by Avalon Jacka at CREJ
PUEBLO – A shopping center shadow anchored by one of the top-performing grocery stores in the state traded hands for $6.55 million.
Albertsons Village Pueblo LLC sold Albertsons Village to Pueblo Realty LLC in November, according to Pueblo County public records. The property, which totals 3.27 acres, last sold in 2006 for $5.8 million, according to county records. The 22,744-square-foot shopping center, located at 1565 and 1617 U.S. Highway 50 West, is comprised of two buildings and 12 suites. Built in 1998, the property is fully leased.
Eric Diesch with Blue West Capital represented the seller in the transaction. Blue West’s call for offers and best and final processes generated “substantial interest” in the property, soliciting nine offers from several institutions and private investors, according to a statement from the firm. The level of demand in the property highlights the appeal of well located, fully occupied retail properties in the current market, the statement said.
“The sale of Albertsons Village highlights the strength of stabilized retail assets, especially those supported by high-performing anchors like Albertsons,” Diesch said. “Our team was proud to represent the seller in this highly competitive process and achieve a successful outcome.”
The Albertsons store drives significant foot traffic to the center. The shopping center is home to a strong mix of mostly national retail tenants, including Dickey’s Barbecue Pit, Crumbl Cookies, Papa Murphy’s Pizza, Metro by T-Mobile, Auto Zone, Security Service Federal Credit, Union, Great Clips, Tropical Smoothie Café, Kung Fu Tea, and Fred Loya Insurance. The tenant mix resulted in a “stabilized and highly desirable” asset for investors, a statement from Blue West said.
The property is proximate to the U.S. Highway 50-Insterstate 25 interchange, providing connectivity to the north Pueblo area.
As featured in CREJ:
DEAL TEAM
Eric Diesch
Be the first to know about new investment properties.
Subscribe to our mailing list
