CBRE Completes $5 Million Sale of Pueblo West Marketplace
30 Mar 2018
Investor Attracted to E-commerce-Resistant Tenant Roster and Secondary Market Location
CBRE announced today that it recently completed the $5 million sale of the 30,085-square-foot Pueblo West Marketplace located at 1021 North Market Plaza in Pueblo West, Colorado. Matthew Henrichs, Parker Brown and Brad Lyons with CBRE Capital Markets, National Retail Partners, represented the seller, Riverbend Developers LLC of Denver. A confidential out-of-market investor purchased the site in a sale that closed Feb. 15, 2018.
“Investors are increasingly looking for retail properties that offer durable cash flow with tenant rosters that are resistant to e-commerce. Sitting next door to a Safeway grocery and offering a tenant line-up that includes a mix of food and service-oriented retailers made Pueblo West Marketplace particularly attractive. Investors also liked its location as many are trying to enhance their real estate portfolios with properties in secondary markets,” said Matthew Henrichs, Senior Vice President, CBRE.
Built in 2000, Pueblo West Marketplace is a single-building, in-line retail strip center fully leased to 12 tenants, including Dollar Tree, H&R Block, T-Mobile, Supercuts, Papa John’s and Pueblo West Veterinary. The property is part of a larger retail destination that includes a Safeway grocery, Safeway Fuel and several pad site retailers.
“The mix of retailers at this destination—from restaurants and grocery to automotive and professional services—creates a lot of opportunity for crossover shopping and helps to drive daily traffic to the center. In fact, the majority of retailers located at Pueblo West Marketplace have been in place for more than a decade—a great testament to the strength of the property,” added Parker Brown, Associate, CBRE.
Pueblo West Marketplace is located at the intersection of Highway 50 and North Purcell Boulevard in the heart of Pueblo West, about 20 minutes west of Pueblo, Colorado, and 45 minutes south of Colorado Springs.
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.