Centerpointe Plaza mall in Colorado Springs sells for $21.4 million
Centerpointe Plaza, a 154,988 square foot neighborhood mall located along North Academy Blvd in Colorado Springs, has been sold for $21.4 million to a Denver-based private fund.
Built in 1983, Centerpointe Plaza comprises five multi-tenant buildings on nearly 13 acres. The property is located at 5605-5785 North Academy Blvd., at the intersection with Vickers Dr., with exposure to an average of 50,000 vehicles per day.
Parker BrownMatthew Henrichs and Brad Lyons with CBRE’s National Retail Partners represented the seller, Kinetic Development, LLC, a Phoenix-based private fund.
The seller executed a successful rental strategy and invested in a series of capital improvements in the years leading up to the sale of the property, including parking, mechanical, roof and concrete repairs; as well as exterior/façade improvements; and lighting and signage upgrades.
Centerpointe Plaza was 85% leased at the time of the sale to a mix of retailers, including national concepts Dollar Tree, Tuesday Morning, Key Bank and Boot Barn, and local and regional businesses like Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s. Source of color.
“Centerpointe Plaza offered an irreplaceable location along Colorado Springs’ busiest retail corridor, coupled with a strong tenant roster including a strong mix of national, regional and local rentals. Approximately 85% leased, the center also offered a slight value-added opportunity by leasing the few remaining vacant spaces,” said Mr. Brownvice president, CBRE.
In-store retail sales grew faster than online sales in the first quarter of 2022, according to CBRE Research. Shoppers continued to make more in-store purchases as core retail and food service sales rose 11.5% year-over-year to $1.4 trillion. By comparison, e-commerce sales grew 10.2% year-over-year to $287 billion.