Institutional Property Advisors Brokers Grocery-Anchored Sale in Colorado Springs Metro Area
WOODLAND PARK, Colo., Dec. 13, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of the Gold Hill Shopping Center, a 47,978-square-foot multi-tenant retail center in Woodland Park, Colorado. The property sold for $10.25 million.
“Anchored by City Market, a Kroger-branded supermarket, Gold Hill is excellently positioned within Woodland Park at the signalized intersection of the two highways serving the town,” said Ryan Bowlby, IPA first vice president. “Grocery-anchored shopping centers continue to be the most sought-after shopping center asset class. Investors seeking these assets are increasingly turning to mountain markets in Colorado, as they have strong barriers to entry and have seen robust population growth since the start of the pandemic.”
Bowlby and Drew Isaac, IPA senior director, represented the buyer, a local private investor, and secured the seller.
The Gold Hill Shopping Center was 100% occupied at the time of the sale and included City Market, Wendy’s and 11 neighborhood tenants located on 3.73 acres.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com