CNA Enterprises Sells 116 KSF Colorado Retail Center
- Jan 23, 2020
CNA Enterprises has sold Eagleridge Shopping Center, a 116,305-square-foot retail property in Pueblo, Colo. Marcus & Millichap represented the seller and procured the buyer, an investment trust affiliated with CIRE Equity. The sale represented the largest retail deal in Pueblo over the last three years, according to the brokerage company.
Located at 4210 N. Freeway Road, the asset is at the intersection of Interstate 25, State Highway 47 and U.S. Route 50. Colorado State University – Pueblo is within 3 miles of the center. Eagleridge is 7 miles from a 240-megawatt solar facility development, slated to begin commercial operation by the end of 2021.
The property hosts five tenants, including Ross Stores, dd’s Discounts and TJ Maxx. Three of the tenants have been at the center for more than 20 years. Eagleridge is shadow-anchored by Walmart, Home Depot, Cinemark Tinseltown Theater and Sam’s Club. According to Marcus & Millichap Investment Specialist Ryan Bowlby, there is a growing trend among retail investors to target secondary and tertiary markets, in order to achieve greater risk-adjusted returns. Apart from Bowlby, Investment Specialist Drew Isaac was also part of the team that brokered the deal.