April 6-April 19, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 17
by Jennifer Hayes
A California buyer made its
first Colorado acquisition with
its purchase of a net-leased
investment property in Colo-
rado Springs – one of two retail
properties recently sold in the
city in deals handled by Mar-
cus & Millichap.
The buyer, in a 1031 exchange,
paid $3.36 million, or $482 per
square foot, for the 6,983-sf
Mimi’s Café restaurant.
“There were multiple offers
on the prop-
erty,” said
Drew Isaac
of Marcus &
M i l l i c h a p ,
noting that
there
are
five
years
remaining on
the original
20-year abso-
lute triple net
lease. “But I think the quality
of the underlying real estate
is what drove the value, the
interest.”
Located at 7133 N. Acade-
my Blvd., at the intersection of
Academy Boulevard and East
Woodmen Road, the property
benefits from excellent visibil-
ity provided by Academy Bou-
levard and is surrounded by
national retailers such as King
Soopers, La-Z-Boy Furniture,
The Home Depot, Marshalls,
Sams Club, Whole Foods and
REI, he added.
Isaac and Cory Gross of
Marcus & Millichap listed the
restaurant, which was built in
2000 for Mimi’s Café.
A Colorado-based investor
was the seller.
Isaac also listed the Gateway
Center, an unanchored retail
strip center.
Originally developed in 1998
as a Hollywood Video, the
property was renovated in 2011
into Gateway Center, a multi-
use center at 1975 S. Murray
Blvd., near the intersection of
South Academy Boulevard and
South Chelton Road.
A California-based real estate
fund that is expanding its hold-
ings in Colorado paid $2.4 mil-
lion for the 6,656-sf center.
It is 100 percent occupied by
three tenants all under triple-
net leases. Sprint extended its
lease through 2024, Tan Your
Hide extended its lease through
2022 and Signature Nails,
which expanded its space by
an additional 1,280 sf, signed a
lease that expires in 2021.
An investor, who used to be
active in the Colorado Springs
market but moved out of state,
sold the property, which shares
a parking lot with Walgreens.
“There were a number of
local and out-of-market buyers
interested in Gateway Center,”
he added.
Other News
n
Sola Salon Studios
signed
a 5,200-square-foot lease at the
Shoppes at the Ball Park, an
upscale neighborhood retail
center located at the intersection
of Barnes Road and Tutt Bou-
levard and adjacent to Sky Sox
Stadium in Colorado Springs.
Sola Salon Studios, which
offers salon professionals high-
end, fully equipped salon stu-
dios to open their own business
without upfront expenses and
risks associated with opening a
traditional salon, has more than
250 locations nationwide.
The Shoppes at the Ball Park
location will mark its second
Colorado Springs location.
It is anticipated to open in fall.
Mark Useman
of
Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance
rep-
resented the landlord.
Jay Landt
of
Colliers International
repre-
sented Sola Salon.
n
Tek Experts (Colorado) Inc.
recently inked a 16,253-sf lease
in Colorado Springs.
The global IT support compa-
ny leased the office space at 536
Chapel Hills Drive from
2013
Prime Center LLLP.
Brian
Wagner,
Mark
O’Donnell
and
Kent Mau
of
Newmark Grubb Knight Frank
represented the landlord.
Nicola
Myers-Murty
of
CBRE Inc.
rep-
resented the tenant.
s
The Mimi’s Café off Academy Boulevard in Colorado Springs sold for $482 per square foot.
Colorado Springs/So. Front Range
The Gateway Center sold for $2.4 million.
Drew Isaac
