Colorado Real Estate Journal - December 3, 2014
A Colorado Springs retail center recently sold for $540 per square foot, a testament to interest in well-leased Class A assets, according to one of the Shoppes on Academy’s listing brokers. The 7,599-sf Shoppes on Academy sold to 203 Ladera Street LLC for $4.1 million. The Class A strip center is fully leased on a long-term basis to three national tenants, Verizon, Floyd’s 99 Barber Shop and Five Guys Burgers and Fries. “The demand remains strong for stabilized Class A retail investments. This o f f - m a r k e t transaction was a win-win for both the buyer and seller,” said Tom Ethington of Pinnacle Real Estate Advisors LLC, who listed the property with Rob Edwards, also of Pinnacle. “The price per square foot is above normal for Colorado Springs and the property is above average for the Springs,” Ethington added, noting buyers are willing to pay for well-leased, well-located assets. The property, a former restaurant, was redeveloped in 2008. It is located at 7252 N. Academy Blvd.