Newly Renovated Shopping Center in Colorado Springs Sells for $2.085M
COLORADO SPRINGS — 3730-3770 Astrozon Boulevard, a 18,410-square-foot newly renovated neighborhood shopping center in Colorado Springs, has sold for $2,085,000 at an 8.22 percent cap rate.
The seller, a private investor in this transaction, was represented by Cory Gross, vice president Investments, and Jake Shirek, associate located in Marcus & Millichap’s Denver office. The buyer was represented by Brian C. Smith, CCIM, SIOR, first vice president Investments also located in Marcus & Millichap’s Denver office. Phillip Gause, first vice president Capital Markets in Marcus & Millichap Capital Corporation in Denver, facilitated the loan for the buyer.
“We received strong interest in the property and we went under contract with a California based 1031 exchange buyer within the first week of marketing the property. The high occupancy and below market rents coupled with the strong cash flow potential attracted a wide range of buyers throughout the U.S. We continue to see strong demand for well-located retail assets in the Colorado Springs market due to the solid local economy and sound market fundamentals,” Gross stated.
Denver Marcus & Millichap agents represent investors in transactions involving but not limited to office, industrial, multifamily, retail, and hospitality properties.
Photo courtesy of Marcus & Millichap