Two retail properties in Northern Colorado Springs, near the intersection of Interstate 25 and E. Woodmen Rd., have been acquired by a private real estate trust for a combined $9.98 million. The properties were sold by Crest At Woodmen Retail, LLC, as part of a 1031 exchange.
The two properties are the Floor & Décor store at 6867 Crest Hill View and the Maverik gas station at 6955 Campus Drive. The Maverik gas station was built in 2021 and totals 4,425 sq. ft. on 1.5 acres. The Floor & Décor store was completed in 2023 and totals 79,576 sq. ft. on 5.77 acres. Both properties were sold as long-term, triple-net ground leases.
“The buyer had a specific goal in mind with this acquisition to satisfy their 1031 exchange. We targeted properties that offered a high degree of security and a lower cost on a per-square-foot basis — not an easy task as pricing per square foot climbs amid record-low retail availability. In this case, the combination of the smaller footprint gas station and larger footprint, brand-new construction big box store led to a blended price per square foot that fit the bill perfectly,” said Mr. Ortiz, vice president, CBRE.
Mr. Swenson, vice president at CBRE, added, “While capital markets may be experiencing some pain points, this transaction signals that good fundamentals are key in any market cycle.”
Retail property availability reached record low levels in the U.S. in the second quarter, according to CBRE research, dropping to 4.8%. Availability is more manageable in Colorado Springs at 7.2%, per CBRE data, where retail development remains active with over 330,000 sq. ft. underway.
The properties are located immediately off Interstate 25, surrounded by existing and planned retail and multifamily development.
Chris Lind with Marcus & Millichap represented the seller.