NavPoint Real Estate Group Closes 127,000 SF Multi-Tenant Retail Investment Deal in Colorado Springs for $15,850,000
navpoint / January 13, 2022
Colorado Springs, CO – NavPoint Real Estate Group is pleased to announce it has completed the sale of The Carefree Shopping Center, a Multi-Tenant Retail Investment property consisting of 126,471 rentable square feet located at 3315-3541 N Academy Boulevard.
Located in central Colorado Springs, the center holds a premiere position at the gateway to one of the leading communities and benefits from a strong daytime population. The property offers terrific exposure on Academy Boulevard, one of the city’s key retail corridors, with over 52,000 cars passing the shopping center daily. Tenants include Family Dollar, Metro PCS, Human Bean Coffee, Pizza Hut and New Horizons Thrift Store. The property was 98% occupied at the time of sale.
With over $2M spent on recent tenant improvements, significant leasing momentum in the last 15 months, and the addition of a small drive-thru kiosk on the property occupied by Human Bean, Carefree Shopping Center offered the Buyer a stabilized retail investment opportunity in a booming submarket.
Matt Call and Collin Tedesco of NavPoint Real Estate Group handled the transaction. The Seller was DCP Carefree, LLC While the buyer was Boise Idaho based, Alturas Real Estate Fund LLC.
Matt Call commented on the Sale “This asset garnered heavy interest from the moment we went to market. With few opportunities to acquire large format neighborhood centers in Colorado Springs we had inquiries from Buyers all over the country. A diverse tenant mix and huge daily traffic counts will make this a strong investment for the Buyer.”
This transaction successfully closed in January 2022.
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