Colorado Real Estate Journal - February 5, 2014
One of the first Class A retail properties built on the North Academy Boulevard corridor recently sold for $9.25 million. An out-of-state buyer purchased the approximately 28,000-square-foot, two-building center located at the northwest corner of Academy and Woodmen Road at 7140-7190 N. Academy Blvd. in Colorado Springs. Academy Gateway, sold in an off-market transaction, was fully leased at the time of sale. Tenants at Academy Gateway include Chase Bank, McAlister’s Deli, Pei Wei Asian Diner, AT&T, Qdoba Mexican Grill, Rusinak Realtors and SummerSweet Frozen Yogurt. NAI Highland LLC Principals Jim Spittler and Randy Dowis, and Chad Moynahan and Ryan Higgins, associates with the firm, assisted the buyer and seller in the transaction. The seller was a local developer. The acquisition by an out-of-state investor is representative of the growing interest and money from investors outside the state taking an interest in Colorado Springs, noted Dowis. Money in Denver is trickling down to the city as Colorado Springs hasn’t felt the cap rate compression that Denver has, he added. No improvements are planned at Academy Gateway, which was constructed in 2003 and 2004. Griffis/Blessing will manage the center.