Marcus & Millichap Arranges Sale Tri-Peak Plaza Retail Property
Colorado Springs, CO – Marcus & Millichap announced the sale of Tri-Peak Plaza, a 46,354 SF retail property located in Colorado Springs, CO. The asset sold for $6,000,000 according to Richard A. Bird, regional manager of the firm’s Denver office.
Garrette Matlock, a senior associate 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 Marcus & Millichap Denver, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor who was in a 1031 exchange, was secured and represented by Jerry Tang and Marty Cohan, investment specialists in Marcus & Millichap’s West Los Angeles office.
“Tri-Peak Plaza is a well occupied neighborhood retail center with very strong historical occupancy, even during the downturn the center performed well,” said Matlock. “We had a number of offers, three of the top four offers were from investors based in California. It’s a testament to our company’s ability to source west coast buyers, particularly when they’re in an exchange and looking for investment properties that provide better returns than what they’re used to seeing in California” added Bowlby.
Tri-Peak Plaza is located at 3805 East Pikes Peak Avenue. The property is mixed use but is predominantly retail with a small second story office component. It is currently 90.9% occupied and consists of a 7-Eleven (with gas), Popeye’s Louisiana Kitchen, Rent-A-Center, Baskin Robbins and Woody’s Bar & Grill, among others. Almost all of the roofs on the property have been replaced within the last three years and the parking lot has also been recently upgraded.
Photo courtesy of Marcus & Millichap