Fort Collins Shopping Center Changes Hands
Fort Collins, CO – Marcus & Millichap, recently announced the sale of a 18,988-square foot retail strip that is a portion of a Mulberry & Lemay Crossings, a 328,495-square foot retail property in Fort Collins, Colo., anchored by Walmart and Home Depot.
Garrette Matlock, an investment specialist in Marcus & Millichap’s Denver office and senior director of the National Retail Group, and Ryan Bowlby, senior associate and associate director also out of Denver, exclusively listed the property on behalf of the seller, a publicly traded REIT. The buyer, California based US Property Trust, was procured by Matlock & Bowlby.
“Mulberry & Lemay Crossing has an excellent tenant mix and is located at the hard corner of two heavily traveled thoroughfares. The ongoing development of Woodward Inc.’s global headquarters on the NWC of this intersection will only improve the strength of this location. We generated a lot of interest and multiple offers within the first few weeks of taking Mulberry & Lemay to market,” said Bowlby. “The supply of quality retail product in Fort Collins is fairly constrained, and there are a lot of investors, particularly from California, who are actively targeting the city due to its strong fundamentals,” added Bowlby.
Mulberry & Lemay Crossing is located at 1251-1281 East Magnolia Street in Fort Collins, Colo. The location at the northeast corner of East Mulberry Street and South Lemay Avenue gives the property excellent visibility to both thoroughfares and the combined 54,326 cars per day that pass through the intersection. The shopping center was built in 2002 and in addition to the Walmart Supercenter and Home Depot also includes tenants such as Chase, Qdoba, Dairy Queen, Gamestop and Radio Shack.
Photo courtesy of Marcus & Millichap