Former Toys R Us bldg. sells for conversion to mini storage

The vacant Toys R Us sold for an undisclosed amount.

Redevelopment is coming to the Citadel area.

A long-vacant Toys R Us that was purchased by a partnership last year planning to repurpose it ultimately sold the former retail property to In Self Storage Management LLC, which plans to convert the site to mini storage.

The 47,125-square-foot building at 3730 N. Citadel Drive in Colorado Springs is bordered by Galley Road to the north, North Citadel Drive to the south, North Academy Boulevard to the east and Delaware Drive to the west, with Citadel Mall and Citadel Crossing adjacent to the site.

“This location is one of Colorado Springs’ most densely populated trade areas. It offers walkable amenities plus convenient access to public transportation and downtown . The redevelopment of this pad site is part of a larger project that will revitalize the entire southwest corner of Galley and Academy,” said Patrick Kerscher of CBRE’s Colorado Springs office. Kerscher represented the sellers in the transaction.

Dunton Commercial and Hampton Partners sold the building. The partnership purchased the Toys R Us building as well as the adjacent office property at 3770 N. Citadel Drive, which will make way for retail pad sites planned for a future Circle K convenience store and quick-service restaurant concept expected to open in 2022.

The freestanding building on 3.09 acres in an opportunity zone will be retrofitted for a new In Self Storage facility, which also has Colorado locations in Aurora, Elizabeth and Estes Park.

The buyer wasn’t represented in the deal.

In partnership with the city of Colorado Springs Traffic Department, access to this site also has been improved with future access off both Citadel Drive and Academy Boulevard.

Featured in the October 7-20, 2020, issue of the CREJ

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and industrial news in the Denver metro area plus all property types in Colorado Springs, Southern Colorado, mountain towns and the Western Slope. She also handles High Fives news for the paper and is editor of the Health Care & Senior…