June 1-June 14, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 21
Colorado Springs/So. Front Range
by Jennifer Hayes
A neighborhood retail center
in Colorado Springs sold for $6
million to a California-based
buyer making its first acquisi-
tion in the city.
The private investor, who
was in a 1031 exchange, pur-
chased Tri-Peak Plaza, a
46,354-square-foot property at
3805 E. Pikes Peak Ave. The
center is predominately retail
in nature with a small, second-
story office space.
At the time of sale, Tri-Peak
Plaza was 90.9 percent occu-
pied. The L-shaped center com-
prises inline space and pad sites
with tenants including 7-Eleven
and a gas station, Popeye’s Lou-
isiana Kitchen, Rent-A-Center,
Baskin-Robbins and Woody’s
Bar & Grill.
Almost all of the roofs on the
property have been replaced
within the last three years and
the parking lot also was recent-
ly upgraded.
Garrette Matlock, a senior
associate in Marcus & Millic-
hap’s Denver office and senior
director of the National Retail
Group, and Ryan Bowlby, senior
associate and associate director
also out of Marcus & Millichap
Denver, had the exclusive list-
ing to market the property on
behalf of the seller, a private
investor. The buyer was secured
and represented by Jerry Tang
and Marty Cohan, investment
specialists in Marcus & Millic-
hap’s West Los Angeles office.
The names of the buyer and
seller weren’t released.
“Tri-Peak Plaza is a well-
occupied neighborhood retail
center with very strong histori-
cal occupancy. Even during the
downturn the center performed
well,” said Matlock.
“We had a number of offers.
Three of the top four offers
were from investors based in
California. It’s a testament to
our company’s ability to source
West Coast buyers, particularly
when they’re in an exchange
and looking for investment
properties that provide better
returns than what they’re used
to seeing in California,” added
Bowlby.
Constructed in 1982 and 1983,
Tri-Peak Plaza really doesn’t
have any deferred maintenance,
noted Bowlby.
Other News
n
Unique Apartment Group,
the multifamily division of
Unique Properties Inc., recently
brokered the sale of a 16-unit
apartment property at 4231
Forrest Hill Place in Colorado
Springs.
The property sold for $1.03
million, or $64,062 per unit.
UAG represented the buyer.
Located near Garden of the
Gods, Manitou Springs and
Interstate 25, the community
was constructed in 1971.
The local buyer plans to do
light property improvements to
both the interior and exterior.
The property had been in the
seller’s possession for decades.
It put the asset on the market to
capitalize on Colorado Springs’
strong market fundamentals,
according to Unique.
n
Penguin Random House
LLC
signed a 13,347-square-
foot lease at Colorado Springs’
“best-quality” suburban office
building, according to
Colo-
rado Springs Commercial, a
Cushman & Wakefield Alli-
ance.
The book publisher leased the
space at 10807 New Allegiance
Drive.
Colorado Springs Commer-
cial’s
Greg Phaneuf
and
Peter
Scoville
represented the land-
lord,
CV Patriot Springs LLC.
Michael Palmer
of
Quantum
Commercial Group Inc.
repre-
sented the tenant.
n
Atlas Integration LLC
inked a new office lease for
7,839 sf at 9362 Grand Cordera
Parkway in Colorado Springs.
Horizon One LLC
was the
landlord.
Mark O’Donnell
and
Brian
Wagner
of
Newmark Grubb
Knight Frank
represented the
landlord.
n
Cascade Commercial
Group
recently handled a num-
ber of lease transactions, includ-
ing
Keller Williams Partners’
corporate office in Colorado
Springs.
Ted Link
of Cascade Commer-
cial represented Keller Williams
in its lease of 6,300 sf at 6140
Tutt Blvd. Keller Williams will
occupy the space July 1. With
the lease, the building is 100
percent occupied.
Link also handled several
medical office transactions,
including
The Shandy Clinic’s
opening of its fifth location.
Next month, it will occupy
5,000 sf at 1301 Fortino Blvd. in
Pueblo.
s
A California-based investor purchased its first Colorado Springs property with its acquisition of the Tri-Peak
Plaza center.
