CBRE Completes $2.7 Million Sale of the Shops at Northern in Pueblo
27 12月 2018
CBRE announced today that the firm has completed the $2.7 million sale of the retail strip center called Shops at Northern, located at 4010 West Northern Avenue in Pueblo, Colo. CBRE’s Parker Brown, Matthew Henrichs and Brad Lyons represented the seller, a San Diego-based private ownership group, NSR Colorado LLC. The buyer, an undisclosed high-net-worth entity based in Denver, purchased the property in a sale that closed Dec. 19.
“The Shops at Northern was an attractive investment opportunity as it combined a high-profile corner location with new Class A construction and the security of long-term cash flow from four highly reputable retail tenants,” said Parker Brown, Associate with CBRE National Retail Partners in Denver. “Across the board we are seeing low-leverage private investors and 1031 exchange investors continue to pursue well-located, small-format retail investment properties along Colorado’s Front Range as a way to enhance their real estate portfolios.”
Completed in 2016, the Shops at Northern is a four-tenant strip center totaling 6,000 square feet on 1.06 acres. Whitney Johnson and Dan Rodriguez with CBRE’s Retail Services in Colorado Springs marketed the property for lease, bringing the Shops at Northern to full occupancy prior to its sale. Today it is 100-percent leased by AT&T, GNC, Sprint and Jimmy John’s.
The property is situated as an outparcel of a larger shopping complex home to a national discount retail supercenter. It’s located at the intersection of Pueblo Boulevard and Northern Avenue, a retail corridor that experiences average daily traffic volume of 52,300 vehicles.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.