PUEBLO, CO – [January 17, 2023] – Blue West Capital has completed the sale of a multi-tenant retail shopping center located at 965 US Highway 50 in Pueblo, Colorado. The property sold for $1,260,000 which was a 7.05% cap rate. Carly Gallagher Kelly and Shawn Dickmann of Blue West Capital represented the seller in the transaction, a local private investor. Bryce McNeely of Blue West Capital represented the buyer, a Hawaii-based investor and repeat client.
Galleria West Outlot consists of 5,193 square feet and is 100% leased to combination of national and local tenants including Subway, Arriba’s, and Maggie’s Candy Kitchen and Bakery. The property is shadow anchored by the Galleria West Shopping Center as well as Lowe’s and Staples. Other national big box tenants in the immediately surrounding area include Walmart, Sam’s Club, The Home Depot, Target, and others. Additionally, the surrounding demographics provide for a steady consumer base with average household incomes over $62,000 within a three-mile radius and 91,000 people within a five-mile radius. The property is strategically located along Highway 50 (47,000 VPD) and provides the center with excellent visibility and access.
“The investment demand for shopping centers throughout Colorado continues to be strong. Investors are attracted to well-located properties with dense demographics, an internet-resistant tenant base, and high traffic counts. The Galleria West Outlot encompassed all of these qualities. Both parties worked hard to overcome minor obstacles and get to the closing table.” said Carly Gallagher Kelly.
“There is still demand from out of state buyer’s chasing yield in the state of Colorado, as evidenced by this transaction. The buyer was drawn to this property due to the traffic counts and highway visibility, along with the rent growth and upside in restructuring long term leases. It was a collaborative and team effort putting together this off-market transaction.” said Bryce McNeely.
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