Pinnacle Announces Record-Breaking Sale of Colorado Springs Shoppette
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of Woodmen Plaza, a 6,502 SF multi-tenant retail building built in 2001 on a 0.85 acre lot located at 3560 East Woodmen Road in Colorado Springs, Colorado. The property sold for $2,800,000 on July 20th, 2017. Justin Krieger and Jamie Mitchell, Principals, exclusively represented the Colorado seller and procured the California 1031 exchange buyer.
The property was 100% occupied by Starbucks, Panda Express, Sport Clips, and Super Quality Cleaners at closing, and all tenants were on net leases. According to CoStar, the property’s cap rate of about 5.75% was the lowest cap rate for a stabilized multi-tenant retail property sale in Colorado Springs history.
“This sale is a good indicator for high level of buyer demand for stable net leased properties occupied by national credit retail tenants in Colorado and the fact that there are still more buyers than sellers. With Denver being so picked over, buyers are looking at Colorado Springs more closely than they did a few years ago,” said Krieger.