Pinnacle Announces Sale of Multi-Tenant Retail Property in Colorado Springs
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Academy Center located 5310-5360 Montebello Lane in Colorado Springs, Colorado. This multi-tenant retail property is three buildings consisting of 19,021 square feet and was built in 1980. The property sold on July 26, 2021, for $1,900,000 ($99.88/SF) at an 8.45% cap rate. Cody Stambaugh & Liz Morgan, with The Morgan Stambaugh Group, represented the Buyer in the transaction.
“With the sale of The Academy Center, the buyer was able to complete the upleg is his 1031 Exchange, consolidating a few single-family homes into this commercial investment. The property was sourced off market with a significant value add play. The buyer will achieve a high return day one with room to grow in the future after making improvements to the property,” stated Cody Stambaugh with The Morgan Stambaugh Group.