Colorado Real Estate Journal - June 7, 2017
A value-add retail center at a prime location along Academy Boulevard recently sold to a buyer eager to take advantage of the upside the center offers. Plaza 3500 LLC paid $3.63 million, or $71.01 per square foot, for the Plaza 3500 center at 3500-3572 N. Academy Blvd. in Colorado Springs. “It was a good deal and a value-add play for a product that the buyer was looking for,” noted Russell Stroud of Quantum Commercial Group Inc. Stroud, along with Mary Frances Cowan of Quantum Commercial Group Inc., represented the seller, Provident Commercial Equities Inc. The buyer, represented by Weston Thomas of Westward Properties Ltd., plans to update and invest money into Plaza 3500. Built in 1978, Plaza 3500 was around 60 percent occupied by mom-and-pop tenants as well as tenants including Taste of Philly and L.A. Insurance at the time of sale. Its location at North Academy and North Carefree Circle, adjacent to 7-Eleven and Wade’s Café, with high traffic counts and great visibility made the center attractive to potential buyers. Plaza 3500, situated on a 3.5-acre site, also includes a small office component. Other News Goodyear Tire & Rubber Co. renewed its 17,842-square- foot lease at a Colorado Springs industrial building that recently traded hands. It renewed its lease at 3108 N. Stone Ave. with landlord Ross Hueftle LLLP. Aaron Horn of Colorado Springs Commercial, a Cushman & Wakefield Alliance, represented the landlord. Ross Hueftle LLLP sold the building to 3108 North Stone LLC for $1.15 million. Horn represented the seller in the transaction. Ascend Clinical LLC renewed its office lease at Patriot at Interquest II. The tenant renewed its 5,104-sf lease at the building at 9925 Federal Drive in Colorado Springs. Peter Scoville and Greg Phaneuf of Colorado Springs Commercial, a Cushman & Wakefield Alliance, represented the landlord, CV Patriot Springs LLC, in the renewal. With the renewal, occupancy at the building was 100 percent. Philip Hall Fitness, doing business as Academy Station Fit Body Boot Camp, leased 2,600 sf of retail space at 3958 N. Academy Blvd., Suite 113-114, in Colorado Springs. It leased the space from Academy Station LLC. Candace Seaton of Quantum Commercial Group Inc. was the listing agent. Edward D. Jones & Co. LP inked a 1,350-sf office lease in Colorado Springs. It leased the space at 1755 Telstar Drive. REC’s James A. Hopkins worked on behalf of St. Louis based Edward Jones.