Former Toys R Us Building in Colorado Springs to be Converted to Self-Storage
Denver-based In Self Storage Management, LLC has purchased a former Toys R Us building located at 3730 North Citadel Drive in Colorado Springs and plans to convert the site into a mini storage facility. Patrick Kerscher, a retail specialist with CBRE’s Colorado Springs office, represented the seller, Dunton Commercial of Colorado in the sale.
“This location is one of Colorado Springs’ most densely populated trade areas. It offers walkable amenities plus convenient access to public transportation and downtown. The redevelopment of this pad site is part of a larger project that will revitalize the entire southwest corner of Galley and Academy,” said Mr. Kerscher, vice president, CBRE.
The 3.09-acre property is bordered by Galley Road to the north, North Citadel Drive to the south, North Academy Boulevard to the east and Delaware Drive to the west. The existing freestanding building will be retrofitted to make way for the new In Self Storage facility. Citadel Mall and Citadel Crossing are adjacent to the site; putting many national and regional retailers and restaurants in walking distance.
Located within an Opportunity Zone, the property is adjacent to a future convenience store and future quick-service restaurant concept with an expected opening of 2022. In partnership with the City of Colorado Springs Traffic Department, access to this site has been improved dramatically with future access off both Citadel Drive and Academy Boulevard.
According to CBRE Research, nearly 412,000 square feet of retail space was under construction in Colorado Springs at the end of the second quarter of 2020, fueled by the region’s strong population growth and record-setting housing market.