Colorado Real Estate Journal - January 1, 2014

Renovations spark new life at Austin Bluffs Plaza

The renovation of a once Albertsons-anchored property is bringing new life to a Colorado Springs retail center.

Endeavor Real Estate Group spent “millions” renovating and updating Austin Bluffs Plaza at 4108 Austin Bluffs Parkway, at the intersection of Austin Bluffs and Academy Boulevard.

“The shopping center has a second life. It’s a great reuse of what is at a great location. It is a nice success story at this infill location,” said Daniel Campbell, a principal with Endeavor Real Estate.

The Austin, Texas-based firm acquired the 1980s property a year ago with plans to add value to the center, which when Endeavor purchased it was more than 50 percent vacant and its most successful tenant was a marijuana dispensary.

Key to starting the renovation was securing a Walmart Neighborhood Market to occupy Albertsons’ 43,000-square-foot space – vacant for nearly a decade. The addition of the anchor to Austin Bluffs Plaza allowed the ownership group to perform renovations, which entirely revamped the 104,000-sf center. The center’s square footage includes a longvacant Long’s Drugs building owned by CVS.

Law Kingdon Architecture designed the renovation, completed by contractor Mark Young Construction.

“Everything got touched,” Campbell said of the work, which included replacing all of the roofs, replacing all storefronts, adding new double-pane, floor-to-ceiling windows, removing the 1980s EIFS exterior, adding new canopies, adding more archways and redoing the parking lots. Landscaping also will be updated this spring at the center.

“We develop like we will own a center forever,” added Campbell. “We didn’t start to see a lot of tenant interest until the renovations were complete. In the short month since Walmart has been open, we have seen a dramatic increase in interest from tenants.” With Walmart, Austin Bluffs Plaza is around 78 percent occupied (excluding the Long’s space).

Blake Larson of Legend Retail Group is marketing the balance of the space, which includes an outparcel site zoned for a drivethru. During construction three new tenants were added to the center, Dickey’s Barbecue Pit, H&R Block and a high-end liquor store, while there are eight letters of intent currently out. The center can accommodate tenants from 1,100 to 4,500 sf.

The project marks Endeavor’s first foray into the Colorado market and it’s looking to acquire additional properties in the Colorado Springs and Denver areas.