JLL Capital Markets announced today that it arranged a $5.7 million refinancing for Union Square Shopping Center, a 69,347-square-foot Crunch-anchored shopping center located at 5035-5069 N. Academy Blvd. in Colorado Springs.
JLL worked on behalf of the borrower, ABMAR Investments, to secure a three-year, floating-rate loan. The financing allowed the borrower to refinance their existing loan and future fund upcoming Crunch Fitness tenant improvements, along with additional capital expenditures.
Built in 1978 and renovated in 2005, Union Square Shopping Center is situated on 8.39 acres with 582 surface parking spaces. The property features 13 tenants across a diversified mix of retail, food and beverage, service and fitness categories. The center is 98% leased with national retailers comprising a significant portion of the tenant roster, including Crunch Fitness, Chipotle Mexican Grill, Edward Jones, 7Brew Coffee and Big 5 Sporting Goods, complemented by established local operators.
The property benefits from its prime positioning along Academy Boulevard in Colorado Springs’ northeast retail submarket. The location provides exceptional visibility, with annual traffic counts exceeding 270,000 vehicles within a half mile. The immediate trade area is supported by strong demographics, with median household income exceeding $90,000 and homeownership rates surpassing 60% within a five-mile radius. The submarket benefits from stable military employment anchored by Peterson Space Force Base and the U.S. Air Force Academy, providing consistent economic support to the retail corridor.
ABMAR Investments has owned and operated Union Square Shopping Center for more than two decades, demonstrating long-term commitment to the asset and the Colorado Springs market. ABMAR Investments is a multigenerational family real estate investment group that owns (or has owned) office, retail, industrial, and multifamily assets in Virginia, North Carolina, Connecticut, Florida, and Colorado.
