Denver, CO - Armstrong Capital Development (ACD) announced today it has completed the sale of a 1.8-acre retail parcel at its Sand Hill Shopping Center in Colorado Springs to Eastern Colorado Bank. The buyer plans to develop at the site an approximately 3,400 square foot community branch with drive thru facilities. The land commanded a sales price of $2.0 million or approximately $25psf.
“Eastern Colorado Bank recognized the value of this high-profile location and will serve as a great amenity to the surrounding community. We are excited to welcome them to the center,” said Josh Katzer, partner at ACD. ”Additionally, this deal is indicative of the demand we’re seeing for quality locations like Sand Hill, which currently has only one remaining available pad and a wait list for small shop space.”
Located across the street from the King Soopers Marketplace at Claremont Ranch, the Eastern Colorado Bank parcel enjoys common access with the King Soopers center and strong visibility and convenience to more than 45,000 vehicles per day at the intersection of Marksheffel Road and Constitution Avenue. Mike DePalma of SullivanHayes Brokerage’s Denver office represented the seller. Stephen Swiatek of Thrive Commercial Partners represented the buyer.
Acquired by ACD in December 2018, Sand Hill is a 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 two single-tenant and two multi-tenant retail buildings, with more to come. Eastern Colorado Bank joins an exciting stable of retailers and other service providers at the center, including 7-Eleven, Christian Bros. Automotive, Sand Hill Dental Care, AT&T, Tropical Smoothie, GLO Nails, Teriyaki Madness, SportsClips, Freddy’s, Rock N’ Roll Sushi, and others.
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.