Colorado Real Estate Journal - June 1, 2016
A neighborhood retail center in Colorado Springs sold for $6 million to a California-based buyer making its first acquisition in the city. The private investor, who was in a 1031 exchange, purchased Tri-Peak Plaza, a 46,354-square-foot property at 3805 E. Pikes Peak Ave. The center is predominately retail in nature with a small, second story office space. At the time of sale, Tri-Peak Plaza was 90.9 percent occupied. The L-shaped center comprises inline space and pad sites with tenants including 7-Eleven and a gas station, Popeye’s Louisiana Kitchen, Rent-A-Center, Baskin-Robbins and Woody’s Bar & Grill. Almost all of the roofs on the property have been replaced within the last three years and the parking lot also was recently upgraded. Garrette Matlock, a senior associate in Marcus & Millichap’s Denver office and senior director of the National Retail Group, and Ryan Bowlby, senior associate and associate director also out of Marcus & Millichap Denver, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Jerry Tang and Marty Cohan, investment specialists in Marcus & Millichap’s West Los Angeles office. The names of the buyer and seller weren’t released. “Tri-Peak Plaza is a well occupied neighborhood retail center with very strong historical occupancy. Even during the downturn the center performed well,” said Matlock. “We had a number of offers. Three of the top four offers were from investors based in California. It’s a testament to our company’s ability to source West Coast buyers, particularly when they’re in an exchange and looking for investment properties that provide better returns than what they’re used to seeing in California,” added Bowlby. Constructed in 1982 and 1983, Tri-Peak Plaza really doesn’t have any deferred maintenance, noted Bowlby. Other News Unique Apartment Group, the multifamily division of Unique Properties Inc., recently brokered the sale of a 16-unit apartment property at 4231 Forrest Hill Place in Colorado Springs. The property sold for $1.03 million, or $64,062 per unit. UAG represented the buyer. Located near Garden of the Gods, Manitou Springs and Interstate 25, the community was constructed in 1971. The local buyer plans to do light property improvements to both the interior and exterior. The property had been in the seller’s possession for decades. It put the asset on the market to capitalize on Colorado Springs’ strong market fundamentals, according to Unique. Penguin Random House LLC signed a 13,347-square foot lease at Colorado Springs’ “best-quality” suburban office building, according to Colorado Springs Commercial, a Cushman & Wakefield Alliance. The book publisher leased the space at 10807 New Allegiance Drive. Colorado Springs Commercial’s Greg Phaneuf and Peter Scoville represented the landlord, CV Patriot Springs LLC. Michael Palmer of Quantum Commercial Group Inc. represented the tenant. Atlas Integration LLC inked a new office lease for 7,839 sf at 9362 Grand Cordera Parkway in Colorado Springs. Horizon One LLC was the landlord. Mark O’Donnell and Brian Wagner of Newmark Grubb Knight Frank represented the landlord. Cascade Commercial Group recently handled a number of lease transactions, including Keller Williams Partners’ corporate office in Colorado Springs. Ted Link of Cascade Commercial represented Keller Williams in its lease of 6,300 sf at 6140 Tutt Blvd. Keller Williams will occupy the space July 1. With the lease, the building is 100 percent occupied. Link also handled several medical office transactions, including The Shandy Clinic’s opening of its fifth location. Next month, it will occupy 5,000 sf at 1301 Fortino Blvd. in Pueblo.