Colorado Springs Power Center Commands $35M
- Dec 10, 2015
Rosenbaum-Dean has sold Woodmen Commons, a 156,010-square-foot regional power center in Colorado Springs, Col., to a private investor, for $35 million.
Marcus & Millichap’s National Retail Group represented both parties in the transaction.
“We continue to see excellent demand for big box centers that are well located with top anchors,” Garrette Matlock, Marcus & Millichap’s senior vice president investments and senior director, said in a prepared statement. “Although the most sought after multi-tenant retail product continues to be supermarket-anchored neighborhood centers, the difference in pricing often presents a compelling case for the big box centers for cash-flow-oriented buyers seeking a dependable income stream from credit-rated tenants.”
Located at 1706-1790 East Woodmen Road on one of the busiest intersections in Colorado Springs, just 60 minutes south of Denver, Woodmen Commons is anchored by Sam’s Club, Bed Bath & Beyond, and Marshalls, and includes prominent national retailers such as Dressbarn, Jared, Kirkland’s, and Sketchers, among others.
According to the latest Co-Star Retail Report for Colorado Springs, the Power Center average vacancy rate in the area was 4.3 percent in the second quarter 2015. With positive 6,736 square feet of net absorption and no new deliveries, the vacancy rate rose from 4.4 percent at the end of last quarter.
Both parties were represented by the team of Matlock and Ryan Bowlby.
Woodmen Commons was marketed exclusively by the listing team for 45 days and received multiple offers from institutional as well as private capital investors. It closed 65 days after going under contract.