by Avalon Jacka, CREJ
COLORADO SPRINGS – Blue West Capital facilitated the off-market sale of a 33,892-square-foot retail/flex property in the northeast Colorado Springs submarket for $5.08 million.
The fully occupied multi-tenant property at 750 Garden of the Gods Road is situated near Interstate 25 on a busy thoroughfare with visibility to 52,000 vehicles per day. The property is surrounded by national retailers, including Safeway, Whataburger, Raising Cane’s, Wendy’s, Chickfil-A and more. The property, built in 1974, is poised for ongoing success and the potential for strong rent growth as the Garden of the Gods Road corridor continues to see new development, a press release noted.
Bryce McNeely of Blue West Capital represented both the seller and buyer, a local 1031 exchange buyer and repeat client. The buyer and seller were not disclosed.
“The buyer was drawn to this property due to its location, attractive sale price per square foot and potential to increase rents over time,” McNeely said. “Despite the uncertainties in the debt market and the challenges posed by the rising federal funds rate, we successfully aided the buyer in securing favorable lending terms, ensuring that the property not only provides effective cash flows but also an attractive cash-on-cash return.”
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