CBRE arranged the $12.15 million sale of Erindale Square, a 103,552-sq.-ft. foot open-air retail center located at 5881-5975 North Academy Boulevard in Colorado Springs. The center was sold to a New York City-based investor.
Parker Brown, Matthew Henrichs and Brad Lyons with CBRE represented the seller, a Los Angeles-based investor, in this transaction.
The 29-unit retail center sits on a 6.93-acre parcel along the North Academy Boulevard retail corridor. Major tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. Behind the property, there is additional parking and 0.55 acres of undeveloped land zoned for business. Erindale Square was 90 percent leased at the time of sale, with 10,657 sq. ft. available for lease.
“Erindale Square offered investors the opportunity to acquire a prominent neighborhood retail center at well below replacement cost with strong value enhancement potential,” said Mr. Brown, a vice president at CBRE. “The property attracted significant offer activity from dozens of value-oriented investors across the country. Colorado Springs is squarely on the radar for investors nationwide across the capital spectrum, who recognize the top-tier growth potential offered in the market.”
Erindale Square is located within proximity to Colorado Springs Airport, University of Colorado – Colorado Springs, Garden of the Gods, George Fellows Park and several apartment complexes. Additionally, North Academy Boulevard is one of Colorado’s most heavily trafficked retail areas, seeing around 47,600 vehicles per day.
Open-air, non-grocery-anchored retail properties offer some of the best risk-adjusted returns in commercial real estate today, according to recent CBRE research. The outlook is supported by the ongoing improvement of brick-and-mortar retail sales, the lack of new supply coming on the market and the slowing of e-commerce sales growth.
About CBRE Group, Inc.
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.
