CBRE Brokers $21.4 Million Sale of Centerpointe Plaza Retail Center in Colorado Springs

CBRE announced the $21.4 million sale of Centerpointe Plaza, a 154,988-sq.-ft. neighborhood retail center along North Academy Blvd. in Colorado Springs, to a Denver-based private fund.

Parker Brown, Matthew Henrichs and Brad Lyons with CBRE’s National Retail Partners represented the seller, Kinetic Development, LLC, a Phoenix-based private fund.

Built in 1983, Centerpointe Plaza comprises five multi-tenant buildings on nearly 13 acres. The property is located at 5605-5785 North Academy Blvd., at the intersection with Vickers Dr., with exposure to an average of 50,000 vehicles per day. The property is 15 minutes from downtown Colorado Springs.

The seller executed a successful lease-up strategy and invested in a series of capital improvements in the years leading up to the property’s sale, including parking lot, mechanical, roof and concrete repairs; as well as exterior/façade improvements; and lighting and signage upgrades.

Centerpointe Plaza was 85-percent leased at the time of sale to a mix of retailers, including national concepts Dollar Tree, Tuesday Morning, Key Bank and Boot Barn, and local and regional businesses like Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s Color Source.

“Centerpointe Plaza offered an irreplaceable location along Colorado Springs’ most heavily trafficked retail corridor paired with a strong tenant roster that featured a solid mix of national, regional, and local tenancies. At roughly 85-percent leased, the center also offered a light value-add opportunity through leasing up the few remaining vacant spaces,” said Mr. Brown, vice president, CBRE.

“We can’t speak highly enough of Parker, Matt, Brad, and the entire NRP team at CBRE. They were communicative, highly proficient at their craft, and consummate professionals,” offered Kinetic Development Principal and Co-Founder, Joel Moyes. “We are looking forward to working with their team in the near future as we consider other potential dispositions.”

In-store retail sales grew faster than e-commerce sales in the first quarter of 2022, according to CBRE research. Shoppers continued to make more in-store purchases with core retail and food services sales rising 11.5 percent year-over-year to $1.4 trillion. Comparatively, e-commerce sales grew by 10.2 percent year-over-year to $287 billion.

About Kinetic Companies

Kinetic Companies, headquartered in Phoenix, AZ since 2005, specializes in the investment, development, and brokerage of retail & mixed-use real estate assets in the Southwestern United States. Kinetic has navigated through numerous economic cycles and uses experience, conservative business principals and broad-reaching relationships to seek out opportunities while avoiding risk.  Kinetic provides consistent returns while protecting investment equity and meeting our investors’ needs for income, capital preservation, and capital gain through direct real estate investment. Projects range in scope and scale and include new development, investment in assets requiring repositioning / rehabilitation / lease-up and acquisition of significantly discounted under performing and value-added assets. Learn more at www.kineticcompanies.com