$32.8 Million Shopping Center Sold by Marcus & Millichap in Colorado Springs, CO

 COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Marketplace at Austin Bluffs (top left photo), a 226,626-square foot grocery-anchored shopping center in Colorado Springs. The sales price of $32,810,000 represents $145 per square foot.

Jon Hendrickson (lower right photo), a senior associate in Marcus & Millichap’s Denver office, was the sole agent in the transaction. He represented the seller, United Properties, and the buyer, AmCap Austin Bluffs LLC.

“Marketplace at Austin Bluffs is one of the top-performing grocery-anchored shopping centers in the state,” says Hendrickson. “The listing drew a substantial amount of interest from both institutional and private capital sources, and we received a double-digit number of offers.”

 The shopping center is located on 23.58 acres in a dense infill location on the northwest corner of Academy Boulevard and Austin Bluffs Parkway at 3604-3650 Austin Bluffs Parkway, 4170 and 4284 N. Academy Boulevard in Colorado Springs. The intersection receives approximately 95,300 cars per day and more than 123,000 people live within a three-mile radius.

The center is anchored by King Soopers, Colorado’s No.1 market-share grocery chain. King Soopers is on a long-term ground lease. Junior anchors at the center include 24-Hour Fitness, Hancock Fabrics, Ace Hardware and Office Depot.

 The property was substantially redeveloped in 2007.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Colorado Springs Power Center on Market for $28 Million

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