COLORADO SPRINGS (November 8, 2021). Quiver Investments represented a Colorado based family office in the assembly of two parcels at the Southeast Corner of Nevada Ave and Colorado Ave in downtown Colorado Springs. According to John Witt, Principal at Quiver Investments, “This is the first time in the history of the city that this corner has been under control by the same owner. It’s amazing to look back at the historical uses and see the multiple iterations from when single-family homes and a church first occupied the corner in the late 1800’s. The church was redeveloped into a fuel service station and the homes and boarding houses were all redeveloped into automotive parts and repair business which were synergistic at the time to the automotive sales business to the south. The current businesses include a pawn shop and bank, and the new owner has even bigger plans for the next iteration of the site.”
The highly visible downtown property consists of an irreplaceable 23,750 SF of land with favorable zoning for a variety of uses. The two buildings include 7,500 SF of rentable area which are currently 100% occupied by Vectra Bank and Mister Money USA. “With a combined acquisition price of $3,900,000. existing income in place, and an intersection that boasts approximately 55,000 vehicles per day, this is the perfect example of a covered land play,” stated Ben Swanson, Principal at Quiver Investments.
Colorado Springs, the second largest city in the state, is currently experiencing significant growth. According to Mayor John Suthers at the October 2021 State of the City Address, the gross domestic product (GDP) of the city has increased by nearly 33% since 2015, increasing from $30 billion to $40 billion during those 6 years. While development in the downtown core has been limited in recent years, large multifamily and retail projects are quickly transforming the area. New residents to the area are increasing the demand for services, entertainment and similar needs within the urban core. This acquisition provides the buyer with unique opportunity to acquire such a high profile location with existing leases, providing stable cash flow while finalizing the future redevelopment of the site.
ABOUT QUIVER INVESTMENTS
Quiver Investments, LLC is a Denver based investment brokerage firm specializing in the acquisition and sale of investment properties throughout Colorado and select regional markets throughout the Western US. The investment team leverages the latest technology, broad investment background, industry relationships and proprietary systems to pursue various opportunities that match client’s requirements throughout all phases of the real estate cycle.
FOR MORE INFORMATION
For insight on the current market and opportunities to either acquire or sell office, retail or industrial real estate, please contact:
John Witt, Principal
303-748-8390
john.witt@quiverinvestments.com
Ben Swanson, Principal
970-218-5219
ben.swanson@quiverinvestments.com
