Colorado Real Estate Journal -
A pair of shopping centers in Colorado Springs recently sold for $31.5 million. TKG Uintah Gardens Development LLC and TKG Academy Place LLC, out-of-state limited liability companies, purchased the Uintah Gardens Shopping Center and Academy Place Shopping Center from Weingarten Realty. “Both Uintah Gardens and Academy Place received strong interest from the investment community given their infill locations and solid tenant mix,” said Brad Lyons of CBRE’s Retail Investment Group, who, with partner Matthew Henrichs, represented the seller. “There is high demand for grocery-anchored centers.” Uintah Gardens is a 214,744-square-foot retail center at the northeast corner of 19th and Uintah streets at 1732-1886 W. Uintah. The infill project is anchored by King Soopers, as well as other tenants, including Walgreens, Big 5 Sporting Goods, Petco and ABC Thrift Store. Constructed in 1974 and renovated in 1994, Uintah Gardens was 100 percent occupied at the time of the sale. Academy Place Shopping Center, located at 5060-5172 N. Academy Blvd., comprises 83,885 sf. Target and Safeway shadow anchor the center, built in 1980 and renovated in the last several years, which was 92 percent occupied at the time of sale. The investment sale represents TKG’s first foray into the Colorado Springs retail market.