Retail Portfolio in Northern Colorado Sells for $10.3M
Neighborhood Equities, LLC, has purchased three multi-tenant shopping center properties located in Northern Colorado, for $10.12 million. Combined, the properties total just over 60,000 square feet and include Oakridge Shopping Center in Fort Collins and The Shops at Westwood and Windsor Town Center II, which are both located in Windsor.
Avison Young Principals David Maling and Chris Maling who are out of the firm’s Los Angeles office, along with Senior Associate Sam Crowe who is in the firm’s Denver office, represented the seller, Colorado-based Johnson Investments, Inc. The buyer, Neighborhood Equities, LLC, was represented by Cushman & Wakefield.
“Our team advised the seller on an exit strategy out of this management-intensive portfolio and into a 1031 exchange for single-tenant net-leased assets,” said Chris Maling. “Ultimately we were able to help our client achieve its passive investment-focused goals.”
Oakridge Shopping Center is a 21,633-square-foot property located at 1112 Oakridge Drive in Fort Collins. Built in 1996, it is 80 percent occupied and provides excellent visibility near East Harmony Road a major thoroughfare. It is located within 6 miles to US Interstate 25 and 5 miles to Colorado State University.
The Shops at Westwood is a fully occupied 18,350-square-foot property located at 1293-1295 Main Street in Windsor. Built in 1998, the center is highly visible along Main Street. The asset is located within 8 miles to US Interstate 25 and 30 miles to Colorado State University.
Windsor Town Center II is a fully occupied 20,250-square-foot property located at 1215 Main Street in Windsor. Built in 1999, the center is also well-located along major thoroughfare, Main Street.
“These neighborhood center properties are located in Northern Colorado, an affluent submarket that rarely sees assets like this come to market,” said Crowe. “The new ownership will have an opportunity to lease up the small amount of available space and create value with new tenants and as values rise over the long-term.”