A Florida-based operating entity made its first Colorado Springs acquisition and second in Colorado with its purchase of Garden of the Gods Plaza.
The buyer paid $11.54 million for the seven-building, 96,314-square foot shopping center at 975-1045 Garden of the Gods Road in Colorado Springs.
“This is a multi-building asset right on Garden of the Gods with great retail attributes as well as some office/ flex and light industrial characteristics,” said Riki Hashimoto of Newmark Knight Frank, noting that both retail as well as office/flex investors were interested in the property and its cash flow.
Hashimoto and Dan Grooters of Newmark Knight Frank represented the seller, Essex Garden Commerce Center, in the sale.
The buyer plans not only to take advantage of the cash flow of Garden of the Gods Plaza but also make some improvements to the property built between 1980 and 1982.
Leased to 28 tenants, mostly locally based retail and service-oriented, Garden of the Gods Plaza was 85% occupied at the time of its sale.
“I think this particular cycle is different than previous cycles and that with the growth of the Colorado Springs marketplace as well as the diversified economy that has developed down there, many investors are attracted to Colorado Springs more so than they have been in the past,” commented Hashimoto.