ARMSTRONG CAPITAL DEVELOPMENT, LLC ANNOUNCES SALE OF HEARTLAND DENTAL’S SAND HILL DENTAL CARE BUILDING IN COLORADO SPRINGS

11/5/2021

Denver, CO - Armstrong Capital Development (ACD) is pleased to announce the sale of Sand Hill Dental Care (the Property), a 4,000 square foot net-leased single-tenant medtail building located at ACD’s Sand Hill shopping center in Colorado Springs, Colorado. Leased to Heartland Dental, the nation’s largest dental support organization, the newly constructed asset sold at a 5.25% cap rate to a local private investor on November 5, 2021.

Located at 7903 Silicon Heights in Colorado Springs, the Property resides across the street from the large-format King Soopers Marketplace recently constructed at Claremont Ranch, and enjoys convenient access and visibility to more than 45,000 vehicles per day at the intersection of Marksheffel Road and Constitution Avenue. ACD wrapped core and shell construction on the Property earlier this year and secured a compelling off-market offer during the tenant’s buildout period. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller. James K. Rassenfoss of Marcus & Millichap’s Denver office secured and represented the buyer.

Acquired by ACD in December 2018, Sand Hill is a ground-up new construction neighborhood retail shopping center designed to take advantage of its high-profile shadow proximity to King Soopers and explosive surrounding residential growth with more than 4,000 new homes currently under development across the trade area. ACD broke ground on the center in 2019 and has since completed a broad scope of horizontal infrastructure, vertical construction and pad sales, including the completion of a 7-Eleven gas and convenience store, the Sand Hill Dental Care building, a pad sale to Christian Bros. Automotive and the construction of an 8,000 square foot multi-unit retail building preleased to AT&T, Tropical Smoothie and GLO Nails. Construction on a second multi-unit retail building fronting Marksheffel Road has recently commenced, with completion slated for the second quarter of 2022.

Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.