A pair of retailers expanding in Colorado Springs inked leases for more than 25,000 square feet at the Broadmoor Towne Center.
Old Navy and Ulta Beauty will join the center at 2120 Southgate Road, at the northeast corner of Highway 115 and Lake Avenue, just west of Interstate 25 – the third location for both brands in the Colorado Springs market. Both have existing locations in the North Academy and Powers trade areas.
“This expansion into southwest Colorado Springs is a strategic move for both brands, allowing them to triangulate their presence in the market and reach the maximum number of consumers. It’s encouraging to see companies like Ulta Beauty and Old Navy, who are leaders in their industry, grow their presence in the Springs; it speaks to the strength of our retail market and the growing attractiveness of our city on the national stage,” said Dan Rodriguez, senior associate with CBRE’s Retail Services in Colorado Springs. Rodriguez represented the landlord, GRE Broadmoor LLC of Dallas. Chris Burton of Legend Partners represented Old Navy in its lease while John Liprando of SullivanHayes Brokerage represented Ulta Beauty.
Old Navy will occupy 13,364 sf and Ulta Beauty will occupy 11,640 sf. The retailers are locating next to each other in space previously occupied by Sports Authority on the east side of Broadmoor Towne Center on Southgate Road.
Both tenants are anticipated to open at Broadmoor Towne Center in summer 2019.
Additional tenants at the shopping center include The Home Depot, Bed Bath & Beyond, PetSmart, Ross Dress for Less and Michaels.
“While national headlines trumpet the instability of the retail industry in the face of growing e-commerce, bricks-and-mortar locations remain the backbone of primary retail distribution today, and the industry isn’t as doomy or gloomy as it may appear,” Rodriguez added.
