Centerpointe Plaza, a 154,988-square-foot neighborhood retail center along North Academy Blvd in Colorado Springs, has sold for $21.4 million to a Denver-based private fund.
Built in 1983, Centerpointe Plaza comprises five multi-tenant buildings on nearly 13 acres. The property is located at 5605-5785 North Academy Blvd., at the intersection with Vickers Dr., with exposure to an average of 50,000 vehicles per day.
Parker Brown, Matthew Henrichs and Brad Lyons with CBRE’s National Retail Partners represented the seller, Kinetic Development, LLC, a Phoenix-based private fund.
The seller executed a successful lease-up strategy and invested in a series of capital improvements in the years leading up to the property’s sale, including parking lot, mechanical, roof and concrete repairs; as well as exterior/façade improvements; and lighting and signage upgrades.
Centerpointe Plaza was 85-percent leased at the time of sale to a mix of retailers, including national concepts Dollar Tree, Tuesday Morning, Key Bank and Boot Barn, and local and regional businesses like Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s Color Source.
“Centerpointe Plaza offered an irreplaceable location along Colorado Springs’ most heavily trafficked retail corridor paired with a strong tenant roster that featured a solid mix of national, regional, and local tenancies. At roughly 85 percent leased, the center also offered a light value-add opportunity through leasing up the few remaining vacant spaces,” said Mr. Brown, vice president, CBRE.
In-store retail sales grew faster than e-commerce sales in the first quarter of 2022, according to CBRE research. Shoppers continued to make more in-store purchases with core retail and food services sales rising 11.5 percent year-over-year to $1.4 trillion. Comparatively, e-commerce sales grew by 10.2 percent year-over-year to $287 billion.
