Grocery-anchored Retail Center in Fort Collins Sells for $23.75M
University Center, a two-tenant, grocery-anchored retail center located at 2201 South College Avenue in Fort Collins, has sold for $23.75 million.
CBRE’s Brad Lyons, Mike Winn and Tim Richey represented the seller, Los Angeles-based CIM Group. The buyer, a confidential entity, purchased the property in a sale that closed Sept. 24.
“University Center is one of the premier shopping destinations in Northern Colorado. It is home to the area’s only location of a well-known natural foods grocer, and the property is located along Fort Collins’ primary retail corridor, just blocks from CSU,” said Brad Lyons, executive vice president with CBRE Capital Markets, National Retail Partners.
Built in 1953 and remodeled in 2004, University Center totals 68,334 square feet. on 6.46 acres. The building is 100 percent leased to two tenants: a natural foods grocery chain and Wilbur’s Total Beverage. It is the natural foods grocery chain’s only location in Fort Collins, and the liquor store is one of Fort Collins’ best performing in terms of sales per square foot. The single-story building is attached to the north end of a larger shopping center, where several national name brand retailers reside, including King Soopers, Big 5 Sporting Goods, Office Max and Performance Bicycle.
University Center is located along South College Avenue, just north of West Drake Road. With 300 feet of frontage along South College Avenue, an average of 45,000 vehicles pass by the property each day. It is also three blocks south of Colorado State University, home to more than 30,000 students and 6,500 employees.
Photo courtesy of CBRE