Colorado Springs Retail Center Goes for $21.4 Million
The 155,000 square-foot Centerpointe Plaza changed hands for $138 a square foot. The shopping center was sold by Kinetic Development, a Phoenix-based private fund. CBRE’s Parker Brown headed up the sales effort, “Centerpointe Plaza offered an irreplaceable location along Colorado Spring’s most heavily trafficked retail corridor…at roughly 85% leased, the center also offered a value-add opportunity through leasing up the remaining vacant spaces.”
Built in 1983, the center is comprised of five multi-tenant buildings on nearly 13 acres. The seller invested in a series of capital improvements leading up to the sale, including the parking lot, roof and concrete repairs as well as exterior improvements.
The mix of current tenants include Dollar Tree, Tuesday Morning, Key Bank and Boot Barn.
- ◦Sale/Acquisition