COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Chapel Hills West (top left photo), a 225,049-square foot power center anchored by Natural Grocers, Ross Dress For Less, PetSmart, Stein Mart, 24 Hour Fitness and Sports Authority located in Colorado Springs.
The listing price of $28 million represents $124 per square foot.
Garrette Matlock (middle right photo), a senior vice president investments in Marcus & Millichap’s Denver office, is representing the seller.
“Offered by the original owner/developer, Chapel Hills West is the area’s dominant power center,” says Matlock. “The property has an excellent location, provides investors with a quality income stream from national and regional tenants and offers upside from a recovering rental market.”
Located at 7620-7784 North Academy Blvd., the center can be accessed from either North Academy Boulevard or Goddard Street. North Academy Boulevard is a busy multi-lane thoroughfare with a traffic count of approximately 85,000 vehicles per day.
Adjacent to the entrance on North Academy Boulevard is a freestanding building containing a Culver’s Restaurant and an inline strip on a parking lot pad that contains a Starbucks, See’s Candies, Hightower Collectibles, Academy Frame Co. and one vacant 2,200-square foot space.
Built in 1996 and 2000, Chapel Hills West has 12 tenants and is 96.5 percent leased.
Two additional freestanding buildings and a buildable pad site that is part of the Chapel Hills West center are located on the south side of Goddard Street and are included in the offering.
A Men’s Wearhouse, situated at the corner of Academy Boulevard and Goddard Street, occupies one of the buildings. The other building, containing 5,554 square feet, was recently vacated and is available for lease.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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