CBRE Announces Sale of Two Shopping Centers in Colorado Springs

CBRE announced the sale of two shopping centers in Colorado Springs, Colorado. A Colorado-based private investor acquired the Springs Ranch Shopping Center for $8.3 million, while a San Diego-based 1031 exchange investor acquired Peterson Square for $5.55 million in a separate transaction.

The team of Parker Brown, Matthew Henrichs and Brad Lyons with CBRE’s National Retail Partners represented the sellers in each transaction. The sales mark the seventh and eighth completed so far this year in Colorado Springs for the team, totaling $70 million in year-to-date transaction volume.

“Colorado Springs has emerged as a highly sought-after growth market in the western United States for private capital real estate investment. Investors appreciate the region’s skilled and educated talent, world-class education and research sectors, and recreational offerings. As evidenced by our recent sale activity, these trends along with attractive retail market fundamentals have drawn incredible demand for retail properties across the Colorado Springs market,” said Brown, vice president, CBRE.

Springs Ranch Shopping Center is a 40,331-sq.-ft., multi-tenant retail center located at 6010-6080 N Carefree Circle in the highly trafficked Powers Boulevard retail corridor of Colorado Springs. Anchored by Springs Liquor Outlet, the center is 100% leased to a mix of retail and medical tenants with long-term leases. A private Denver-based partnership sold the property.

Peterson Square is a 14,182-sq.-ft. shopping center located at 6809 Space Village Avenue, steps from the north entrance to Peterson Space Force Base, a U.S. Space Force Base with more than 45,000 personnel. Peterson Square is also fully leased, with a mix of daily needs, quick-service restaurants, and service-based tenants, also with long-term leases. A Denver-based private fund sold the center.

The retail property investment sector has performed well this year, according to CBRE research. In Colorado Springs, retail property sales over $500,000 totaled $233.8 million for the first half of 2022, up more than 300% year-over-year.