January 6-January 19, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 15
by Jennifer Hayes
Woodmen Commons recently
traded for $35 million in what is
believed to be the highest-priced
retail sale to close in Colorado
Springs in 2015.
A private investor, identified
by public record as TKG Wood-
men Commons LLC, an entity of
The Kroenke Group, purchased
the 156,010-square-foot center
from Rosenbaum-Dean, which
developedWoodmen Commons.
Situated at 1706-1790 E. Wood-
men Road, in the northern part
of the city at Woodmen and
Academy Boulevard – one of the
busiest intersections in Colorado
Springs – the center is home to a
number of national tenants. The
property is anchored by Sam’s
Club, Bed Bath & Beyond and
Marshalls, and is home to ten-
ants such as Dressbarn, Jared,
Kirkland’s and Sketchers, which
will open in the next one to two
months.
Woodmen
C o m m o n s
received mul-
tiple offers
from institu-
tional as well
as
private
capital inves-
tors, noted
Ryan Bowlby
of The Mat-
lock Group
of Marcus &
Millichap.
“We had a
lot of interest
from
insti-
tutional and
private capital
as, with this
tenant lineup
in this market,
there is not a lot of product like
this. It’s location at the north end
of Academy, high traffic counts
and the income demographics
of north and northeast Colorado
Springs – put that together and it
checks a lot of boxes for buyers,”
said Bowlby. “The center offers
good, stable cash flow and is
solid real estate.”
“We continue to see excel-
lent demand for big-box centers
that are well located with top
anchors,” added Garrette Mat-
lock, vice president of invest-
ments and senior director of Mar-
cus & Millichap’s National Retail
Group. Matlock and Bowlby rep-
resented the seller and procured
the buyer.
“Although the most sought-
after multitenant retail product
continues to be supermarket-
anchored neighborhood centers,
the difference in pricing often
presents a compelling case for
big-box centers for cash flow-ori-
ented buyers seeking a depend-
able income stream from credit-
rated tenants,” continued Mat-
lock.
At the time of sale, Wood-
men Commons was 99 percent
occupied with an approximate-
ly 1,800-sf space available. The
majority of the center was con-
structed in 1998 and 1999.
Other News
n
A local owner-operator
added to its more-than-350-unit
portfolio with its acquisition of
the Bluffs West apartment com-
munity.
Chestnut Heights LLC
paid
$2.88 million for the 55-unit com-
munity at 4339 N. Chestnut St.
in Colorado Springs.
BAC Enter-
prises LLC
sold the community,
constructed in 1968 and featuring
an equal mix of one- and two-
bedroom units with fireplaces.
Kevin McKenna
and
Saul
Levy
of
ARA Newmark
repre-
sented the seller in the transac-
tion. It was the fourth property
sold by ARA Newmark in the
west Colorado Springs apart-
ment submarket since July.
“Bluffs West presented a rare
repositioning opportunity in one
of the city’s strongest submar-
kets,” said Levy. “It is difficult to
find an opportunity in a desir-
able location with this level of
upside. Nearby properties were
consistently achieving rents more
than $100 higher than those at
Bluffs West and the previous
owner was paying all gas and
water utility expenses.”
Bluffs West is located 2 miles
from the University of Colorado
Colorado Springs and the Uni-
versity Village Colorado shop-
ping center, which features the
city’s only Trader Joe’s.
“The buyer was looking to
add to its current portfolio in
Colorado Springs and will be
making some significant capital
improvements, such as front-
load, stackable washers and dry-
ers in select floor plans. The new
owner should produce signifi-
cant returns once they increase
rents to market level and imple-
ment the utility bill backs,”
added Levy.
Bluffs West was 95 percent
occupied at the time of sale.
n
An 18,320-square-foot
industrial building in Colorado
Springs was picked up by
6260
Investments LLC
for $1.37 mil-
lion.
C and R Investments LLC
sold the building at 6260 Omaha
Blvd.
David Bacon
of
Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance
handled the sale.
n
Pikes Peak SEO
recently
leased 7,525 sf at Pikes Peak
Research Park.
The search engine company
leased the space at 5475 Mark
Dabling Blvd. in Colorado
Springs from
Ecovest Invest-
ments LLC.
Michael Palmer
of
Quantum
Commercial Group Inc.
was the
listing agent.
Steve Hunsinger
of
Olive Real Estate Group Inc.
represented the tenant.
s
Colorado Springs/So. Front Range
Multiple offers from institutional and private capital investors were
received on the 156,010-square-foot Woodmen Commons.
Ryan Bowlby
Garrette Matlock
drive over 7 miles to get there.
We are now less than a three-
mile drive,” said Bill Wichter-
man, A&C Properties vice pres-
ident and general counsel.
“With the construction of this
new south entrance to DIA, we
have connected Adams Coun-
ty and Aurora to the massive
economic engine that is the
Denver International Airport,
the fifth-busiest airport in the
country.”
Porteos is the only entitled,
zoned and shovel-ready non-
residential site within a 4-mile
radius of the airport. Located at
the northeast corner of Jackson
Gap Street and 64th Avenue, it
is within a foreign trade zone
and enterprise zone.
Future uses include retail,
restaurants, hotels, office/flex,
industrial and aviation. JLL
is marketing the property to
users, investors and develop-
ers.
“Right now the predominant
interest is coming from indus-
trial and distribution uses and
also from hotel uses – in addi-
tion to restaurants and retail
users that would serve both
people staying in hotels and
people working in warehouses,
and the estimated 30,000-plus
airport employees that now
have nowhere to eat off cam-
pus, so to speak,” said Wichter-
man. Tower Road offers limited
dining options, and Gateway
Park is 10 miles away, he said.
“Porteos is the ideal location
for those interested in serving
and gaining exposure to visi-
tors in the DIA area,” Wichter-
man said. “It will eventually
be home to thousands of hotel
rooms, millions of square feet
of industrial space and hun-
dreds of other businesses that
value proximity and access to
the airport.”
s
Porteos
Jackson Gap Street, toward the center of the map, links Porteos with the
adjacent airport.
