenant retail property located at 3890 Quebec Street in Denver to a private 1031 exchange buyer for $3.1 million. The property was 100 percent leased at the time of sale to two tenants, Advanced Urgent Care and Bellco Credit Union. The sale closed Nov. 11, 2020.
Powers Peak Center, a 7,500-square-foot retail strip center situated at 5620 Woodmen Road in Colorado Springs, sold to an out-of-market 1031 exchange investor for $2.73 in a sale that closed Dec. 21, 2020. The seller was a private investor. The property was fully leased at the time of sale to Subway, Cost Cutters, GameStop and Batteries Plus.
A private local investor acquired The Laurel, a 3,700-square-foot single-tenant retail property leased to Elite Body Sculpture, from a local institutional developer for $2.6 million in a sale that closed Dec. 31, 2020. The property is located at 115 Steele Street in Denver.
A 5,896-square-foot, single-tenant retail property leased to Chili’s sold to an undisclosed private investor for $1.9 million. The seller was a local institutional developer. The property, which sold Oct. 10, 2020, is located at 3451 N. Tower Road in Aurora, Colo.